Nunn-Stubblefield Oil Co. v. Commissioner
United States Board of Tax Appeals
The petitioner expended certain amounts for labor, teaming, hauling, supplies, fuel, water, etc., in connection with the drilling of an oil well on land owned by another or others, in consideration of which it received an interest in an oil and gas lease. Held, that the petitioner was not entitled, under the provisions of article 243 of Regulations 74, to deduct such amounts as operating expenses in determining taxable net income.
1Opinion of the Court
NUNN-STUBBLEFIELD OIL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Nunn-Stubblefield Oil Co. v. Commissioner
Docket No. 66085.
United States Board of Tax Appeals
31 B.T.A. 180; 1934 BTA LEXIS 1143;
September 18, 1934, Promulgated
The petitioner expended certain amounts for labor, teaming, hauling, supplies, fuel, water, etc., in connection with the drilling of an oil well on land owned by another or others, in consideration of which it received an interest in an oil and gas lease. Held, that the petitioner was not entitled, under the provisions of article 243 of Regulations…
2Cases cited1 opinion
- Nunn-Stubblefield Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1934