Anderson v. Commissioner
United States Tax Court
Held, the owner of an interest in an oil and gas lease is not entitled to an investment credit under sec. 46, I.R.C. 1954, on account of equipment purchased for such lease with restricted funds realized from the sale of a production payment.
1Opinion of the Court
OPINION
The petitioners were the owners of fractional interests in three separate oil and gas leases on which wells were drilled and equipped in the calendar year 1966. In order to finance their share of the cost in equipping the wells, the petitioners joined in the sale of a production payment from such leases subject to the pledge that the amounts realized would be used to equip the wells.
In their return for the calendar year 1966, the petitioners claimed investment credit in the amount of $905 under section 46 of the investment code on account of their allocable share of the cost of the…
2Cited by10 opinions
- Norfolk Southern Corp. v. CommissionerUnited States Tax Court · 1995
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Kwass v. United StatesDistrict Court, E.D. Michigan · 1970
- Myron A. Anderson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
- Wellford v. CommissionerUnited States Tax Court · 1985
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