Legal Opinion
Columbia Oil & Gas Co. v. Commissioner of Internal Rev.
Court of Appeals for the Fifth Circuit
Decided March 21, 1941No. 9606PublishedCited by 20 opinions
1Opinion of the Court
McCORD, Circuit Judge.
On December 2, 1933, Columbia Oil & Gas Company by written contract sold eight producing oil and gas leases, and all equipment thereon, to Stanolind Oil & Gas Company. The sale was for the cash sum of $550,000 with a reservation “out of each lease of a certain fractional interest in oil and gas if, as, and when produced, until the aggregate sum of $350,000.00 had been returned.” On the day of the sale Columbia’s interest in the leases, together with all the tangible well equipment, was $725,-000. The cost “basis of the properties * * * (less proper allowances for…
2Cases cited5 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Ortiz Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1939
- Columbia Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Thomas v. Peckham Oil Co.Court of Appeals for the Fifth Circuit · 1940
3Cited by20 opinions
- Diamond v. CommissionerUnited States Tax Court · 1971
- Welsh Homes, Incorporated, and v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1960
- Alcoma Association, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1956
- Lee v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Principal Life Insurance Company and Subsidiaries v. United StatesUnited States Court of Federal Claims · 2014
15 more not listed; retrieve them via the Exa API.