Haass v. Commissioner
United States Tax Court
Petitioners, subsequent to the completion of two gas wells on certain property, entered into an oral agreement to participate in the drilling venture on that property. Thereafter, but prior to the formal assignment to petitioners of their interest in the venture, three further wells were drilled.
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Petitioners, subsequent to the completion of two gas wells on certain property, entered into an oral agreement to participate in the drilling venture on that property. Thereafter, but prior to the formal assignment to petitioners of their interest in the venture, three further wells were drilled. Petitioners agreed to pay drilling costs of each well to the extent of 35 percent of the operator's drilling charge even though their interest in the venture was only fourteen forty-eighths (approximately 29.2 percent). The operator was to pay only 5 percent of the drilling costs even though it had a…
1Opinion of the Court
Erwin H. Haass and Virginia A. Haass, Petitioners v. Commissioner of Internal Revenue, Respondent
Haass v. Commissioner
Docket No. 3146-68
United States Tax Court
55 T.C. 43; 1970 U.S. Tax Ct. LEXIS 53; 37 Oil & Gas Rep. 623;
October 14, 1970, Filed
Decision will be entered under Rule 50.
Petitioners, subsequent to the completion of two gas wells on certain property, entered into an oral agreement to participate in the drilling venture on that property. Thereafter, but prior to the formal assignment to petitioners of their interest in the venture, three further wells were drilled. Petitioners agreed…
2Cases cited4 opinions
- Haass v. CommissionerUnited States Tax Court · 1970
- Ashby H. Canter and Florence G. Canter v. The United StatesUnited States Court of Claims · 1965
- Hedges v. CommissionerUnited States Tax Court · 1964
- Phillips v. United StatesDistrict Court, E.D. Texas · 1964