Huey v. Commissioner
United States Board of Tax Appeals
Amounts invested in oil leases in "wildcat" territory, which became worthless during the taxable year as the result of the sinking of dry wells, are deductible as losses from gross income.
1Opinion of the Court
APPEAL OF A. L. HUEY.
Huey v. Commissioner
Docket No. 6132.
United States Board of Tax Appeals
4 B.T.A. 370; 1926 BTA LEXIS 2303;
July 24, 1926, Decided
Amounts invested in oil leases in "wildcat" territory, which became worthless during the taxable year as the result of the sinking of dry wells, are deductible as losses from gross income.
Robert Ash., Esq., for the petitioner.
John W. Fisher, Esq., for the Commissioner.
SMITH
Before SMITH, LITTLETON, and TRUSSELL.
This is a proceeding for the redetermination of a deficiency in income tax for the year 1920 in the amount of $1,054.40. The taxpayer…
2Cases cited1 opinion
- Huey v. CommissionerUnited States Board of Tax Appeals · 1926