Daniel v. Commissioner
United States Board of Tax Appeals
1. DEPLETION. - Discovery basis in hands of donee of oil and gas property. Melville G. Thompson,10 B.T.A. 25 followed. 2. DEPLETION. - Based upon fair market value of property at date of receipt, McKinney et al.,16 B.T.A. 804 followed. 3. Fair market value of property at date gift determined for depletion purposes.
1Opinion of the Court
S. B. DANIEL AND CHARLES R. DANIEL, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Daniel v. Commissioner
Docket Nos. 20036, 20037, 22044.
United States Board of Tax Appeals
16 B.T.A. 925; 1929 BTA LEXIS 2493;
June 5, 1929, Promulgated
1. DEPLETION. - Discovery basis in hands of donee of oil and gas property. Melville G. Thompson,10 B.T.A. 25 followed.
2. DEPLETION. - Based upon fair market value of property at date of receipt, McKinney et al.,16 B.T.A. 804 followed.
3. Fair market value of property at date gift determined for depletion purposes.
Robert Ash, Esq., for the petitioners.
Fra…
2Cases cited3 opinions
- McKinney v. CommissionerUnited States Board of Tax Appeals · 1929
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1928
- Daniel v. CommissionerUnited States Board of Tax Appeals · 1929