Court of Appeals for the Fifth Circuit June 11, 1934, Nos. 7291, 7292 (Sakaba Oil Corp. v. Commissioner)

SIBLEY, Circuit Judge.

The complaining taxpayer during its fiscal year ending April 30, 1925, sold an oil lease which had cost it $187,270' for $750. During the previous years of its operation deductions for depletion of it had been claimed and allowed aggregating $31,770. The depletion which might have been claimed and allowed during those years amounted to $183,071.