NATURAL GASOLINE CORP. v. COMMISSIONER OF INT. REV.

No. 4865.

219 F.2d 682 (1955)

NATURAL GASOLINE CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Tenth Circuit.

January 25, 1955.


Attorney(s) appearing for the Case

William P. McClure, Washington, D. C. (John E. McClure, Reuben Clark, Jr., Washington, D. C., Charles W. Dohnalek, Tulsa, Okl., of counsel), for petitioner.

Walter Akerman, Jr., Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson, David O. Walter, Sp. Assts. to Atty. Gen., of counsel), for respondent.

Before BRATTON and MURRAH, Circuit Judges, and RITTER, District Judge.


RITTER, District Judge.

This is a petition to review a decision of the Tax Court of the United States which upheld the Commissioner's determination of an income tax deficiency against the petitioner for the year 1948.

Petitioner is a Texas corporation with its principal office located at Tulsa, Oklahoma. It purchased 16,400 shares of common capital stock in the Warren Petroleum Corporation during 1947 and 1948 and realized a short-term capital gain through...

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