depletion allowance
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 350 U.S. 308 - Commissioner v. Southwest Exploration Co. · 1956Most cited · 789 citing opinions
a fixed percentage of gross income which Congress allows to be excluded; this exclusion is designed to permit a recoupment of the owner's capital investment in the minerals so that when the minerals are exhausted, the owner's capital is unimpaired