Natural Gas Development Corp. v. Oklahoma Tax Commission

This is a direct appeal by the Natural Gas Development Corporation from an order of the Oklahoma Tax Commission disallowing its claim for refund because of an alleged overpayment of its income taxes for the year 1937. The sole question for decision is whether a resident taxpayer, under chapter 66, art. 6, S. L. 1935, is permitted to deduct from gross income earned from property owned and business transacted within the state, losses sustained by or through investments in property held outside the state.

The appellant, hereinafter referred to as “the taxpayer,” is a foreign corporation and…