Legal Opinion
Southland Royalty Co. v. United States
United States Court of Claims
Decided July 14, 1978No. 12-75PublishedCited by 11 opinions
1Opinion of the CourtDavis, Judge
This is a corporate income tax dispute whether certain business expenditures should be deducted as ordinary and necessary expenses or should be capitalized. Taxpayer Southland Royalty Company ("Southland”) is engaged in the oil and gas business. It keeps its books and reports its income and expenses for federal income tax purposes on the calendar year and accrual bases. The controversy revolves around the deductibility of legal expenses which Southland accrued during 1966, 1967, and 1968 in connection with litigation, and of expenses which it accrued during 1968 for a study of petroleum…
2Cases cited42 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- Commissioner v. TellierSupreme Court of the United States · 1966
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
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3Cited by11 opinions
- Paul Snyder and Helen J. Snyder v. United StatesCourt of Appeals for the Tenth Circuit · 1982
- Ncnb Corporation, a North Carolina Corporation North Carolina National Bank v. United StatesCourt of Appeals for the Fourth Circuit · 1982
- Ellis Banking Corporation v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Eleventh Circuit · 1982
- Central Texas Savings & Loan Association v. United StatesCourt of Appeals for the Fifth Circuit · 1984
- Blitzer v. United StatesUnited States Court of Claims · 1982
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