Coronado Oil & Gas Co. v. Commissioner
United States Board of Tax Appeals
1. INCOME - LEASE - EXEMPTION - GOVERNMENT INSTRUMENTALITY. - Petitioner's income derived from the sale of oil and gas produced by it from school lands owned by the State of Oklahoma and leased by petitioner for oil and gas purposes, held, not exempt from Federal income and profits taxes as, under the facts proven, petitioner is not shown to be such an instrumentality of the State of Oklahoma in its performance of a governmental function, that a tax upon its income…
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1. INCOME - LEASE - EXEMPTION - GOVERNMENT INSTRUMENTALITY. - Petitioner's income derived from the sale of oil and gas produced by it from school lands owned by the State of Oklahoma and leased by petitioner for oil and gas purposes, held, not exempt from Federal income and profits taxes as, under the facts proven, petitioner is not shown to be such an instrumentality of the State of Oklahoma in its performance of a governmental function, that a tax upon its income constitutes an interference with the exercise by that State of a sovereign power. 2. INVESTED CAPITAL. - Upon the evidence, held,…
1Opinion of the Court
CORONADO OIL & GAS CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Coronado Oil & Gas Co. v. Commissioner
Docket No. 10503.
United States Board of Tax Appeals
14 B.T.A. 1214; 1929 BTA LEXIS 2964;
January 14, 1929, Promulgated
1. INCOME - LEASE - EXEMPTION - GOVERNMENT INSTRUMENTALITY. - Petitioner's income derived from the sale of oil and gas produced by it from school lands owned by the State of Oklahoma and leased by petitioner for oil and gas purposes, held, not exempt from Federal income and profits taxes as, under the facts proven, petitioner is not shown to be such an…
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- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- South Carolina v. United StatesSupreme Court of the United States · 1905
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