Louisiana Iron & Supply Co. v. Commissioner
United States Board of Tax Appeals
DEDUCTION - DEPLETION. - Percentage depletion does not depend upon whether or not the taxpayer has any cost basis for the property.
1Opinion of the Court
*1245OPINION.
MuRDOck:
The owner of an oil payment has a depletable interest in the oil. T. W. Lee, 42 B. T. A. 1217. The respondent does not argue to the contrary. He confuses the receipts from the oil payments with collections on debts which he says were previously charged off. He is in error in stating that these receipts represent collections on bad debts and that the oil payments lost their bases by reason of deductions taken in prior years for bad debts. The partnership took the assignments of the oil payments in discharge of amounts due it for material furnished. The partnership later…
2Cases cited1 opinion
- Thomas v. PerkinsSupreme Court of the United States · 1937
3Cited by7 opinions
- Winnsboro Granite Corp. v. CommissionerUnited States Tax Court · 1959
- American Metal Climax, Inc. v. CommissionerUnited States Tax Court · 1963
- American Metal Climax, Inc. v. CommissionerUnited States Tax Court · 1963
- American Metal Climax, Inc. v. CommissionerUnited States Tax Court · 1968
- Louisiana Iron & Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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