Daniel v. Commissioner
United States Board of Tax Appeals
1. DEPLETION. - Discovery basis in hands of donee of oil and gas property. Melville G. Thompson,10 B.T.A. 25 followed. 2. DEPLETION. - Based upon fair market value of property at date of receipt, McKinney et al.,16 B.T.A. 804 followed. 3. Fair market value of property at date gift determined for depletion purposes.
1Opinion of the Court
*927OPINION.
Mhliken:
Despondent has allowed depletion deductions to these petitioners on a mineral value of $50,000. He considered that such sum represented the cost for depletion purposes to the petitioners of the 600 acres of land in question. Petitioners claim the right to depletion deductions on a mineral value of $150,000.
In conformity with our decision in Melville G. Thompson, 10 B. T. A. 25, we hold that the petitioners are not entitled to depletion based upon discovery value. Depletion based upon such a value is available only to the father and mother of petitioners.
In our recent decision…
2Cited by1 opinion
- Daniel v. CommissionerUnited States Board of Tax Appeals · 1929