Louisiana Delta Hardwood Lumber Co., Inc. v. Commissioner of Internal Revenue

183 F.2d 189, 39 A.F.T.R. (P-H) 648, 1950 U.S. App. LEXIS 3867

• Court: Court of Appeals for the Fifth Circuit
• Decided: June 30, 1950
• Docket: 12935
• Status: Published

Opinion

PER CURIAM.

In 1942, certain oil and gas leases, on which, in 1941, petitioner had received bonuses and had deducted percentage depletion allowances, were surrendered and can-celled.

Petitioner, in its return for 1942, did not return the amount of percentage depletion taken in 1941, on the ground that the taking of the percentage depletion in 1941 did not reduce its income taxes for that year.

The commissioner disagreed with this view and determined a deficiency accordingly.

The Tax Court sustained the commissioner’s determination, and petitioner is here insisting that its action was erroneous and its decision should be reversed.

We do not think so. Indeed, the decision is so fully supported by the authorities it cites 1 as to render unnecessary, discussion by us. The decision is

Affirmed.

1 . Crabb v. Comm., 5 Cir., 119 F.2d 772; Sneed v. Commissioner, 5 Cir., 119 F.2d 767; Driscoll v. Commissioner, 5 Cir., 147 F.2d 493; Douglas v. Commissioner, 8 Cir., 134 F.2d 762: U. S. v. Dakota-Montana Oil Co., 288 U.S. 459, 53 S.Ct. 435, 77 L.Ed. 893; Herring v. Commissioner, 293 U.S. 322, 55 S.Ct. 179, 79 L.Ed. 389; Douglas v. Commissioner, 322 U.S. 275. 64 S.Ct. 988, 88 L.Ed. 1271.