...'That section provided: "In the case of oil and gas wells the allowance for depletion shall be 27 J /2 per centum of the gross income from the property during...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance...

..."the allowance for depletion . . . shall be the percentage ... of the gross income from the property excluding from such gross income an amount equal to...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed...

...commencing on the first day percentage, specified in subsection (b), of the gross income from the property excluding from such gross income an amount equal to...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed...

...allowance for depletion shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance...

...footnote No. 1), except that the Revenue Act of 1932 added at the close of the first sentence the phrase " excluding from such gross income an amount equal to...incurred by the taxpayer in respect of the property." It has been the consistent practice of petitioner since its organization to elect to deduct from its...

...under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance...

...the section to read : 13 " In the case of oil and gas wells the allowance for depletion shall be 27Yz per centum of the gross income from the property during...incurred by the taxpayer in respect of the property. . . ." The petitioner says that the amendment was merely clarifying in purpose and declaratory of the...

...under section 23 (m) shah1 be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance...

...in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the ease of sulphur mines or deposits, 23 per centum, of the...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the- net income of the taxpayer (computed without...

...allowance under section 23 (m) be less than it would be if computed without reference to this paragraph. 23 per centum, of the gross income from the property...incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance...