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COMMISSIONER OF INTERNAL REVENUE v. SKLAR OIL CORP.

No. 10416.

134 F.2d 221 (1943)

COMMISSIONER OF INTERNAL REVENUE v. SKLAR OIL CORPORATION.

Circuit Court of Appeals, Fifth Circuit.

February 18, 1943.

Attorney(s) appearing for the Case

L. W. Post, Sewall Key, Louise Foster, and Helen R. Carloss, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Bernard D. Daniels, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

Robert A. Littleton, of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and McCORD, Circuit Judges.

HUTCHESON, Circuit Judge.

The controversy over a claimed deficiency in income tax for 1934 is in small compass. It arises out of the commissioner's determination that in 1933, the first year of petitioner's operations, it elected to capitalize rather than to expense intangible drilling costs and that having done so, it may not expense them in 1934. The Board finding that petitioner did elect to expense these costs in 1933, sustained its claim of no deficiency in 1934...

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