Maytag v. Commissioner
United States Tax Court
1. In 1947, petitioners paid a lump sum of $ 5,000 for an undivided one-half interest in 2 oil and gas leases known as "Ownbey" and "Colorado," and 3 Federal oil and gas leases to be acquired from the United States Government, for which application was then pending. At the time of acquisition, all of said leaseholds were contiguous, covering a tract of approximately 6,715 acres in Park County, Colorado, and formed a continuous boundary.
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1. In 1947, petitioners paid a lump sum of $ 5,000 for an undivided one-half interest in 2 oil and gas leases known as "Ownbey" and "Colorado," and 3 Federal oil and gas leases to be acquired from the United States Government, for which application was then pending. At the time of acquisition, all of said leaseholds were contiguous, covering a tract of approximately 6,715 acres in Park County, Colorado, and formed a continuous boundary. In 1950, petitioners surrendered their interest in the Colorado and 2 of the Federal leases; and in 1951, they canceled their interest in the Ownbey lease.…
1Opinion of the Court
Fisi-ieR, Judge:
This proceeding involves deficiencies in income tax determined against petitioners as follows:
Year Amount
1953_$145. 92
1954_ 11. 32
Petitioners claim overpayments in income tax in amounts as follows:
Year Amount
1953-$2,908. 92
1954_ 82.80
The principal issues presented for our decision herein are (1) whether petitioners incurred a deductible loss in the amount of $5,000, or any portion thereof, during the taxable year 1953 upon the abandonment of an oil and gas lease; and (2) whether petitioners, nondealers in securities and real estate, may deduct the amounts of $347.40 and…
2Cases cited29 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Helvering v. WinmillSupreme Court of the United States · 1938
- Spreckels v. CommissionerSupreme Court of the United States · 1942
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3Cited by8 opinions
- Haspel v. CommissionerUnited States Tax Court · 1974
- American Smelting and Refining Company — Consolidated v. The United StatesUnited States Court of Claims · 1970
- Byram v. CommissionerUnited States Tax Court · 1975
- Hart v. CommissionerUnited States Tax Court · 1963
- Hart v. CommissionerUnited States Tax Court · 1963
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