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BANKLINE OIL COMPANY v. C. I. R.

No. 16201.

275 F.2d 781 (1960)

BANKLINE OIL COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Ninth Circuit.

February 2, 1960.

Attorney(s) appearing for the Case

Melvin D. Wilson, Melvin H. Wilson, Los Angeles, Cal., for petitioner.

Charles K. Rice, Asst. Atty. Gen., Myron C. Baum, Lee A. Jackson, Attys., Department of Justice, Washington, D. C., for respondent.

Before CHAMBERS, BARNES and HAMLEY, Circuit Judges.

CHAMBERS, Circuit Judge.

Wet gas, sometimes called casing head gas, from oil wells in the Signal Hill area of Long Beach, California, is at the root of Bankline's income tax problems on review here for the year 1952. (The problems arise out of an agreement it made with the Signal Oil Company in that year.) When processed, this wet gas produces three products: natural gasoline, propane and dry gas. In the particular gas with which Bankline dealt, in terms of value...

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