BRYAN, Circuit Judge.
The government collected taxes for the years 1917 to 1924, inclusive, upon the income derived by appellee from a tract of timber which it owned, and which it had acquired prior to March 1, 1913, the effective date of the first income tax law. The value of the timber as of March 1, 1913, it is agreed by the parties, is the correct basis of allowances for depletion in arriving at the amount of income taxes for any subsequent year. This being so...
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