Crews v. Commissioner
United States Board of Tax Appeals
Gross income from an interest in oil and gas property, as a basis for depletion under section 114(b)(3) of the Revenue Act of 1928, is the gross amount for which production is sold.
1Opinion of the Court
*618OPINION.
Lansdon:
The redetermination of the deficiencies in question requires us to ascertain (1) the gross income which the Crews heirs realized from their oil and gas property in 1930, as the basis for the depletion allowance now claimed; (2) the net income of each petitioner in 1930, computed without allowance for depletion; and (3) the net taxable income of each' petitioner after the deduction of allowable depletion, if any.
On the facts it is clear that no accounting for tax purposes of any of the income here involved was possible prior to October 20, 1930. The rights of the Crews heirs to…
2Cases cited2 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- National Petroleum & Refining Co. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by4 opinions
- Obispo Oil Co. v. WelchCourt of Appeals for the Ninth Circuit · 1936
- MacPherson v. United StatesDistrict Court, C.D. California · 1985
- Crews v. CommissionerUnited States Board of Tax Appeals · 1934
- Crews v. CommissionerUnited States Board of Tax Appeals · 1935