Legal Opinion
Greensboro Gas Co. v. Commissioner of Internal Revenue
Court of Appeals for the Third Circuit
Decided September 18, 1935No. 5750PublishedCited by 14 opinions
1Opinion of the Court
DAVIS, Circuit Judge.
Section 204 (c) (2) of the Revenue Act of 1926, 44 Stat. 16, provides: “In the 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. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance be less than it would be if computed without reference to this paragraph.” 26 USCA § 935 [see 26 USCA § 114 note].
The taxpayer, the Greensboro Gas Company, which…
2Cases cited1 opinion
- Consumers Natural Gas Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1935
3Cited by14 opinions
- Shamrock Oil & Gas Corp. v. CommissionerUnited States Tax Court · 1961
- Exxon Corp. v. CommissionerUnited States Tax Court · 1994
- Hugoton Production Company v. The United StatesUnited States Court of Claims · 1963
- Panhandle Eastern Pipe Line Co. v. The United StatesUnited States Court of Claims · 1969
- Hugoton Production Company v. The United StatesUnited States Court of Claims · 1965
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