National Oil & Gas Co. v. Commissioner
United States Board of Tax Appeals
During the taxable year the petitioner became entitled to a certain amount of oil as his share of that produced under a lease. He disposed of only a portion thereof during the taxable year. His books were kept and his returns were made upon the basis of cash receipts and disbursements. Held, that a reasonable allowance for depletion is to be based upon the amount of oil sold, the proceeds of which are included in the return. Appeal of R. M. Waggoner,5 B.T.A. 1191, followed.
1Opinion of the Court
NATIONAL OIL & GAS CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
National Oil & Gas Co. v. Commissioner
Docket No. 2040.
United States Board of Tax Appeals
6 B.T.A. 399; 1927 BTA LEXIS 3517;
March 4, 1927, Promulgated
During the taxable year the petitioner became entitled to a certain amount of oil as his share of that produced under a lease. He disposed of only a portion thereof during the taxable year. His books were kept and his returns were made upon the basis of cash receipts and disbursements. Held, that a reasonable allowance for depletion is to be based upon the amount…
2Cases cited2 opinions
- Appeal of WaggonerUnited States Board of Tax Appeals · 1927
- National Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1927