Nielson-True Partnership, True Oil Company, Tax Matters Partner v. Commissioner

109 T.C. No. 6

UNITED STATES TAX COURT NIELSON-TRUE PARTNERSHIP, TRUE OIL COMPANY, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Nos. 12069-95, 3980-96. Filed September 9, 1997. P owned an interest in two wells in the same tight formation gas field. The field had been established under statutory procedures as a tight formation field. One well had been certified as producing tight formation gas under the established Federal statutory procedures, and the other had not. Congress provided a tax credit incentive to develop, among other fuels, tight formation…