State Consol. Oil Co. v. Commissioner
United States Board of Tax Appeals
Disbursements made by a taxpayer under contract for drilling oil wells on another's property, for which it was to be compensated out of the fruits of the contract before dividing with the owner and which were treated by taxpayer as accounts receivable, held not deductible by taxpayer in the year of disbursement as ordinary and necessary expenses.
1Opinion of the Court
STATE CONSOLIDATED OIL CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
State Consol. Oil Co. v. Commissioner
Docket No. 20241.
United States Board of Tax Appeals
19 B.T.A. 86; 1930 BTA LEXIS 2472;
February 27, 1930, Promulgated
Disbursements made by a taxpayer under contract for drilling oil wells on another's property, for which it was to be compensated out of the fruits of the contract before dividing with the owner and which were treated by taxpayer as accounts receivable, held not deductible by taxpayer in the year of disbursement as ordinary and necessary expenses.
G. O.…
2Cases cited2 opinions
- State Consolidated Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- State Consol. Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1930