Petroleum Exploration v. Commissioner
United States Board of Tax Appeals
DEDUCTION - DEPRECIATION. - Amounts expended by petitioner during 1925, 1926 and 1927, representing cost of drilling productive oil wells, of freight and haulage and of labor employed in installing equipment in the wells, all of which cost was capitalized, held, to be recoverable through depreciation rather than depletion. A. T. Jergins Trust,22 B.T.A. 551, followed.
1Opinion of the Court
PETROLEUM EXPLORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Petroleum Exploration v. Commissioner
Docket Nos. 43480, 49339.
United States Board of Tax Appeals
23 B.T.A. 890; 1931 BTA LEXIS 1800;
June 29, 1931, Promulgated
DEDUCTION - DEPRECIATION. - Amounts expended by petitioner during 1925, 1926 and 1927, representing cost of drilling productive oil wells, of freight and haulage and of labor employed in installing equipment in the wells, all of which cost was capitalized, held, to be recoverable through depreciation rather than depletion. A. T. Jergins Trust,22 B.T.A. 551,…
2Cases cited2 opinions
- A. T. Jergins Trust v. CommissionerUnited States Board of Tax Appeals · 1931
- Petroleum Exploration v. CommissionerUnited States Board of Tax Appeals · 1931