...the case of oil and gas wells the allowance for depletion shall be 27 J /2 per centum of the gross income from the property during the taxable year,...income of the taxpayer (computed without allowance for deple-' tion) from the property, except that in no case shall the depletion allowance be less than...

...commencing on the first day percentage, specified in subsection (b), of the gross income from the property excluding from such gross income an amount equal to...of the property. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion).......

..."the allowance for depletion . . . shall be the percentage ... of the gross income from the property excluding from such gross income an amount equal to...of the property. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion)."...

...for depletion shall be Jo per centum of the gross income from the property during the taxable year, such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowances for depletion) from the property, except thai in no case shall the depletion allowance be...

...for depletion shrill be 15 per centum of the gross income from the property during the taxable year, such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowances for depletion) from the property, except that in no case shall the depletion allowance be...

...depletion shall be 27 Yi per centum of the gross income from the property during the taxable year. Such allowance shall not exceed 50 per centum of the net income of the taxpajrer (computed without allowance for depletion) from the property, except that in no case shall...

...be 27^4 per entum of the gross income from the property during the taxable year. Such Nowance shall not exceed 50 per centum of the net income of the taxpayer (confuted without allowance for depletion) from the property, except that in no case nail the depletion...

...metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 per centum, of the gross income from the property during the taxable year,...income of the taxpayer (computed without allowance for depiction) from the property, except that in no case shall the depletion allowance for the taxable...

...footnote No. 1), except that the Revenue Act of 1932 added at the close of the first sentence the phrase " excluding from such gross income an amount equal to...incurred by the taxpayer in respect of the property." It has been the consistent practice of petitioner since its organization to elect to deduct from its...

...In the case of oil and gas wells the allowance for depletion shall be 27Yz per centum of the gross income from the property during the taxable year,...incurred by the taxpayer in respect of the property. . . ." The petitioner says that the amendment was merely clarifying in purpose and declaratory of the...