...the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each. (m) DEPLETION. — In the case of mines, oil and gas...regulations to be prescribed by the Commissioner, with the approval of the Secretary. In any case in which it is ascertained as a result of operations or of development...

...other natural deposits, and timber, there shall be allowed as a deduction in computing taxable income a reasonable allowance for depletion and for depreciation...reasonable allowance in all cases to be made under regulations prescribed by the Secretary." Thus, pursuant to the authority found in the language to...