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THOMPSON OIL & GAS CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 192.

40 F.2d 493 (1930)

THOMPSON OIL & GAS CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

April 4, 1930.

Attorney(s) appearing for the Case

Phil D. Morelock, of Kansas City, Mo., and J. S. Y. Ivins, of Washington, D. C. (Shouse, Doolittle, Morelock & Shrader, of Kansas City, Mo., and Holmes, Brewster & Ivins, of Washington, D. C., on the brief), for petitioner.

J. Louis Monarch, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John McC. Hudson, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before LEWIS, COTTERAL, and PHILLIPS, Circuit Judges.

PHILLIPS, Circuit Judge.

This is a proceeding to review a decision of the Board of Tax Appeals. The petitioner was the owner of an oil and gas lease acquired prior to March 1, 1913. On that date, its recoverable oil reserves were 278,000 barrels and the value thereof was $156,645. On January 15, 1916, petitioner acquired an extension of its lease for a consideration of $30,000, which increased its recoverable oil reserves by 300,000 barrels.

The controversy...

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