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COMMISSIONER OF INT. REV. v. KIRBY PETROLEUM CO.

No. 11065.

148 F.2d 80 (1945)

COMMISSIONER OF INTERNAL REVENUE v. KIRBY PETROLEUM CO.

Circuit Court of Appeals, Fifth Circuit.

Writ of Certiorari Granted May 21, 1945.

Attorney(s) appearing for the Case

I. Henry Kutz, Sewall Key, A. O. Prescott, and Hilbert P. Zarky, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Sp. Atty., Bureau of Internal Revenue, both of Washington, D.C., for petitioner.

Homer L. Bruce, of Houston, Tex., for petitioner.

Before HUTCHESON, HOLMES, and McCORD, Circuit Judges.

Writ of Certiorari Granted May 21, 1945. See 65 S.Ct. 1196.

HOLMES, Circuit Judge.

This appeal involves income taxes of the Kirby Petroleum Company for the year 1940. The question presented for review is whether the taxpayer is entitled, under Sections 23(m) and 114(b) (3) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev. Code, §§ 23(m), 114(b) (3), to a depletion deduction of 27½ per cent on the amount received by it as its share of the net...

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