Urschel v. Stone

Appellant filed return for income tax for the year 1942, disclosing a net loss of $12,605.62. Attached to the return were schedules showing an income of $143,849.73, against which depletion allowances were claimed in the amount of $155,028.74. The State Tax Commission made demand for additional tax under a proposed assessment which, by reducing the allowable depletion and depreciation to $23,287.91, increased the taxable income to $119,135.21. Appellant filed petition with the Commission, praying cancellation of the demand. After a hearing thereon and denial of the petition, appeal was taken…