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COMMISSIONER OF INTERNAL REVENUE v. BELRIDGE OIL CO.

No. 15887.

267 F.2d 291 (1959)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. BELRIDGE OIL COMPANY, Respondent.

United States Court of Appeals Ninth Circuit.

May 11, 1959.

Attorney(s) appearing for the Case

Charles K. Rice, Asst. Atty. Gen., Marvin W. Weinsten, Melva M. Graney, Lee A. Jackson, Attys., Dept. of Justice, Washington, D. C., for petitioner.

Parker, Milliken & Kohlmeier, John B. Milliken, Harrison Harkins, Los Angeles, Cal., for respondent.

Before CHAMBERS, BARNES and HAMLIN, Circuit Judges.

CHAMBERS, Circuit Judge.

Belridge is a large oil producer in the North Belridge field in Kern County, California. Most of its holdings of more than 38,000 acres are in fee simple and are within what is known as its "Main property." This interest was acquired in 1911. Its whole cost basis has long ago been recovered in depletion allowances, but, as it may, it continued on its income tax returns to take a percentage depletion1 on oil captured...

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