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SNEED v. COMMISSIONER OF INTERNAL REVENUE

No. 9560.

119 F.2d 767 (1941)

SNEED v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied July 17, 1941.

Attorney(s) appearing for the Case

Harry C. Weeks, of Fort Worth, Tex., and H. C. Pipkin, of Amarillo, Tex., for petitioners.

Joseph M. Jones and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Int. Rev., and Irving M. Tullar, Sp. Atty., Bureau of Int. Rev., both of Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

Rehearing Denied July 17, 1941. See 121 F.2d 725.

SIBLEY, Circuit Judge.

The main question is, Where a landowner has made oil and gas leases for which he received bonuses and has taken the 27½ per cent depletion allowances as a deduction in returning this income, and the leases are in a later year surrendered without any production, can the amount of the depletion allowances be treated as income in the tax account for...

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