Kern Oil Co. v. Commissioner
United States Tax Court
British income taxes of British corporation operating oil-producing properties in United States, held properly deducted in computing 50 per cent of net income from the oil properties for purposes of determining limitation on percentage depletion under Internal Revenue Code, section 114 (b) (3).
1Opinion of the Court
Kern Oil Company, Ltd., Petitioner, v. Commissioner of Internal Revenue, Respondent
Kern Oil Co. v. Commissioner
Docket No. 10148
United States Tax Court
9 T.C. 1204; 1947 U.S. Tax Ct. LEXIS 1;
December 31, 1947, Promulgated
Decision will be entered for the respondent.
British income taxes of British corporation operating oil-producing properties in United States, held properly deducted in computing 50 per cent of net income from the oil properties for purposes of determining limitation on percentage depletion under Internal Revenue Code, section 114 (b) (3).
Melvin D. Wilson, Esq., for the…
2Cases cited4 opinions
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- F. H. E. Oil Co. v. CommissionerUnited States Tax Court · 1944
- Montreal Mining Co. v. CommissionerUnited States Tax Court · 1943
- Kern Oil Co. v. CommissionerUnited States Tax Court · 1947