Darby-Lynde Co. v. Commissioner
United States Board of Tax Appeals
A corporation which acquires oil and gas properties in exchange for its capital stock is not entitled to depletion based on discovery values that were established before such acquisition.
1Opinion of the Court
DARBY-LYNDE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Darby-Lynde Co. v. Commissioner
Docket No. 29581.
United States Board of Tax Appeals
20 B.T.A. 522; 1930 BTA LEXIS 2094;
August 11, 1930, Promulgated
A corporation which acquires oil and gas properties in exchange for its capital stock is not entitled to depletion based on discovery values that were established before such acquisition.
Charles P. Gotwals, Esq., for the petitioner.
Arthur Carnduff, Esq., for the respondent.
LANSDON
The respondent has asserted a deficiency in income tax for 1924 in the amount of $11,299.69. For…
2Cases cited3 opinions
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1928
- Darby-Lynde Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Evangeline Gravel Co. v. CommissionerUnited States Board of Tax Appeals · 1928