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PRAIRIE OIL & GAS CO. v. MOTTER

No. 784.

66 F.2d 309 (1933)

PRAIRIE OIL & GAS CO. v. MOTTER, Collector of Internal Revenue.

Circuit Court of Appeals, Tenth Circuit.

July 13, 1933.

Attorney(s) appearing for the Case

Earl W. Shinn and H. B. McCawley, both of Washington, D. C. (T. J. Flannelly, of Independence, Kan., Paul B. Mason, of Tulsa, Okl., and Root, Clark & Buckner, of New York City, on the brief), for appellant.

D. A. Taylor, of Washington, D. C. (Sardius M. Brewster, U. S. Atty., and L. E. Wyman, Asst. U. S. Atty., both of Topeka, Kan., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Charles K. Hoover, Sp. Atty., Internal Revenue, both of Washington, D. C., on the brief), for appellee.

John E. McClure, amicus curiæ.

Before LEWIS and McDERMOTT, Circuit Judges, and POLLOCK, District Judge.

McDERMOTT, Circuit Judge.

Some time prior to 1926 the Olean Petroleum Company acquired producing oil properties at a cost of about $300,000. In 1926 the Prairie Oil & Gas Company acquired these properties for a cash outlay of $3,350,000. The question in this case is whether depletion of such properties should be calculated on their cost to the Prairie of $3,350,000, or their original cost to the Olean of $300,000. The facts are not in dispute.

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