J. Ray McDermott & Co. v. Hudson

In January 1957 the State Board of Equalization 1 directed all owners, lessees, and operators of producing oil wells to return to the board for assessment purposes the amount of their 1956 production; and in response thereto J. Ray McDermott & Co., Inc., producers of oil in the Ash Creek Field, Sheridan County, filed a return showing its gross 1956 production of 507,255 barrels after deducting State and Federal royalties. The company listed the price per barrel at amounts which, although varying each month, approximated $2.07. In the office of the Director of the Ad Valorem Tax Department, a…