Case ID: f2d_109/html/1015-01.html
Source: Caselaw Access Project
Author: {"author": "PER CURIAM.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

COMMISSIONER OF INTERNAL REVENUE v. WINSTON OIL COMPANY.
    No. 1866.
    Circuit Court of Appeals, Tenth Circuit
    Dec. 12, 1939.
    J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, of Washington, D. C., for petitioner.
    Charles H. Garnett, of Oklahoma City, Okl., for respondent.
    Before LEWIS and PHILLIPS, Circuit Judges.
   PER CURIAM.

Reversed and remanded with instructions to redetermine the tax and in computing the depletion allowance to deduct the drilling and development cost from the gross income from the lease in determining the net income therefrom for the purpose of applying the limitation of fifty per cent of the net income.