Legal Opinion
Elbe Oil Land Development Co. v. Commissioner
Court of Appeals for the Ninth Circuit
Decided June 21, 1937No. 8358PublishedCited by 2 opinions
1Opinion of the Court
WILBUR, Circuit Judge.
In each of the taxable years 1928 and 1929 the petitioner received the sum of $400,000, being payments under an agreement with the Honolulu Consolidated Oil Company (hereinafter called the Honolulu Company) with reference to the transfer of a large area of oil lands, the exact nature and effect of this agreement being the subject of this controversy.
The petitioner claims that it is' entitled to a depletion allowance of 27% per cent, from each of these two payments by reason of the fact that it had retained an economic interest in the oil in the lands in question, while…
2Cases cited5 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- Herring v. CommissionerSupreme Court of the United States · 1934
- Commissioner of Internal Revenue v. FlemingCourt of Appeals for the Fifth Circuit · 1936
- Commissioner of Internal Revenue v. ELLIOTT P. CORP.Court of Appeals for the Ninth Circuit · 1936
3Cited by2 opinions
- Spalding v. United StatesCourt of Appeals for the Ninth Circuit · 1938
- United States v. SpaldingCourt of Appeals for the Ninth Circuit · 1938