McWilliams v. Commissioner
United States Board of Tax Appeals
1. DEPLETION. - Timber cut during 1919 and 1920 having all been purchased standing at $6 per thousand feet and that cut during 1921 having been purchased at various prices averaging $6.84 per thousand feet, held, that reasonable rates for depletion are $6 for 1919 and 1920 and $6.84 for 1921. 2. DEPRECIATION. - Upon the facts proven, held, that a rate for depreciation upon a certain lumber plant based upon an expected life of 10 years will give a reasonable allowance as…
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1. DEPLETION. - Timber cut during 1919 and 1920 having all been purchased standing at $6 per thousand feet and that cut during 1921 having been purchased at various prices averaging $6.84 per thousand feet, held, that reasonable rates for depletion are $6 for 1919 and 1920 and $6.84 for 1921. 2. DEPRECIATION. - Upon the facts proven, held, that a rate for depreciation upon a certain lumber plant based upon an expected life of 10 years will give a reasonable allowance as called for by the taxing statute. 3. EXPENSE OF BUSINESS. - A member of a partnership furnished, for temporary use to the…
1Opinion of the Court
*337OPINION.
Teussell:
The various issues herein will be discussed and disposed of in the order in which they are above set out.
In respect to petitioner’s contention that the net profits of a partnership in which he held an interest were erroneously increased by respondent for the years 1920 and 1921 by disallowance of depletion on timber, thereby increasing the amount reported by him as his distributive share of such profits, the record shows that the partnership in question was the owner of certain timber rights in two tracts of land, the first, containing 26,667,000 feet, having been acquired in…
2Cited by16 opinions
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- Robert B. Riss and Georgina Riss v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
- Cisler v. CommissionerUnited States Tax Court · 1962
- United States v. James H. Marshall and Thelma MarshallCourt of Appeals for the Ninth Circuit · 1966
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