Holly Development Co. v. Commissioner
United States Board of Tax Appeals
Interest paid during the taxable year on Federal income tax deficiencies for prior years, held, to reduce the "net income of the taxpayer * * * from the property" for purposes of computing the deduction for percentage depletion under section 114(b)(3) of the Revenue Act of 1934.
1Opinion of the Court
HOLLY DEVELOPMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Holly Development Co. v. Commissioner
Docket No. 99618.
United States Board of Tax Appeals
44 B.T.A. 51; 1941 BTA LEXIS 1395;
April 3, 1941, Promulgated
Interest paid during the taxable year on Federal income tax deficiencies for prior years, held, to reduce the "net income of the taxpayer * * * from the property" for purposes of computing the deduction for percentage depletion under section 114(b)(3) of the Revenue Act of 1934.
Bayley Kohlmeier, Esq., for the petitioner.
E. A. Tonjes, Esq., for the respondent.
BLAC…
2Cases cited1 opinion
- Holly Development Co. v. CommissionerUnited States Board of Tax Appeals · 1941