United States Board of Tax Appeals April 30, 1936, Docket Nos. 24075, 32525. (Houston Oil Co. v. Commissioner)

lead-opinion

*475OPINION.

Seawell :

In determining the deficiencies the respondent included all of the amounts received under the stumpage contract and agreement of May 27, 1921, in petitioner’s gross income and allowed as a deduction therefrom depletion at the rate of $3.31516 per thousand feet.