Case: Ethel P. Young, Petitioner, v. Commissioner of Internal Revenue, Respondent
Abbreviation: Young v. Commissioner
Decision Date: 1931-11-16
Docket Number: Docket No. 38868
Citation: 24 B.T.A. 815
Volume: 24
Reporter: Reports of the United States Board of Tax Appeals
Court: United States Board of Tax Appeals
Jurisdiction: United States
Parties: Ethel P. Young, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 815–817

Head Matter:
Ethel P. Young, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 38868.
Promulgated November 16, 1931.
A. Oalder Maolcay, Esq., and Thomas B. Dem-psey, Esq., for the petitioner.
B. M. Goon, Esq., for the respondent.

Opinion:
OPINION.
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.