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COMMISSIONER OF INTERNAL REV. v. CALDWELL OIL CORP.

No. 10786.

141 F.2d 559 (1944)

COMMISSIONER OF INTERNAL REVENUE v. CALDWELL OIL CORPORATION.

Circuit Court of Appeals, Fifth Circuit.

March 15, 1944.

Attorney(s) appearing for the Case

Carlton Fox, Sewall Key, Robert N. Anderson, and Irving J. Axelrod, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and B. D. Daniels, Sp. Atty., Bureau of Internal Revenue, all of Washington, D. C., for petitioner.

R. B. Cannon, of Fort Worth, Tex., for respondent.

Before SIBLEY, McCORD, and WALLER, Circuit Judges.

WALLER, Circuit Judge.

The taxpayer is a Texas corporation, incorporated in June, 1936. Its president is D. K. Caldwell, who owns 998 out of its 1,000 shares of outstanding stock.

The taxpayer purchased an oil lease from Caldwell on June 12, 1936, acquiring a full seven-eighths working interest in all wells which might be drilled on the lease.

When the taxpayer acquired the lease there were no wells on it and taxpayer was without funds to pay the costs...

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