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PETROLEUM EXPLORATION v. COMMISSIONER OF INT. REV.

No. 6317.

193 F.2d 59 (1951)

PETROLEUM EXPLORATION et al. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fourth Circuit.

Decided November 29, 1951.

Attorney(s) appearing for the Case

W. J. Brennan, Sisterville, W. Va. (Charles W. Moxley, W. M. Drennen and Jackson, Kelly, Morrison & Moxley all of Charleston, W. Va., on the brief) for petitioners.

Melva M. Graney, Special Asst. to the Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen. and Ellis N. Slack, Special Asst. to the Atty. Gen., on brief) for respondent.

Before PARKER and DOBIE, Circuit Judges, and WYCHE, District Judge.

WYCHE, District Judge.

Taxpayers Petroleum Exploration and The Wiser Oil Company seek to reverse decisions of the Tax Court, finding deficiencies in excess profits taxes against them. A separate decision was entered by the Tax Court in each case. The appeals have been consolidated for hearing in this court.

Two questions are presented for decision: (1) Whether the interest in an instrument designated as "Oil and Gas Lease", which taxpayers sold on January...

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