RIVES, Circuit Judge.
The question presented is whether, on their income tax returns for the year 1959, the taxpayers are entitled to a cost depletion deduction for the exhaustion of their capital investment in the ground water extracted and disposed of by them in their business of irrigation farming. We affirm the judgment of the district court which answered that question in the affirmative.
The case was carefully and elaborately tried as a test case for...
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