Lloyd Corporation, Ltd., a Corporation v. R. A. Riddell, District Director of Internal Revenue, Los Angeles District, R. A. Riddell, District Director of Internal Revenue, Los Angeles District v. Lloyd Corporation, Ltd., a Corporation

347 F.2d 455 LLOYD CORPORATION, Ltd., a corporation, Appellant, v. R. A. RIDDELL, District Director of Internal Revenue, Los Angeles District, Appellee. R. A. RIDDELL, District Director of Internal Revenue, Los Angeles District, Appellant, v. LLOYD CORPORATION, Ltd., a corporation, Appellee. No. 19181. United States Court of Appeals Ninth Circuit. June 21, 1965. Joseph D. Peeler, Stuart T. Peeler, Peter C. Bradford, Musick, Peeler & Garrett, Los Angeles, Cal., for appellant and cross-appellee (Lloyd Corp.). John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Ralph A. Muoio, Attys., Dept. of Justice, Washington, D. C., Manuel L. Real, U. S. Atty., Loyal E. Keir, Asst. U. S. Atty., Los Angeles, Cal., for appellee and cross-appellant (District Director). Before POPE, MERRILL and BROWNING, Circuit Judges. MERRILL, Circuit Judge: 1 Appellant has brought this action for refund of a portion of corporate income tax for the years 1956 and 1957. The case arises out of a dispute as to the proper method of computing the depletion allowance to which appellant is entitled with respect to certain oil and gas properties. The Code sections and Regulations bearing on…