Degnan

Taxpayer petitions for review of a decision of the Board of Tax Appeals (now *892 the Tax Court of the United States) redetermining a deficiency of $224.51 in petitioner’s income tax for the year 1939.

Petitioner, Degnan and ' one Toivo J. Rosander entered into the partnership of Degnan and Rosander. The partnership acquired a metal mine in Alaska and derived the first items of income and incurred the first items of deductible expense with respect to the property subsequent to the date of acquisition, May 12, 1938.

Pursuant to an agreement of the partners the net income of the partnership for 1938 was distributed to Degnan. He filed a timely individual income tax return for the calendar year 1938, reporting all income from and claiming deductions relating to the metal mine. , No deduction for depletion was included. The other partner, Rosander, also filed a timely individual return for 1938, showing no income and no deduction with reference to the mining property.

Although no request for an extension of time to file had been made or granted, a 1938 return for the partnership was not filed until September 18, 1940. Fifteen per cent of the gross income from the Alaskan mine, or…