Brea Cannon Oil Co. v. Commissioner of Internal Rev.

WILBUR, Circuit Judge.

The petitioner seeks to review an order of the Board of Tax Appeals relating to its income tax for the calendar years 1926 to 1930, inclusive, involving the total tax of $36,625.49. The question involved relates to the depletion allowance upon gross proceeds from oil and gas wells under the Revenue Act 1926, § 204 (c) (2), 26 USCA § 935 (c) (2); (Revenue Act 1928, § 114 (b) (3), 26 USCA § 2114 (b) (3), which provides that “in case of oil and gas wells the allowance for depletion shall be 27 per centum of the gross income from the property during the' taxable year.”

Petitio…