[Download] "Sneed v. Commissioner of Internal Revenue." by United States Court of Appeals for the Fifth Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Sneed v. Commissioner of Internal Revenue.
- Author : United States Court of Appeals for the Fifth Circuit
- Release Date : January 05, 1941
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
The main question is, Where a landowner has made oil and gas leases for which he received bonuses and has taken the 27 1/2 per cent depletion allowances as a deduction in returning this income, and the leases are in a later year surrendered without any production, can the amount of the depletion allowances be treated as income in the tax account for the later year? Another question is whether the landowner may treat his entire ranch, on parts of which these and other leases were made, as one "property" in respect of depleation, or must he deal with each lease as "the property".