Williamson v. Commissioner
United States Tax Court
Petitioners are not entitled to a deduction in 1956 for an advance payment in that year of an amount due on or before March 1, 1957, as a delay rental with respect to an oil and gas lease for the period March 1, 1957, to March 1, 1958.
1Opinion of the Court
Scott, Judge:
Respondent determined a deficiency in petitioners’ income tax for the calendar year 1956 in the amount of $5,785.95. The only issue for decision is whether petitioners are entitled to a deduction in 1956 in the amount of $24,693.27 claimed by them as a delay rental payment with respect to an oil and gas lease.
FINDINGS OF FACT.
Most of the facts are stipulated and are found accordingly.
Petitioners, husband and wife residing at Abilene, Texas, filed a joint Federal income tax return for the calendar year 1956 with the district director of internal revenue at Dallas, Texas.
Petitioners…
2Cases cited13 opinions
- R D. And Ida M. Cravens v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1959
- Baton Coal Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1931
- Main & McKinney Bldg. Co., of Houston v. CommissionerCourt of Appeals for the Fifth Circuit · 1940
- Peters v. CommissionerUnited States Tax Court · 1945
- Cravens v. CommissionerUnited States Tax Court · 1958
8 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Van Raden v. CommissionerUnited States Tax Court · 1979
- University Properties, Inc. v. CommissionerUnited States Tax Court · 1966
- Martin J. And Margaret M. Zaninovich and Vincent M. And Dorothy F. Zaninovich v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1980
- Smith v. CommissionerUnited States Tax Court · 1968
- Zaninovich v. CommissionerUnited States Tax Court · 1978
16 more not listed; retrieve them via the Exa API.