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HARPER OIL COMPANY v. UNITED STATES

No. 202-68.

425 F.2d 1335 (1970)

HARPER OIL COMPANY, a corporation, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied May 13, 1970.

Attorney(s) appearing for the Case

Coleman Hayes, Oklahoma City, Okl. (T. Murray Robinson, Oklahoma City, Okl., was with him on the brief), for appellee.

Thomas L. Stapleton, Atty., Department of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., and Lee A. Jackson and Grant W. Wiprud, Attys., Department of Justice, Washington, D. C., were with him on the brief; B. Andrew Potter, U. S. Atty., and Givens L. Adams, Asst. U. S. Atty., Oklahoma City, Okl., of counsel), for appellant.

Before VAN OOSTERHOUT, Chief Judge, and MATTHES and BLACKMUN, Circuit Judges.

BLACKMUN, Circuit Judge.

We are concerned here with the issue whether a taxpayer's cost of surface-casing for a producing Oklahoma oil well may be expensed, pursuant to § 263(c)1 of the Internal Revenue Code of 1954 and the implementing regulation, or whether that cost must be capitalized and recovered only through depreciation. The taxpayer expresses the issue with a slightly different, but entirely appropriate, emphasis: "The single...

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