Wheelock v. Commissioner
United States Board of Tax Appeals
1. Discovery value for the purpose of computing depletion on petitioners' interest in a producing oil lease determined. 2. The petitioners are not entitled to deductions for depreciation in 1923 where the depreciable property was sold in 1924, and tax liability on profit from such sale settled under section 606 of the Revenue Act of 1928 without adjustment for depreciation in 1923. 3. Where a taxpayer has exercised his option under the intangible provision of article 223 of…
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1. Discovery value for the purpose of computing depletion on petitioners' interest in a producing oil lease determined. 2. The petitioners are not entitled to deductions for depreciation in 1923 where the depreciable property was sold in 1924, and tax liability on profit from such sale settled under section 606 of the Revenue Act of 1928 without adjustment for depreciation in 1923. 3. Where a taxpayer has exercised his option under the intangible provision of article 223 of Regulations 62 and has charged development costs of a lease to expense and has claimed and has been allowed the amount…
1Opinion of the Court
MRS. R. L. WHEELOCK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
R. L. WHEELOCK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE RESPONDENT.
Wheelock v. Commissioner
Docket Nos. 37805, 37806.
United States Board of Tax Appeals
28 B.T.A. 611; 1933 BTA LEXIS 1091;
July 6, 1933, Promulgated
1. Discovery value for the purpose of computing depletion on petitioners' interest in a producing oil lease determined.
2. The petitioners are not entitled to deductions for depreciation in 1923 where the depreciable property was sold in 1924, and tax liability on profit from such sale settled under…
2Cases cited3 opinions
- Bonwit Teller & Co. v. United StatesSupreme Court of the United States · 1931
- Union Metal Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Wheelock v. CommissionerUnited States Board of Tax Appeals · 1933