Shaffer v. Commissioner
United States Board of Tax Appeals
1. VALUATION. - March 1, 1913, fair market value of certain oil and gas leases determined. See issue (e). 2. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION AND DEPLETION ALLOWABLE UNDER 1913 ACT. - In determining basis for gain or loss upon a sale of oil and gas properties, depreciation and depletion for years 1913, 1914, and 1915 should be limited to an amount not in excess of that allowable under the Act of October 3, 1913. J. M. Loffland,10 B.T.A. 14, followed.
Read the full summary
1. VALUATION. - March 1, 1913, fair market value of certain oil and gas leases determined. See issue (e). 2. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION AND DEPLETION ALLOWABLE UNDER 1913 ACT. - In determining basis for gain or loss upon a sale of oil and gas properties, depreciation and depletion for years 1913, 1914, and 1915 should be limited to an amount not in excess of that allowable under the Act of October 3, 1913. J. M. Loffland,10 B.T.A. 14, followed. See issue (f). 3. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION PREVIOUSLY CLAIMED AND ALLOWED - DEPRECIATION RATES. -…
1Opinion of the Court
C. B. SHAFFER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
RAY L. ERB, EARL G. CRAIN AND SAMUEL W. GREGG, EXECUTORS OF THE ESTATE OF E. E. SMATHERS, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Shaffer v. Commissioner
Docket Nos. 29259, 29260.
United States Board of Tax Appeals
29 B.T.A. 1315; 1934 BTA LEXIS 1398;
February 28, 1934, Promulgated
1. VALUATION. - March 1, 1913, fair market value of certain oil and gas leases determined. See issue (e).
2. GAIN OR LOSS - REDUCTION OF BASIS BY DEPRECIATION AND DEPLETION ALLOWABLE UNDER 1913 ACT. - In determining…
2Cases cited8 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- United States v. LudeySupreme Court of the United States · 1927
- Burnet v. LoganSupreme Court of the United States · 1931
- Cameron v. CommissionerUnited States Board of Tax Appeals · 1927
- Ramsey v. CommissionerUnited States Board of Tax Appeals · 1932
3 more not listed; retrieve them via the Exa API.