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COMMISSIONER OF INTERNAL REVENUE v. ELLIOTT P. CORP.

No. 7892.

82 F.2d 193 (1936)

COMMISSIONER OF INTERNAL REVENUE v. ELLIOTT PETROLEUM CORPORATION.

Circuit Court of Appeals, Ninth Circuit.

March 9, 1936.

Attorney(s) appearing for the Case

Frank J. Wideman, Asst. U. S. Atty. Gen., and Sewall Key, Helen R. Carloss, and Arnold Raum, Sp. Assts. to Atty. Gen., for petitioner.

Melvin D. Wilson, of Los Angeles, Cal., for respondent.

Before WILBUR, GARRECHT, and HANEY, Circuit Judges.

WILBUR, Circuit Judge.

This is an appeal from a decision of the Board of Tax Appeals which gave the respondent a depletion allowance of $19,157.45 (27½ per cent. of $69,699.31). The amount of the allowance is not questioned, if the respondent is entitled to any allowance for depletion, which is the sole point in dispute. In 1922 respondent purchased an oil lease which it sold in 1928 for $275,000, one-half payable in...

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