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LOUISIANA LAND & EXPLORATION CO. v. COMMISSIONER

Docket No. 8849.

7 T.C. 507 (1946)

THE LOUISIANA LAND AND EXPLORATION COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 8, 1946.

Attorney(s) appearing for the Case

James H. Yeatman, Esq., for the petitioner.

D. Louis Bergeron, Esq., for the respondent.

The Commissioner determined deficiencies in petitioner's income tax liability for the calendar years 1941 and 1942 in the respective amounts of $25,927.19 and $47,524.85. These deficiencies were based upon numerous adjustments to petitioner's net income, many of which are not contested. The issues presented are, (1) whether petitioner is entitled to a deduction for percentage depletion on its share of net profits from its lessee's...

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