Consumers Natural Gas Co. v. Commissioner
United States Board of Tax Appeals
Where a taxpayer is engaged in the business of producing gas from wells and also of transporting it to consumers, the allowance for depletion of the gas wells under the Revenue Act of 1928 (27 1/2 per centum of the gross income from the property, which shall not exceed 50 per centum of the net before deducting depletion) must be computed by eliminating all income and deductions properly allocable to its business of transportation.
1Opinion of the Court
CONSUMERS NATURAL GAS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Consumers Natural Gas Co. v. Commissioner
Docket No, 66870.
United States Board of Tax Appeals
30 B.T.A. 1263; 1934 BTA LEXIS 1198;
July 24, 1934, Promulgated
Where a taxpayer is engaged in the business of producing gas from wells and also of transporting it to consumers, the allowance for depletion of the gas wells under the Revenue Act of 1928 (27 1/2 per centum of the gross income from the property, which shall not exceed 50 per centum of the net before deducting depletion) must be computed by eliminating…
2Cases cited1 opinion
- Consumers Natural Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1934