MATHEWS, Circuit Judge.
Respondent, Kennedy Mining & Milling Company, a California corporation (hereafter called the taxpayer), is and has been since prior to March 1, 1913, the owner of a gold mine in Amador County, California. In its income and excess profits tax returns for 1935 and 1936, the taxpayer, in computing its net income, claimed deductions for depletion of its mine. Petitioner, the Commissioner of Internal Revenue, disallowed part of the deduction...
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