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SOUTH VERNON OIL CO. v. HOPKINS

No. 5967.

49 F.2d 1028 (1931)

SOUTH VERNON OIL CO. v. HOPKINS, Collector of Internal Revenue.

Circuit Court of Appeals, Fifth Circuit.

May 16, 1931.

Attorney(s) appearing for the Case

L. E. Cahill and W. Leo Austin, both of Tulsa, Okl., and F. B. Walker, of Fort Worth, Tex., for appellant.

Norman A. Dodge, U. S. Atty., of Fort Worth, Tex., and Wright Matthews, Sp. Atty., Bureau Internal Revenue, of Washington, D. C. (C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C., on the brief), for appellee.

Before BRYAN, FOSTER, and SIBLEY, Circuit Judges.

BRYAN, Circuit Judge.

Appellant, after making a sale by assignment of its entire interest in an oil and gas lease, paid on demand its income tax on the profits realized from the sale without deduction being made for depletion of the lease. Upon its request for refund being refused, it brought this action, the trial of which resulted in a judgment for appellee, collector of internal revenue.

Appellant bases its claim to an allowance for depletion upon section...

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