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HELVERING v. COMAR OIL CO.

No. 11377.

107 F.2d 708 (1939)

HELVERING, Com'r of Internal Revenue, v. COMAR OIL CO.

Circuit Court of Appeals, Eighth Circuit.

November 20, 1939.

Attorney(s) appearing for the Case

Sewall Key and Ellis N. Slack, Sp. Assts. to Atty. Gen., for petitioner.

Truman Post Young, Harold Lee Harvey, Hartley Pollock, Jr., and Thompson, Mitchell, Thompson & Young, all of St. Louis, Mo., for respondent.

Before SANBORN and THOMAS, Circuit Judges, and SULLIVAN, District Judge.

THOMAS, Circuit Judge.

This appeal from a decision of the Board of Tax Appeals involves the income taxes of the respondent, Comar Oil Company, for the year 1929. The taxpayer is a corporation engaged in producing oil and gas. The taxes in dispute were imposed under the Revenue Act of 1928. Section 114(b) (3) of the Act, 45 Stat. 791, 26 U.S. C.A. § 114 note, provides: "In the case of oil and gas wells the allowance for depletion shall be 27½ per centum of...

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