Mel Dar Corp. v. Commissioner
United States Tax Court
The Burnetts, owners of certain real property, entered into negotiations with Mar-Tex Realization Corporation, contemplating an oil lease. They then decided against such lease, and discontinued negotiations. Mar-Tex, claiming that a lease had been executed obligating it to develop the property and entitling it to 60 per cent of oil and gas produced, commenced suit and filed a lis pendens.
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The Burnetts, owners of certain real property, entered into negotiations with Mar-Tex Realization Corporation, contemplating an oil lease. They then decided against such lease, and discontinued negotiations. Mar-Tex, claiming that a lease had been executed obligating it to develop the property and entitling it to 60 per cent of oil and gas produced, commenced suit and filed a lis pendens. The Burnetts then formed Mel Dar Corporation, and executed in its favor an oil and gas lease, whereby it was to develop the property and receive 75 per cent of oil and gas produced. It thereafter intervened…
1Opinion of the Court
Mel Dar Corporation v. Commissioner. Coy Burnett and Mildred K. Burnett v. Commissioner.
Mel Dar Corp. v. Commissioner
Docket Nos. 60997, 68821, 71208.
United States Tax Court
T.C. Memo 1960-56; 1960 Tax Ct. Memo LEXIS 230; 19 T.C.M. (CCH) 290; T.C.M. (RIA) 60056; 12 Oil & Gas Rep. 357;
March 30, 1960
The Burnetts, owners of certain real property, entered into negotiations with Mar-Tex Realization Corporation, contemplating an oil lease. They then decided against such lease, and discontinued negotiations. Mar-Tex, claiming that a lease had been executed obligating it to develop the property and…
2Cases cited37 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
32 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Warren Burnett and Emma Burnett v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966