Sneed v. Commissioner
United States Board of Tax Appeals
1. Where, in computing the taxpayer's net income for 1926, depletion deductions of 27 1/2 percent were properly allowed on bonuses paid the taxpayer for granting certain oil and gas leases, and in 1936 these same leases were terminated without any oil or gas having been produced therefrom, the Commissioner did not err in restoring to petitioner's income for 1936 the amounts of the depletion deductions legally taken in 1926 with respect to these certain leases.
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1. Where, in computing the taxpayer's net income for 1926, depletion deductions of 27 1/2 percent were properly allowed on bonuses paid the taxpayer for granting certain oil and gas leases, and in 1936 these same leases were terminated without any oil or gas having been produced therefrom, the Commissioner did not err in restoring to petitioner's income for 1936 the amounts of the depletion deductions legally taken in 1926 with respect to these certain leases. Grace M. Barnett,39 B.T.A. 864, followed. 2. Where the leases in question covered parcels and tracts of land included in a cattle…
1Opinion of the Court
*1140OPINION.
Black:
In our findings of fact, no emphasis is laid on the facts that petitioner was married in 1926, a portion of the lands leased was community property, his wife, Zella Sneed, died prior to 1936, and other related matters. The parties are in agreement that the Commissioner has given proper effect to these facts in his determination of the deficiency, if it is otherwise correct.
The petition, as we have already stated, contains only one assignment of error, to wit, that the Commissioner erred in restoring to *1141petitioner’s income in 1986, depletion which, was deducted in 1926 from lease…
2Cases cited1 opinion
- Herring v. CommissionerSupreme Court of the United States · 1934
3Cited by24 opinions
- Mayfair Minerals, Inc. v. CommissionerUnited States Tax Court · 1971
- Sneed v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1941
- Bayou Verret Land Co. v. CommissionerUnited States Tax Court · 1969
- Shamrock Oil & Gas Corp. v. CommissionerUnited States Tax Court · 1961
- Helvering v. Jewel Mining Co.Court of Appeals for the Eighth Circuit · 1942
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