F.H.E. Oil Co. v. Helvering - 308 U.S. 104 (1939)

U.S. Supreme Court

F.H.E. Oil Co. v. Helvering, 308 U.S. 104 (1939)

F.H.E. Oil Co. v. Helvering

No. 26

Argued October 9, 10, 1939

Decided November 6, 1939

308 U.S. 104

Syllabus

A regulation under the Revenue Act of 1932, requiring that development as well as operative expenses be deducted from gross income from oil wells, in ascertaining "net income from the property" under § 114(b)(3), sustained upon the authority of Helvering v. Wilshire Oil Co., ante, p. 308 U. S. 90.

102 F.2d 596 affirmed.

Certiorari, 307 U.S. 618, to review a judgment of the court below which reversed a decision of the Board of Tax Appeals (36 B.T.A. 1327), reducing a deficiency assessment.