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WALSH v. COMMISSIONER OF INTERNAL REVENUE

No. 10527.

135 F.2d 701 (1943)

WALSH et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

May 17, 1943.

Attorney(s) appearing for the Case

Harry C. Weeks, of Fort Worth, Tex., for petitioners.

Helen R. Carloss, Sewall Key, and L. W. Post, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John M. Morawski, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, McCORD, and WALLER, Circuit Judges.

McCORD, Circuit Judge.

The parties are different, but the issue here involved is identical with that presented and decided as to the Richter "B" Lease transaction in the recent case of Hardesty v. Commissioner, 5 Cir., 127 F.2d 843. The wells were drilled as consideration for the transfer of an interest in the lease, and the intangible drilling and development costs constitute a capital expenditure and may not be deducted as ordinary...

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