SIBLEY, Circuit Judge.
This consolidated case concerns income taxes for the years 1939 and 1940, and particularly the parts of Art. 23(m) (16) of Regulation 101 and Regulation 103 applicable in those years, reading as follows: "(1) * * * All expenditures for wages, fuel, repairs, hauling, supplies, etc., incident and necessary for the drilling of wells and the preparation of wells for the production of oil or gas may, at the option of the taxpayer, be deducted from...
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