United States Board of Tax Appeals October 31, 1927, Docket No. 5133 (Charles Warner Co. v. Commissioner)

*1114OPINION.

Van Fossan:

Petitioner claims a discovery value for a gravel deposit under favor of section 234(a) (9) of the Revenue Act of 1918, which provides for a reasonable allowance for depletion, and—

That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March 1, 1913, and not acquired as the result of purchase of a proven tract or lease, where the fair