Bankline Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Income from a lease between the petitioner and the State of California is taxable under the principle of Burnet v. Jergins Trust,288 U.S. 508. 2. Under the facts of this case petitioner has no depletable interest arising out of casinghead gas contracts. Signal Gasoline Corporation v. Commissioner, 66 Fed.(2d) 886, distinguished.
1Opinion of the Court
*912OPINION.
Mobris :
The petitioner seeks total exemption of the income derived during the taxable year 1930 from “Lease #89”, between itself and the State of California, under the doctrine of implied immunity, relying primarily upon Burnet v. Coronado Oil & Gas Co., 285 U. S. 393. The respondent, on the other hand, relies upon Burnet v. Jergins Trust, 288 U. S. 508.
Burnet v. Coronado Oil & Gas Co., supra, arose out of a lease entered into between the State of Oklahoma and Coronado Oil & Gas Co. “By the Enabling Act Congress required' as a condition precedent to the admission of Oklahoma into the…
2Cases cited3 opinions
- Burnet v. Coronado Oil & Gas Co.Supreme Court of the United States · 1932
- Gillespie v. OklahomaSupreme Court of the United States · 1922
- Burnet v. A. T. Jergins TrustSupreme Court of the United States · 1933
3Cited by7 opinions
- Kohinoor Coal Co. v. CommissionerCourt of Appeals for the Third Circuit · 1948
- Food Machinery & Chemical Corp. v. United StatesUnited States Court of Claims · 1965
- Spalding v. United StatesDistrict Court, S.D. California · 1937
- Food MacHinery and Chemical Corporation, a Corporation v. The United StatesUnited States Court of Claims · 1965
- Bankline Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1936
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