Gulf Oil Corp. v. Commissioner
United States Tax Court
Petitioner acquired undivided interests in oil and gas leases located in the Gulf of Mexico before and during the taxable years at issue. Delay rentals were paid within each of the taxable years at issue. These payments allowed Gulf to drill, explore, and produce minerals from any portion of the lease.
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Petitioner acquired undivided interests in oil and gas leases located in the Gulf of Mexico before and during the taxable years at issue. Delay rentals were paid within each of the taxable years at issue. These payments allowed Gulf to drill, explore, and produce minerals from any portion of the lease. Petitioner claimed "abandonments and extraordinary retirements" as to the leases in the Gulf of Mexico on its Federal tax returns for the taxable years 1974 and 1975 in the respective amounts of $ 35,651,455 and $ 108,108,366. The properties allegedly abandoned consisted of potential mineral…
1Opinion of the Court
Gulf Oil Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Gulf Oil Corp. v. Commissioner
Docket No. 22499-82
United States Tax Court
87 T.C. 135; 1986 U.S. Tax Ct. LEXIS 78; 87 T.C. No. 9; 90 Oil & Gas Rep. 629;
July 21, 1986, Filed
Petitioner acquired undivided interests in oil and gas leases located in the Gulf of Mexico before and during the taxable years at issue. Delay rentals were paid within each of the taxable years at issue. These payments allowed Gulf to drill, explore, and produce minerals from any portion of the lease. Petitioner claimed "abandonments and…
2Cases cited23 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Swift & Co. v. Hocking Valley Railway Co.Supreme Court of the United States · 1917
- Brountas v. CommissionerUnited States Tax Court · 1979
- Paul P. Brountas v. Commissioner of Internal Revenue, Paul P. And Lynn T. Brountas v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1982
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