Le Mieux Bros. v. Tremont Lumber Co.

PORTERIE, District Judge.

The Treasury Department of the United States and the Tremont Lumber Company, Limited, a Louisiana corporation, during or about the year 1923, agreed as to the value of the timber owned by the Company on March 1, 1913. The purpose of this agreement was to determine the amount the Company would be entitled, for tax purposes, to deduct annually from its income on account of depletions resulting from the future cutting of the timber owned by the Company on March 1, 1913. It was agreed that there was 1,200,000,000 board feet of timber, that the value of the timber was…