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WOOD v. COMMISSIONER

Docket No. 110267.

3 T.C. 186 (1944)

JACOB H. WOOD, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 31, 1944.

Attorney(s) appearing for the Case

Dana Latham, Esq., for the petitioner.

W. Frank Gibbs, Esq., for the respondent.

OPINION.

TURNER, Judge:

The respondent has determined a deficiency in income tax against the petitioner for the year 1938 in the amount of $17,500.48. The sole question for determination is whether, for the purposes of section 112 (b) (7) (E) (i) of the Revenue Act of 1938, the earnings and profits of a corporation include that portion of the depletion reserve resulting from the allowance of percentage depletion for the years 1933 to 1938, inclusive...

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