Memorandum Opinion
LEECH, Judge:
This controversy involves deficiencies in income taxes for the taxable years ended June 30, 1939 to June 30, 1941, inclusive, in the respective amounts of $2,019.72, $1,363.35 and $1,141.34.
The sole contested issue is whether petitioner is entitled to a depletion deduction of 27½ per cent on its share of the net profit realized from operations under an oil and gas lease.
The facts have all been stipulated...
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