Burford Oil Co. v. Commissioner
United States Tax Court
The petitioner filed a timely income and declared value excess profits tax return, signed and sworn to by its treasurer only.
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The petitioner filed a timely income and declared value excess profits tax return, signed and sworn to by its treasurer only. Later, after time for filing had passed, an "amended" return, properly executed, was filed, wherein for the first time election was made to treat as expenses intangible drilling and development costs incurred as to oil properties, within section 23 (m) of the Internal Revenue Code, and Regulations 103, section 19.23 (m)-16 (d). Held, that the first filing did not constitute a return as required by section 52 (a) of the Internal Revenue Code, therefore did not…
1Opinion of the Court
OPINION.
Disney, Judge:
The first question is whether the petitioner had a right to deduct intangible drilling and development costs for the years 1940 and 1941. This depends upon whether it had elected to do so “in the return for the first taxable year in which the taxpayer makes such expenditures,” within the language of Regulations 103, section 19.23 (m)-16, issued under the specific authority contained in section 23 (m) of the Internal Revenue Code.1
The parties agree that petitioner “never made expenditures for drilling oil or gas wells prior to the first taxable year beginning after…
2Cases cited4 opinions
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Zellerbach Paper Co. v. HelveringSupreme Court of the United States · 1934
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- Flinchbaugh v. CommissionerUnited States Tax Court · 1943
3Cited by28 opinions
- P. Dougherty Co. v. CommissionerUnited States Tax Court · 1945
- P. Dougherty Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1946
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Fourth & Railroad Realty Co. v. CommissionerUnited States Tax Court · 1955
- Harrington Co. v. CommissionerUnited States Tax Court · 1946
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