Barnett v. Commissioner
United States Board of Tax Appeals
Where in computing the taxpayer's net income for 1934 a depletion deduction of 27 1/2 percent was properly allowed on the bonus paid the taxpayer for granting an oil and gas lease and where in 1935 the lease was terminated without any oil or gas having been extracted from the property covered by the lease, the Commissioner did not err in restoring to income for 1935 the amount of the depletion deduction legally taken for 1934.
1Opinion of the Court
GRACE M. BARNETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Barnett v. Commissioner
Docket No. 90655.
United States Board of Tax Appeals
39 B.T.A. 864; 1939 BTA LEXIS 965;
May 17, 1939, Promulgated
Where in computing the taxpayer's net income for 1934 a depletion deduction of 27 1/2 percent was properly allowed on the bonus paid the taxpayer for granting an oil and gas lease and where in 1935 the lease was terminated without any oil or gas having been extracted from the property covered by the lease, the Commissioner did not err in restoring to income for 1935 the amount of the…
2Cases cited8 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
- Herring v. CommissionerSupreme Court of the United States · 1934
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
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