Ayer v. Commissioner
United States Board of Tax Appeals
A depletion reserve based upon discovery value substantially in excess of cost or March 1, 1913, value represents, to the extent of the excess, earnings or profits accumulated since February 28, 1913, within the meaning of section 201(a) of the Revenue Act of 1921.
1Opinion of the Court
CHARLES F. AYER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ayer v. Commissioner
Docket No. 7635.
United States Board of Tax Appeals
12 B.T.A. 284; 1928 BTA LEXIS 3565;
June 1, 1928, Promulgated
A depletion reserve based upon discovery value substantially in excess of cost or March 1, 1913, value represents, to the extent of the excess, earnings or profits accumulated since February 28, 1913, within the meaning of section 201(a) of the Revenue Act of 1921.
Paul Armitage, Esq., and Edward Holloway, Esq., for the petitioner.
Thomas P. Dudley, Jr., Esq., for the respondent.
MURDOCK
Income…
2Cases cited5 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Lynch v. HornbySupreme Court of the United States · 1918
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1928
- National Grocer Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Hunt v. CommissionerUnited States Board of Tax Appeals · 1926