State Tax Commission v. Love Petroleum Co.

Love Petroleum Company and Interior Oil Company were chartered, respectively, March 3, and March 20, 1930, by the State of Mississippi. They acquired certain oil and gas, leases in the Jackson, Mississippi, gas field at a cost of $26,074.72. By July 15, 1930, they had brought in one producing* gas well and were in the process of boring two others, which were then incomplete.

Love Petroleum Company, the appellee herein, was chartered under the laws of Delaware June 24, 1930, and was qualified and admitted to do business in Mississippi July 1, 1930. On July 15, 1930, the two Mississippi…