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J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940)

J.E. Riley Investment Co. v. Commissioner of Internal Revenue

No. 50

Argued October 25, 1940

Decided November 12, 1940

311 U.S. 55


1. In the computation of net income in the case of mines, § 114(b)(4) of the Revenue Act of 1934 permits deductions for depletion on a percentage basis provided that the taxpayer in making his "first return" under the Act elects to avail of that basis. Held that an amended return, filed after the expiration of the statutory period for filing the original return, including such extension of the period as the Commissioner was empowered to grant, was not a "first return" within the meaning of the section. P. 311 U. S. 57.

2. That, in the circumstances of this case, the construction thus given the statute works a hardship on the taxpayer, may be the basis of an appeal to Congress for relief, but not to the courts. P. 311 U. S. 59.

3. The judgment of the Circuit Court of Appeals affirming the decision of the Board of Tax Appeals in this case was correct, and must be sustained whether or not the court gave a wrong reason for its action. P. 311 U. S. 59.

110 F.2d 655 affirmed.

Page 311 U. S. 56

Certiorari, 310 U.S. 619, to review the affirmance of a decision of the Board of Tax Appeals which, on petition for redetermination of income tax, upheld the Commissioner's ruling denying percentage depletion.

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