Legal Opinion
Commissioner of Internal Revenue v. Edwards Drilling Co.
Court of Appeals for the Fifth Circuit
Decided March 26, 1938No. 8600PublishedCited by 12 opinions
1Opinion of the Court
HUTCHESON, Circuit Judge.
Respondent, an oil well drilling company, in the year 1931, drilled for others 120 wells in the East Texas field. Each of these wells was drilled under a contract, providing for payment out of oil produced from it, of the agreed price for drilling it. As to each of the wells drilled except 3, 2 contracted October 6, at $20,500 each, and 1 October 8, 1931, at $50,000, the contract price was paid out of oil produced from it within the year. From these 3, though completed in 1931, the taxpayer received only $1,821.55 within the year. It therefore returned only that…
2Cases cited11 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Burnet v. LoganSupreme Court of the United States · 1931
- Tracy v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1931
6 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- William H. Zuhone, Jr. And Audra M. Zuhone v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1989
- Texas Trailercoach, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Commissioner of Int. Rev. v. Rowan Drilling Co.Court of Appeals for the Fifth Circuit · 1942
- Boudreau v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1943
- Dearing v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1939
7 more not listed; retrieve them via the Exa API.