Thompson v. Commissioner
United States Board of Tax Appeals
One who acquires, in the year 1921, by gift, an interest in an oil lease on a proven tract is not entitled to discovery value for depletion purposes.
1Opinion of the Court
*26OPINION.
Milliken :
The facts were stipulated and our findings of fact are in exact accordance with the stipulation. Section 214 of the Revenue Act of 1921, in part reads:
*27Sec. 214. (a) That in computing net income there shall be allowed as deductions :
*******(10) In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case, based upon cost including cost of development not otherwise deducted: Provided, That in the case of such properties acquired prior to…
2Cited by10 opinions
- Alamo Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Champlin v. CommissionerUnited States Board of Tax Appeals · 1934
- Daniel v. CommissionerUnited States Board of Tax Appeals · 1929
- Darby-Lynde Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Hoyt v. CommissionerUnited States Board of Tax Appeals · 1936
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