Graham-Loftus Oil Co. v. Commissioner

*1302OPINION.

Black:

The respondent determined deficiencies in petitioner’s income taxes of $2,377.70 for the year 1924, $1,264.68 for the year 1925, $1,249.27 for the year 1926; and $4,921.24 for the year 1927. The case was submitted entirely upon a stipulation of facts, which stipulation is incorporated herein by reference.

These proceedings have been consolidated for hearing. There is one issue common to all the taxable years involved and that is: Petitioner contends that the entire cost of the oil wells enumerated in the stipulation should be returnable through depreciation deductions, whereas…