wasting assets
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 310 U.S. 404 - Anderson v. Helvering · 1940Most cited · 672 citing opinions
Oil and gas reserves like other minerals in place, are recognized as wasting assets. The production of oil and gas, like the mining of ore, is treated as an income-producing operation, not as a conversion of capital investment as upon a sale, and is said to resemble a manufacturing business carried on by the use of the soil.