Mountain Producers Corp. v. Commissioner

The declaration of trust of February 1, 1923, in part, read:

“Whereas The Midwest Oil Company, a corporation of the State of Arizona, is the holder of a certain lease from the *82State of Wyoming, dated the 1st day of October, 1919,1 and

“Whereas The Wyoming Associated Oil Corporation, a corporation of the State of Delaware, is entitled to receive the undivided share in the benefits and net proceeds realized by The Midwest Oil Company under said lease and all renewals and extensions thereof, as hereinafter set forth ;

“Now, Therefore, In consideration of the premises and in consideration of other…