Sheridan-Wyoming Coal Co. v. Helvering

MILLER, Associate Justice.

The only question in this case is as to the correctness of the formula used by the Commissioner and upheld by the Board of Tax Appeals in determining the amount to be allowed for the taxable year (1935) on account of depletion of taxpayer’s coal mines. The applicable law is found in the Revenue Act of 1934. Section 23(m) of that Act1 provides, generally, for “a reasonable allowance for depletion * * Section 114(b) (4) of the same Act2 permits the taxpayer to elect whether he will have his depletion allowance computed on the adjusted basis provided in Section 113 or…