Lomita Gasoline Co. v. Commissioner
United States Board of Tax Appeals
In the absence of evidence that the value of wet gas at the mouth of the well purchased under casinghead gasoline contracts was in excess of the royalties paid therefor it is held that the petitioner is not entitled to any deduction from gross income representing an allowance for depletion.
1Opinion of the Court
LOMITA GASOLINE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lomita Gasoline Co. v. Commissioner
Docket Nos. 44093, 54950, 61165.
United States Board of Tax Appeals
33 B.T.A. 385; 1935 BTA LEXIS 759;
November 6, 1935, Promulgated
In the absence of evidence that the value of wet gas at the mouth of the well purchased under casinghead gasoline contracts was in excess of the royalties paid therefor it is held that the petitioner is not entitled to any deduction from gross income representing an allowance for depletion.
A. Calder Mackay, Esq., and Thomas R. Dempsey, Esq., for…
2Cases cited1 opinion
- Lomita Gasoline Co. v. CommissionerUnited States Board of Tax Appeals · 1935