Davis v. Commissioner
United States Tax Court
Petitioner paid $32,000 on July 6, 1944, for a partial assignment of an oil and gas lease dated January 1, 1940, and "for a period of five years, and so long thereafter as oil or gas is produced in paying quantities." The parties stipulated that petitioner sustained a deductible loss upon the termination of this lease which petitioner contends expired on January 1, 1945. Held, the stipulation is a conclusion of law and must be disregarded.
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Petitioner paid $32,000 on July 6, 1944, for a partial assignment of an oil and gas lease dated January 1, 1940, and "for a period of five years, and so long thereafter as oil or gas is produced in paying quantities." The parties stipulated that petitioner sustained a deductible loss upon the termination of this lease which petitioner contends expired on January 1, 1945. Held, the stipulation is a conclusion of law and must be disregarded. Ohio Clover Leaf Dairy Co., 8 B.T.A. 1249, affd. 34 Fed. (2d) 1022, certiorari denied 280 U.S. 588. Held further, petitioner did not show that his interest…
1Opinion of the Court
Robert S. Davis v. Commissioner.
Davis v. Commissioner
Docket No. 44614.
United States Tax Court
T.C. Memo 1955-251; 1955 Tax Ct. Memo LEXIS 97; 14 T.C.M. (CCH) 1003; T.C.M. (RIA) 55251; 6 Oil & Gas Rep. 545;
August 31, 1955
Petitioner paid $32,000 on July 6, 1944, for a partial assignment of an oil and gas lease dated January 1, 1940, and "for a period of five years, and so long thereafter as oil or gas is produced in paying quantities." The parties stipulated that petitioner sustained a deductible loss upon the termination of this lease which petitioner contends expired on January 1, 1945. Held,…
2Cases cited9 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Swift & Co. v. Hocking Valley Railway Co.Supreme Court of the United States · 1917
- John A. Nelson Co. v. HelveringSupreme Court of the United States · 1935
- Commissioner v. HarmonSupreme Court of the United States · 1944
- Harmon v. CommissionerUnited States Tax Court · 1942
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