JUSTICE O'CONNOR delivered the opinion of the Court.
These consolidated cases present the question whether §§ 611-613A of the Internal Revenue Code (Code), 26 U. S. C. §§ 611-613A, entitle taxpayers to an allowance for percentage depletion on lease bonus or advance royalty income received from lessees of their oil and gas mineral interests.
I
A
Ever since enacting the earliest income tax laws, Congress has subsidized...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.