Young v. Commissioner

Board of Tax Appeals

Young v. Commissioner

24 B.T.A. 815, 1931 BTA LEXIS 1590

CourtUnited States Board of Tax Appeals

DecidedNovember 16, 1931

DocketDocket No. 38868.

StatusPublished

Cited by1 cases

This text of 24 B.T.A. 815 (Young v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Young v. Commissioner, 24 B.T.A. 815, 1931 BTA LEXIS 1590 (bta 1931).

Pincite

Opinion

[817]*817OPINION.

TRAmmel :

The decision of the one issue involved in this proceeding is controlled by Angie E. Reid, 22 B. T. A. 1150, wherein we held that under the Revenue Act of 1921, which governs in the instant case, the donee of an interest in property known to be oil béaring is entitled to an allowance for depletion based upon the fair market value of the property interest at the date of acquisition.

The respondent’s determination is erroneous and this petitioner is entitled to a deduction, from her gross income for 1923, of depletion computed in accordance with this decision and the findings of fact hereinbefore set forth.

Judgment will be entered u/nder Rule SO.

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