Beren v. Commissioner
United States Board of Tax Appeals
The respondent's estimate of the amount of the deposit or reserve applicable to each petitioner's interest in certain oil properties at the time of acquisition approved.
1Opinion of the Court
*141OPINION.
Teammell :
The question we are called upon to decide is the amount of the oil deposit or reserve applicable to each petitioner’s one-eighth interest at the time the oil properties were acquired by them and their associates in June, 1920. The petitioners contend that the amount was 14,942 barrels, the amount used by them in computing the deduction taken for depletion in their returns. The respondent contends that it was 47,744 barrels, the amount used by him in determining the deficiencies.
In support of their contention the petitioners rely on the fact that in computing the estimated…
2Cited by1 opinion
- Beren v. CommissionerUnited States Board of Tax Appeals · 1930