Big Four Oil & Gas Co. v. Commissioner
United States Tax Court
Excess Profits Tax -- Net Abnormal Income Attributable to Prior Years -- Sec. 456 (a) (2) (B). -- A producing "discovery" oil well or wells having been completed in an oil pool covered by petitioners' leases less than a year after the beginning of "exploration, discovery, or prospecting" by petitioners relating to the area covered by such leases, petitioners have failed to show that the income from such pool claimed to be abnormal resulted from "exploration, discovery, or…
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Excess Profits Tax -- Net Abnormal Income Attributable to Prior Years -- Sec. 456 (a) (2) (B). -- A producing "discovery" oil well or wells having been completed in an oil pool covered by petitioners' leases less than a year after the beginning of "exploration, discovery, or prospecting" by petitioners relating to the area covered by such leases, petitioners have failed to show that the income from such pool claimed to be abnormal resulted from "exploration, discovery, or prospecting" extending over a period of more than 12 months as required by the provisions of section 456 (a) (2) (B), I.…
1Opinion of the Court
The Big Four Oil & Gas Company, a Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent. Southwestern Oil and Gas Company, a Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Big Four Oil & Gas Co. v. Commissioner
Docket Nos. 57107, 57108
United States Tax Court
29 T.C. 31; 1957 U.S. Tax Ct. LEXIS 66; 8 Oil & Gas Rep. 119;
October 14, 1957, Filed
Decisions will be entered for respondent.
Excess Profits Tax -- Net Abnormal Income Attributable to Prior Years -- Sec. 456 (a) (2) (B). -- A producing "discovery" oil well or wells having been completed in an oil…
2Cases cited5 opinions
- Halle v. CommissionerUnited States Tax Court · 1946
- M. C. Parrish & Co. v. CommissionerUnited States Tax Court · 1944
- M. C. Parrish & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1945
- Rissman v. CommissionerUnited States Tax Court · 1946
- Big Four Oil & Gas Co. v. CommissionerUnited States Tax Court · 1957