Legal Opinion
Platt v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided December 8, 1953No. 10869_1PublishedCited by 7 opinions
1Opinion of the Court
LINDLEY, Circuit Judge.
The only issue presented on this review of the decision of the Tax Court reported in 18 T.C. 1229 is whether $14,000 invested by petitioner in a speculative oil and gas venture constitutes optional deductible intangible drilling costs under Section 23 (m) of the Internal Revenue Code, 26 U.S.C.A. § 23 (m), and Section 29.23(m)-16 of Treasury Regulations 111.
The facts are not largely in dispute. Prior to July 1, 1947, one Vasen had, for nominal sums, acquired leases, i. e., the right to search for and produce oil and gas, on certain lands situated in “wild cat” territory…
2Cases cited10 opinions
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Helvering v. SalvageSupreme Court of the United States · 1936
- Hotel Kingkade v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1950
- Berkshire Oil Co. v. CommissionerUnited States Tax Court · 1947
- Missouri-Kansas Pipe Line Co. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1945
5 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Goodall v. CommissionerCourt of Appeals for the Eighth Circuit · 1968
- William M. Joslin, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1970
- Hedges v. CommissionerUnited States Tax Court · 1964
- Estate of Robert A. Goodall, Deceased, C. M. Goodall v. Commissioner of Internal Revenue, Estate of Robert A. Goodall, Deceased, Clarice M. Goodall v. Commissioner of Internal Revenue, (Two Cases). Estate of Robert A. Goodall, Deceased, Clarice M. Goodall, and Clarice M. Goodall v. Commissioner of Internal Revenue, C. M. Goodall v. Commissioner of Internal Revenue, Good-All Electric Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1968
- Hedges v. CommissionerUnited States Tax Court · 1964
2 more not listed; retrieve them via the Exa API.