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BEACH PETROLEUM CORPORATION, LTD. v. COMMISSIONER

Docket Nos. 3273, 1236, 1229, 1231, 1232 and 1252.

5 T.C.M. 638 (1946)

Beach Petroleum Corporation, Ltd., et al. v. Commissioner.

United States Tax Court.

Entered July 26, 1946.

Attorney(s) appearing for the Case

Arthur McGregor, Esq., 728 Pacific Mutual Bldg., Los Angeles 14, Calif., and Charles F. Degele, C. P. A., for the petitioners. E. A. Tonjes, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

ARNOLD, Judge:

These proceedings were consolidated since they involve the effect upon Beach Petroleum Corporation, Ltd., hereinafter referred to as the corporation, and certain of its stockholders, or transferees of stockholders, of the distribution as a dividend of certain participating royalty interests in wells drilled by the corporation under oil and gas leases it acquired. All deficiencies relate to the calendar...

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