Brountas v. Commissioner
United States Tax Court
Petitioner Brountas was a limited partner in an oil and gas drilling partnership, Coral I, while petitioner CRC was a general partner in Coral I, Coral II (another similar venture), and a direct investor in other drilling ventures. Each of these ventures used the following basic format, with variations. An exploratory drilling prospect would be presented to CRC by an operator.
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Petitioner Brountas was a limited partner in an oil and gas drilling partnership, Coral I, while petitioner CRC was a general partner in Coral I, Coral II (another similar venture), and a direct investor in other drilling ventures. Each of these ventures used the following basic format, with variations. An exploratory drilling prospect would be presented to CRC by an operator. If the geology appeared favorable, CRC would purchase for itself, or cause a limited partnership such as Coral I or Coral II to purchase, the operator's leasehold interest and the operator's promise to drill to the…
1Opinion of the Court
Paul P. Brountas and Lynn T. Brountas, Petitioners v. Commissioner of Internal Revenue, Respondent; CRC Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Brountas v. Commissioner
Docket Nos. 8231-76, 8497-76, 8698-77, 6255-781
United States Tax Court
73 T.C. 491; 1979 U.S. Tax Ct. LEXIS 3;
December 26, 1979, Filed
Petitioner Brountas was a limited partner in an oil and gas drilling partnership, Coral I, while petitioner CRC was a general partner in Coral I, Coral II (another similar venture), and a direct investor in other drilling ventures. Each of these ventures used the…
2Cases cited54 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
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