Louisiana Iron & Supply Co. v. Commissioner

LOUISIANA IRON & SUPPLY COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Louisiana Iron & Supply Co. v. Commissioner

Docket No. 97107.

United States Board of Tax Appeals

44 B.T.A. 1244; 1941 BTA LEXIS 1209;

August 13, 1941, Promulgated

DEDUCTION - DEPLETION. - Percentage depletion does not depend upon whether or not the taxpayer has any cost basis for the property.

Robert A. Littleton, Esq., for the petitioner.

James L. Backstrom, Esq., for the respondent.

MURDOCK

The Commissioner determined a deficiency of $533.81 in income tax for 1935 and a deficiency of $27.69 in excess…