Legal Opinion
Prairie Oil & Gas Co. v. Motter
Court of Appeals for the Tenth Circuit
Decided July 13, 1933No. 784PublishedCited by 63 opinions
1Opinion of the Court
McDERMOTT, Circuit Judge.
Some time prior to 1926 the Olean Petroleum Company acquired producing oil properties at a cost of about $300,000. In 1926 the Prairie Oil <& Gas Company acquired these properties for a cash outlay of $3,350,-000. The question in this case is whether do pletion of such properties should be calculated on their cost to the Prairie of $3,350,000, or their original cost to the Olean of $300,000. The facts are not in dispute.
On March 8, 1926, a contract was entered into between the Prairie as buyer and the Olean and its stockholders as sellers which recites that its…
2Cases cited5 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Cortland Specialty Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1932
- Tulsa Tribune Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1932
- Darby-Lynde Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1931
- Sarther Grocery Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1933
3Cited by63 opinions
- Helvering v. GregoryCourt of Appeals for the Second Circuit · 1934
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Commissioner of Internal Revenue v. Ashland Oil & Refining Co.Court of Appeals for the Sixth Circuit · 1938
- West Texas Refining & D. Co. v. Commissioner of Int. Rev.Court of Appeals for the Tenth Circuit · 1933
- Kanawha Gas & Utilities Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
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