Cree v. Commissioner
United States Board of Tax Appeals
The petitioners acquired two oil and gas leases; also, both earlier and later, certain rights of participation in the working interests, each limited to certain wells drilled upon such leases.
Read the full summary
The petitioners acquired two oil and gas leases; also, both earlier and later, certain rights of participation in the working interests, each limited to certain wells drilled upon such leases. Held, that each lease, and not each well, is a "property" of the petitioners, within the meaning of section 114(b)(3), Revenue Act of 1938, and the petitioners may deduct depletion upon the gross income received by them from each lease, subject to the limitation to 50 percent of net income from such property.
1Opinion of the Court
WILLIAM H. CREE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
RUTH A. CREE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cree v. Commissioner
Docket Nos. 105667, 105835.
United States Board of Tax Appeals
47 B.T.A. 868; 1942 BTA LEXIS 633;
October 13, 1942, Promulgated
The petitioners acquired two oil and gas leases; also, both earlier and later, certain rights of participation in the working interests, each limited to certain wells drilled upon such leases. Held, that each lease, and not each well, is a "property" of the petitioners, within the meaning of section…
2Cases cited5 opinions
- Sneed v. CommissionerUnited States Board of Tax Appeals · 1939
- Turbeville v. CommissionerUnited States Board of Tax Appeals · 1934
- Vinton Petroleum Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Mascot Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Cree v. CommissionerUnited States Board of Tax Appeals · 1942