United States Board of Tax Appeals June 30, 1932, Docket No. 53799 (Colorado & Utah Coal Co. v. Commissioner)

*590OPINION.

Lansdon :

In its income-tax return for 1927 the petitioner deducted the amount of $67,827.47 representing the cost of the exploration of the Wolf Creek coal seam in the circumstances set forth in the stipulation. Upon audit of such return the respondent disallowed this item and also the amount of $63.