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MOBIL OIL CORPORATION v. STATE TAX COM'N OF MISSOURI

No. 58014.

513 S.W.2d 319 (1974)

MOBIL OIL CORPORATION, a corporation, Appellant, v. STATE TAX COMMISSION OF MISSOURI, Respondent.

Supreme Court of Missouri, Division No. 2.

September 9, 1974.

Attorney(s) appearing for the Case

John Dwight Evans, Jr., New York City, J. William Dalgetty, Harry P. Thomson, Jr., William B. Prugh, Kansas City, for appellant; Shughart, Thomson & Kilroy, Kansas City, of counsel.

John C. Danforth, Atty. Gen., Peter H. Ruger, Asst. Atty. Gen., Jefferson City, for respondent.

HOUSER, Commissioner.

The question is whether in computing its Missouri corporate income taxes for the years 1965, 1966, 1967 and 1968 Mobil Oil Corporation was authorized to deduct an allowance for depletion of its oil and gas properties in excess of their cost, i. e., after the capital originally invested in those properties has been recovered in full by previous deductions. The director of revenue and the state tax commission disallowed the claimed deductions....

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