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
J. T. SNEED, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sneed v. Commissioner
Docket No. 94400.
United States Board of Tax Appeals
40 B.T.A. 1136; 1939 BTA LEXIS 749;
December 15, 1939, Promulgated
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…
2Cases cited8 opinions
- Herring v. CommissionerSupreme Court of the United States · 1934
- Sneed v. CommissionerUnited States Board of Tax Appeals · 1939
- Sneed v. CommissionerUnited States Board of Tax Appeals · 1935
- Barnett v. CommissionerUnited States Board of Tax Appeals · 1939
- Turbeville v. CommissionerUnited States Board of Tax Appeals · 1934
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