Yates v. Commissioner
United States Tax Court
In a Federal oil and gas lottery, petitioners were awarded three oil and gas leases on properties in Wyoming and North Dakota. The properties were not within any known geologic structure of producing oil or gas fields. Petitioners transferred their interests in the leases in consideration of cash payments, retaining various percentages of future oil or gas production.
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In a Federal oil and gas lottery, petitioners were awarded three oil and gas leases on properties in Wyoming and North Dakota. The properties were not within any known geologic structure of producing oil or gas fields. Petitioners transferred their interests in the leases in consideration of cash payments, retaining various percentages of future oil or gas production. Petitioners' retained interests in the leases would terminate at "such time as the then estimated recoverable reserves * * * are 10 percent or less." Held, petitioners have not proven that the expected economic lives of their…
1Opinion of the Court
Richard M. and Brenda R. Yates, Petitioners v. Commissioner of Internal Revenue, Respondent
Yates v. Commissioner
Docket No. 14832-87
United States Tax Court
92 T.C. 1215; 1989 U.S. Tax Ct. LEXIS 83; 92 T.C. No. 79; 104 Oil & Gas Rep. 651;
June 7, 1989June 7, 1989, Filed
Decision will be entered for the respondent.
In a Federal oil and gas lottery, petitioners were awarded three oil and gas leases on properties in Wyoming and North Dakota. The properties were not within any known geologic structure of producing oil or gas fields. Petitioners transferred their interests in the leases in consideration…
2Cases cited11 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Anderson v. HelveringSupreme Court of the United States · 1940
- Brountas v. CommissionerUnited States Tax Court · 1979
- Paul P. Brountas v. Commissioner of Internal Revenue, Paul P. And Lynn T. Brountas v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1982
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