St. Marys Oil & Gas Co. v. Commissioner
United States Board of Tax Appeals
Interest paid on money borrowed on the general credit of petitioner, and used to purchase part of the property from which oil and gas was produced, must be deducted from gross income in arriving at the net income from the property for the purpose of computing percentage depletion.
1Opinion of the Court
ST. MARYS OIL & GAS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
St. Marys Oil & Gas Co. v. Commissioner
Docket No. 93977.
United States Board of Tax Appeals
42 B.T.A. 270; 1940 BTA LEXIS 1019;
June 28, 1940, Promulgated
Interest paid on money borrowed on the general credit of petitioner, and used to purchase part of the property from which oil and gas was produced, must be deducted from gross income in arriving at the net income from the property for the purpose of computing percentage depletion.
Frederick L. Pearce, Esq., for the petitioner.
Frank B. Schlosser, Esq., for…
2Cases cited10 opinions
- Weiss v. WeinerSupreme Court of the United States · 1929
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Burnet v. Thompson Oil & Gas Co.Supreme Court of the United States · 1931
- F. H. E. Oil Co. v. HelveringSupreme Court of the United States · 1939
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