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HELVERING v. WILSHIRE OIL CO.

No. 1.

308 U.S. 90 (1939)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. WILSHIRE OIL CO., INC.

Supreme Court of United States.

Decided November 6, 1939.

Attorney(s) appearing for the Case

Mr. Arnold Raum, with whom Solicitor General Jackson, Assistant Attorney General Clark, and Messrs. Sewall Key and Ellis N. Slack were on the brief, for petitioner.

Mr. Joseph D. Brady for respondent.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

This case presents the question whether respondent, Wilshire Oil Company, Inc., in computing its net income for the years 1929 and 1930 for the purpose of applying the 50 per cent limitation on depletion allowance under § 114 (b) (3) of the Revenue Act of 1928 (45 Stat. 791), may refuse to take as deductions certain development expenditures,1 where it has deducted those development...

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