Memorandum Findings of Fact and Opinion
The respondent determined deficiencies of $6,528.51 and $6,054.60 in the petitioner's income taxes for the years 1938 and 1939, respectively.
The sole issue is whether or not the petitioner is entitled to a right of election as to percentage depletion, as provided in section 114 (b) (4) of the Revenue Act of 1936 (I. R. C., section 114 (b) (4)).
Findings of Fact
The facts were stipulated and as so...
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