RIALTO MINING CORPORATION v. COMMISSIONER

Docket No. 109365.

1 T.C.M. 303 (1942)

Rialto Mining Corporation v. Commissioner.

United States Tax Court.

Entered December 26, 1942.


Attorney(s) appearing for the Case

Tom F. Carey, Sr., C. P. A., First Nat'l Bank Bldg., Oklahoma City, Okla., for the petitioner. Frank B. Schlosser, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

SMITH, Judge:

This proceeding is for the redetermination of a deficiency in income tax for 1937 of $5,028.29. Certain of the issues raised by the pleadings have either been waived by the petitioner, conceded by the respondent, or stipulated. The only question left for decision is whether the petitioner is entitled to compute its allowance for depletion for the year 1937 on the percentage basis.

Findings of...

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