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Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931)
Burnet v. Thompson Oil & Gas Company No. 288 Argued March 16, 17, 1931 Decided April 13, 1931 283 U.S. 301
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE TENTH CIRCUIT
Syllabus
Section 234(a)(9) of the Revenue Act of 1918 provide that in computing the net income of a corporation from oil mining properties, there shall be deducted a reasonable allowance for depletion based upon cost, and that, in case of such properties acquired before March 1, 1913, the fair market value of the property on that date shall be taken in lieu of cost up to that date.
Held that, in determining for the taxable year the capital value recoverable through depletion allowance, there should be deducted from the March 1, 1913, value of the property the amount of depletion actually sustained in intervening years, even though the deductions allowed for depletion in those years, under the Acts then in force, were less than the actual depletion. P. 304.
40 F.2d 493 reversed.
Certiorari, 282 U.S. 823, to review a judgment reversing a decision of the Board of Tax Appeals, 15 B.T.A. 993, which sustained a determination of income tax deficiency.
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Chicago: U.S. Supreme Court, "Syllabus," Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931) in 283 U.S. 301 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=2AZVBV4VUGCGYW8.
MLA: U.S. Supreme Court. "Syllabus." Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931), in 283 U.S. 301, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=2AZVBV4VUGCGYW8.
Harvard: U.S. Supreme Court, 'Syllabus' in Burnet v. Thompson Oil & Gas Co., 283 U.S. 301 (1931). cited in 1931, 283 U.S. 301. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=2AZVBV4VUGCGYW8.
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