SIBLEY, Circuit Judge.
The petitioner, Vinton Petroleum Company of Texas, during the years 1927, 1928, and 1929, produced oil from wells in Louisiana located on eight different but neighboring tracts acquired at different times, some in fee simple, some under leases. Since 1914 the company had consistently capitalized its expenditures for labor and the like in drilling wells instead of returning them as expenses in carrying on the business, and apparently did this...
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