Valuation of California Oil Properties for Federal Taxation

A COMMITTEE, representing a number of the larger oil companies in California, met in San Francisco on Nov. 12, 1919, for the purpose of discussing the depletion deductions to be allowed in computing the Federal income taxes under the Internal Revenue Act of 1918. It was the general sense of the committee that a system based on sound engineering principles should be formulated for estimating the value of oil properties, so that better and more uniform results might be obtained by the various companies in filing their returns with the' Bureau of Internal Revenue. A subcommittee, consisting of five petroleum engineers, was thereupon appointed to collect information and draft a report. The committee consisted of G. C. Gester, Carl H. Beal, J. H. G. Wolf, E. G. Gaylord, and E. D. Nolan; this report is the work of that subcommittee.