Plaintiff seeks to recover $30,092.18, with interest, as an overpayment of additional income tax and interest thereon for 1938. The only question now in the case is whether plaintiff is entitled under sec. 114 (b) (3) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 114(b) (3), to an allowance for oil and gas depletion in the amount of $155,772.86 at the rate of 27½ percent on income of $566,446.77 received in 1938 under the terms of its contract with the...
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