...authorization for depletion is (sec. 611 (a), Internal Revenue Code of 1954) : In the case of mines * » * there shall be allowed as a deduction In computing...taxable income a reasonable allowance for depletion * * *, according to the peculiar conditions in each case; such reasonable allowance in all cases to...

...deduction and $7,312.22 of the claimed 1973 deduction. OPINION Section 611(a) provides that "In the case of mines, oil and gas wells, other natural deposits,...taxable income a reasonable allowance for depletion." This deduction "is permitted in recognition of the fact that * * * mineral deposits are wasting assets...

...processed through A/'s coal preparation plant. Section 611 (a) of the Code provides, in part, that in the company which is engaged in the business of issuing...with health and accident insurance), or noncancellab Section 1.611-1 (b)(l) of the Income Tax Regulations provides, in part, that annual depletion deductions...

...: "(m) DEPLETION. — In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation...case ; such reasonable allowance In all cases to be nail* nnder rule* and regulations to be prescribed by the Commissioner, with the approval of the Secretary....

...income under sections 611 and 613, 1.RC 1954.2 Section 611 provides that "In the case of mines, * * * there shall be allowed as a deduction in computing...income a reasonable allowance for depletion." And section 613 provides the deduction shall, in the case of "metal mines," be 15 percent of the "gross...

...such expenditure is so treated) . Section 611 (a) of the Code provides, in part, that in the case of timber, there shall be allowed as a deduction in computing...taxable income a reasonable allowance for depletion. Section 1.611-l(a) (1) of the regulations provides, in part, that in the case of standing timber, the...

...deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, accordins to the peculiar conditions in each case; such reasonable allowance in all cases to be made under rules and regulations to be prescribed by the Commissioner, with the approval of the Secretary. •...

...leaves the farm. Section 611 (a) of the Internal Revenue Code of 1954 provides that in the case of timber, there shall be allowed as a deduction in computing...taxable income a reasonable allowance for depletion. Section 631 (a) of the Code provides that if on the return the taxpayer so elects for a taxable year,...

...regulations. In our judgment • SEC. 611. ALLOWANCE OP DEDUCTION FOR DEPLETION. (a) GENERAL RULE. — In the case of mines, oil and gas wells, other natural deposits. and timber, there shall be allowed as u deduction in computing taxable income a reasonable allowance for depletion and for depreciation of...

...open market for the accounts of X and У. Section 61 1 (a) of the Code provides the general rule that there shall be allowed as a deduction in computing...taxable income a reasonable allowance for depletion. Section 1.611-l(b) of the Income Tax Regulations provides, in part, that annual depletion deductions...