Hugh Hodges Drilling Co. v. Commissioner
United States Board of Tax Appeals
During or prior to the taxable years 1934 and 1935, petitioner acquired various interests in oil and gas mining leases in consideration of the drilling and equipping of wells thereon.
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During or prior to the taxable years 1934 and 1935, petitioner acquired various interests in oil and gas mining leases in consideration of the drilling and equipping of wells thereon. In some instances, petitioner acquired ownership of undivided fractional interests in the leaseholds; in others, petitioner acquired oil payment rights, that is, the right to receive a specified sum out of oil production; and in some instances, petitioner acquired an oil payment of an agreed amount, together with the ownership of a lesser undivided fractional interest in the leasehold thereafter. Some of the…
1Opinion of the Court
HUGH HODGES DRILLING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hugh Hodges Drilling Co. v. Commissioner
Docket Nos. 94782, 99115.
United States Board of Tax Appeals
43 B.T.A. 1045; 1941 BTA LEXIS 1416;
March 20, 1941, Promulgated
During or prior to the taxable years 1934 and 1935, petitioner acquired various interests in oil and gas mining leases in consideration of the drilling and equipping of wells thereon. In some instances, petitioner acquired ownership of undivided fractional interests in the leaseholds; in others, petitioner acquired oil payment rights, that is,…
2Cases cited8 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Anderson v. HelveringSupreme Court of the United States · 1940
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Dearing v. CommissionerUnited States Board of Tax Appeals · 1937
- Brockway Glass Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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