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CHOATE V. COMMISSIONER, 324 U. S. 1 (1945)

U.S. Supreme Court

Choate v. Commissioner, 324 U.S. 1 (1945)

Choate v. Commissioner, 324 U.S. 1 (1945)

No. 93

Argued January 2, 1945

Decided January 29, 1945

324 U.S. 1


1. A taxpayer who transferred an oil lease and equipment for cash and a royalty interest held entitled, upon a return of income tax, to an allowance for the unrecovered cost of the equipment. P. 324 U. S. 3.

2. Under the Revenue Act of 1938, depletion is not applicable to equipment used in the operation of an oil lease. P. 324 U. S. 3.

3. The Tax Court's determination that the transaction in question involved an absolute sale of the equipment was conclusive on review. Dobson v. Commissioner, 320 U. S. 489; Wilmington Co. v. Helvering, 316 U. S. 164. P. 324 U. S. 3.

141 F.2d 641 reversed.

Certiorari, 323 U.S. 692, to review a judgment which, upon an appeal by the Commissioner, reversed a decision of the Tax Court.

Page 324 U. S. 2

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