Mobil Oil Corp. v. State Tax Commission

HOUSER, Commissioner.

The question is whether in computing its Missouri corporate income taxes for the years 1965, 1966, 1967 and 1968 Mobil Oil Corporation was authorized to deduct an allowance for depletion of its oil and gas properties in excess of their cost, i. e., after the capital originally invested in those properties has been recovered in full by previous deductions. The director of revenue and the state tax commission disallowed the claimed deductions. On review the circuit court affirmed the action of the commission. Taypayer has appealed to this Court, which has jurisdiction…