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SAKABA OIL CORPORATION v. COMMISSIONER OF INTERNAL REVENUE

Nos. 7291, 7292.

71 F.2d 370 (1934)

SAKABA OIL CORPORATION v. COMMISSIONER OF INTERNAL REVENUE (two cases).

Circuit Court of Appeals, Fifth Circuit.

June 11, 1934.

Attorney(s) appearing for the Case

Frank M. Cook and Sidney M. Cook, both of Shreveport, La., for petitioner.

Warren F. Wattles, Sp. Asst. to Atty. Gen., Frank J. Wideman, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., E. Barrett Prettyman, Gen. Counsel, and John D. Kiley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, FOSTER, and SIBLEY, Circuit Judges.

SIBLEY, Circuit Judge.

The complaining taxpayer during its fiscal year ending April 30, 1925, sold an oil lease which had cost it $187,270 for $750. During the previous years of its operation deductions for depletion of it had been claimed and allowed aggregating $31,770. The depletion which might have been claimed and allowed during those years amounted to $183,071. According to the Revenue Act of 1924, § 202 (b), 26 USCA § 933 note, in ascertaining the...

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