Legal Opinion

Donnell v. Commissioner

United States Tax Court

Decided July 13, 1967No. Docket Nos. 2752-65, 2753-65, 2754-65Published

Held: 1. Petitioners are entitled to deduct as intangible drilling and development expenses certain amounts paid in 1959 and 1960 for drilling on four illegally deviated oil wells bottomed outside of property on which they had a working interest in a lease. 2. Petitioners are not entitled to depletion allowance deductions in 1961 and 1962 with respect to oil produced from four illegally deviated oil wells bottomed outside of property on which they had a working interest in a…

Read the full summary

Held: 1. Petitioners are entitled to deduct as intangible drilling and development expenses certain amounts paid in 1959 and 1960 for drilling on four illegally deviated oil wells bottomed outside of property on which they had a working interest in a lease. 2. Petitioners are not entitled to depletion allowance deductions in 1961 and 1962 with respect to oil produced from four illegally deviated oil wells bottomed outside of property on which they had a working interest in a lease because they had no "economic interest" in the oil in place. However, petitioners are entitled to depletion…

1Opinion of the Court

Estate of H. W. Donnell, Deceased, Willie Hayden Donnell, Executrix, and Mrs. Willie Hayden Donnell, Petitioners v. Commissioner of Internal Revenue, Respondent

Donnell v. Commissioner

Docket Nos. 2752-65, 2753-65, 2754-65

United States Tax Court

48 T.C. 552; 1967 U.S. Tax Ct. LEXIS 71; 26 Oil & Gas Rep. 887;

July 13, 1967, Filed

Decisions will be entered under Rule 50.

Held: 1. Petitioners are entitled to deduct as intangible drilling and development expenses certain amounts paid in 1959 and 1960 for drilling on four illegally deviated oil wells bottomed outside of property on which they had a…

2Cases cited32 opinions

  1. Gregory v. HelveringSupreme Court of the United States · 1935
  2. Helvering v. CliffordSupreme Court of the United States · 1940
  3. Eisner v. MacOmberSupreme Court of the United States · 1920
  4. North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
  5. Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929

27 more not listed; retrieve them via the Exa API.

Showing a preview — retrieve the full document via the Exa API.

Powered by the Exa API