Grison Oil Corp. v. Commissioner
United States Board of Tax Appeals
In determining the 50 percent limitation on percentage depletion allowable under section 114(b)(3), Revenue Act of 1936, amounts of income tax paid to the State of Oklahoma must be deducted in computing net income from the property, where such state tax was based wholly on income derived from such property.
1Opinion of the Court
GRISON OIL CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Grison Oil Corp. v. Commissioner
Docket No. 96132.
United States Board of Tax Appeals
42 B.T.A. 1117; 1940 BTA LEXIS 903;
October 30, 1940, Promulgated
In determining the 50 percent limitation on percentage depletion allowable under section 114(b)(3), Revenue Act of 1936, amounts of income tax paid to the State of Oklahoma must be deducted in computing net income from the property, where such state tax was based wholly on income derived from such property.
Chas. H. Garnett, Esq., for the petitioner.
J. E. Marshall,…
2Cases cited5 opinions
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Mirabel Quicksilver Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- St. Marys Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Grison Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1940
- Montreal Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1940