Bankline Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Income from a lease between the petitioner and the State of California is taxable under the principle of Burnet v. Jergins Trust,288 U.S. 508. 2. Under the facts of this case petitioner has no depletable interest arising out of casinghead gas contracts. Signal Gasoline Corporation v. Commissioner, 66 Fed.(2d) 886, distinguished.
1Opinion of the Court
BANKLINE OIL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bankline Oil Co. v. Commissioner
Docket Nos. 56484, 72502.
United States Board of Tax Appeals
33 B.T.A. 910; 1936 BTA LEXIS 806;
January 16, 1936, Promulgated
1. Income from a lease between the petitioner and the State of California is taxable under the principle of Burnet v. Jergins Trust,288 U.S. 508.
2. Under the facts of this case petitioner has no depletable interest arising out of casinghead gas contracts. Signal Gasoline Corporation v. Commissioner, 66 Fed.(2d) 886, distinguished.
A. L. Weil, Esq., for the…
2Cases cited7 opinions
- Burnet v. Coronado Oil & Gas Co.Supreme Court of the United States · 1932
- Gillespie v. OklahomaSupreme Court of the United States · 1922
- Burnet v. A. T. Jergins TrustSupreme Court of the United States · 1933
- Signal Gasoline Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
- Bankline Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1936
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