Maytag v. Commissioner
United States Tax Court
1. In 1947, petitioners paid a lump sum of $ 5,000 for an undivided one-half interest in 2 oil and gas leases known as "Ownbey" and "Colorado," and 3 Federal oil and gas leases to be acquired from the United States Government, for which application was then pending. At the time of acquisition, all of said leaseholds were contiguous, covering a tract of approximately 6,715 acres in Park County, Colorado, and formed a continuous boundary.
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1. In 1947, petitioners paid a lump sum of $ 5,000 for an undivided one-half interest in 2 oil and gas leases known as "Ownbey" and "Colorado," and 3 Federal oil and gas leases to be acquired from the United States Government, for which application was then pending. At the time of acquisition, all of said leaseholds were contiguous, covering a tract of approximately 6,715 acres in Park County, Colorado, and formed a continuous boundary. In 1950, petitioners surrendered their interest in the Colorado and 2 of the Federal leases; and in 1951, they canceled their interest in the Ownbey lease.…
1Opinion of the Court
L. B. Maytag, and Estate of Catherine B. Maytag, Deceased, Lewis B. Maytag and the First National Bank of Colorado Springs, Colorado, Executors, Petitioners, v. Commissioner of Internal Revenue, Respondent
Maytag v. Commissioner
Docket No. 69521
United States Tax Court
32 T.C. 270; 1959 U.S. Tax Ct. LEXIS 176; 10 Oil & Gas Rep. 669;
April 30, 1959, Filed
Decision will be entered under Rule 50.
1. In 1947, petitioners paid a lump sum of $ 5,000 for an undivided one-half interest in 2 oil and gas leases known as "Ownbey" and "Colorado," and 3 Federal oil and gas leases to be acquired from the United…
2Cases cited30 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Helvering v. WinmillSupreme Court of the United States · 1938
- Spreckels v. CommissionerSupreme Court of the United States · 1942
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