Definition of DEPLETION in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.
Definition of DEPLETION
An emptying, exhausting or wasting of assets. Arkansas-Louisiana Gas Co. v. City of Texarkana, D.C.Ark., 17 F.Supp. 447, 460. For tax purposes, a return of capital, not a special bonus for enterprise. Untermyer v. Commissioner of Internal Revenue, C.C.A., 59 F.2d 1004. A reduction during taxable year of oil, gas or other mineral deposits or reserves as result of production. Darby-Lynde Co. v. Alexander, C.C.A.Okl., 51 F.2d 56.
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That's the definition of DEPLETION in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
