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Income Tax Keyed to Graetz
United States v. Skelly Oil Co.
Citation:394 U.S. 678 (1969)
Respondent refunded $505,536.54 to two of its customers for overcharges in the wake of the U.S. Supreme Court vacating an order of the Oklahoma Corporation Commission which had set minimum prices for natural gas. This amount represented the overpayments that Respondent’s customers had made which Respondent had claimed an unrestricted right to and included in its gross income over the previous six years. Respondent claimed a deduction for the amount refunded but the Commissioner of Internal Revenue asserted a deficiency, finding that because Respondent had claimed a 27.5% natural gas depletion deduction, this reduced its taxable income attributable to the overpayments to only $366,513.99.
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