Stantex Petroleum Co. v. Commissioner
United States Board of Tax Appeals
The Stantex Petroleum Co., lessee of an oil and gas lease, sold undivided interests therein accompanied by an agreement to drill a well on the leased property at its own expense.
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The Stantex Petroleum Co., lessee of an oil and gas lease, sold undivided interests therein accompanied by an agreement to drill a well on the leased property at its own expense. Oil and gas were discovered in paying quantities, and during the taxable periods, the assignor, in accordance with provisions of the assignments, operated the lease and, as agent for the holders of undivided interests, sold the output of the wells and distributed the proceeds, less costs of operation, to the leaseholders. Held, that the petitioners are not associations taxable as corporations.
1Opinion of the Court
STANTEX PETROLEUM COMPANY, AS ALLEGED TRUSTEE FOR LILLIE MORSE SYNDICATE NO. 2, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
STANTEX PETROLEUM COMPANY, AS ALLEGED TRUSTEE FOR LILLIE MORSE SYNDICATE NO. 1, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Stantex Petroleum Co. v. Commissioner
Docket Nos. 89531, 89532.
United States Board of Tax Appeals
38 B.T.A. 269; 1938 BTA LEXIS 890;
August 5, 1938, Promulgated
The Stantex Petroleum Co., lessee of an oil and gas lease, sold undivided interests therein accompanied by an agreement to drill a well on the leased property at…
2Cases cited1 opinion
- Stantex Petroleum Co. v. CommissionerUnited States Board of Tax Appeals · 1938