CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


BURNET V. THOMPSON OIL & GAS CO., 283 U. S. 301 (1931)

Subscribe to Cases that cite 283 U. S. 301 RSS feed for this section

U.S. Supreme Court

Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931)

Burnet v. Thompson Oil & Gas Company

No. 288

Argued March 16, 17, 1931

Decided April 13, 1931

283 U.S. 301

Syllabus

Section 234(a)(9) of the Revenue Act of 1918 provide that in computing the net income of a corporation from oil mining properties, there shall be deducted a reasonable allowance for depletion based upon cost, and that, in case of such properties acquired before March 1, 1913, the fair market value of the property on that date shall be taken in lieu of cost up to that date.

Held that, in determining for the taxable year the capital value recoverable through depletion allowance, there should be deducted from the March 1, 1913, value of the property the amount of depletion actually sustained in intervening years, even though the deductions allowed for depletion in those years, under the Acts then in force, were less than the actual depletion. P. 283 U. S. 304.

40 F.2d 493 reversed.

Certiorari, 282 U.S. 823, to review a judgment reversing a decision of the Board of Tax Appeals, 15 B.T.A. 993, which sustained a determination of income tax deficiency.





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED