Legal Opinion
Commissioner of Internal Revenue v. Ambrose
Court of Appeals for the Fifth Circuit
Decided April 8, 1942No. 10053PublishedCited by 20 opinions
1Opinion of the Court
HOLMES, Circuit Judge.
These petitions for review present a single question involving income taxes for the year 1934. That question is whether these taxpayers were entitled, under Article 23(m)-16 of Treasury Regulations 86, to deduct from gross income as business expenses the intangible drilling and development costs borne by them in connection with the drilling of four oil wells on their property during the tax year.
The taxpayers owned a seven-eighths working interest in an oil and gas lease. Four wells were drilled upon the property by the Ross Drilling Company under cost-plus contracts,…
2Cases cited7 opinions
- Ramsey v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1933
- J. K. Hughes Oil Co. v. BassCourt of Appeals for the Fifth Circuit · 1932
- T. K. Harris Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1940
- Grison Oil Corporation v. Commissioner of Int. Rev.Court of Appeals for the Tenth Circuit · 1938
- Old Farmers Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1928
2 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Bernuth v. CommissionerUnited States Tax Court · 1971
- Harper Oil Company, a Corporation v. United StatesCourt of Appeals for the Tenth Circuit · 1970
- F. H. E. Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1945
- Continental Oil Co. v. JonesCourt of Appeals for the Tenth Circuit · 1949
- Commissioner of Int. Rev. v. Rowan Drilling Co.Court of Appeals for the Fifth Circuit · 1942
15 more not listed; retrieve them via the Exa API.