Shaffer v. Commissioner
United States Board of Tax Appeals
1. VALUATION. - March 1, 1913, fair market value of certain oil and gas leases determined. See issue (e). 2. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION AND DEPLETION ALLOWABLE UNDER 1913 ACT. - In determining basis for gain or loss upon a sale of oil and gas properties, depreciation and depletion for years 1913, 1914, and 1915 should be limited to an amount not in excess of that allowable under the Act of October 3, 1913. J. M. Loffland,10 B.T.A. 14, followed.
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1. VALUATION. - March 1, 1913, fair market value of certain oil and gas leases determined. See issue (e). 2. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION AND DEPLETION ALLOWABLE UNDER 1913 ACT. - In determining basis for gain or loss upon a sale of oil and gas properties, depreciation and depletion for years 1913, 1914, and 1915 should be limited to an amount not in excess of that allowable under the Act of October 3, 1913. J. M. Loffland,10 B.T.A. 14, followed. See issue (f). 3. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION PREVIOUSLY CLAIMED AND ALLOWED - DEPRECIATION RATES. -…
1Opinion of the Court
OPINION.
Black:
These proceedings, which were consolidated for hearing, are for the redetermination of deficiencies in income taxes for the year 1919 of $577,171.41 and $546,600.02 determined by the respondent against C. B. Shaffer and E. E. Smathers, respectively. After filing the original petition in Docket No. 29260, Smathers died and the Board, upon suggestion of death and notice of the appointment of *1317Nay L. Erb, Earl G. Crain and Samuel W. Gregg as executors, substituted them as petitioners in that proceeding.
The deficiencies arise principally from the redetermination by the respondent of…
2Cases cited7 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- United States v. LudeySupreme Court of the United States · 1927
- Burnet v. LoganSupreme Court of the United States · 1931
- Cameron v. CommissionerUnited States Board of Tax Appeals · 1927
- Ramsey v. CommissionerUnited States Board of Tax Appeals · 1932
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3Cited by6 opinions
- Bernuth v. CommissionerUnited States Tax Court · 1971
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- Whitney, Exec. v. HalibutCourt of Appeals of Maryland · 1964
- Bernuth v. CommissionerUnited States Tax Court · 1971
- Shaffer v. CommissionerUnited States Board of Tax Appeals · 1934
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