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STANDARD OIL COMPANY (INDIANA) v. C. I. R.

No. 71-1170.

465 F.2d 246 (1972)

STANDARD OIL COMPANY (INDIANA), Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 12, 1972.

Attorney(s) appearing for the Case

Lee I. Park, Glenn L. Archer, Jr., Washington, D. C., for petitioner-appellant.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Chief, Appellate Section, John A. Townsend, Grant Wiprud, Attys., Tax Division, U. S. Department of Justice, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., for respondent-appellee.

Before SWYGERT, Chief Judge, and KILEY and STEVENS, Circuit Judges.

STEVENS, Circuit Judge.

Taxpayer contends that its receipts of $597,596.49 and $606,122.22 in 1958 and 1959, respectively, were taxable as proceeds of sale, subject to capital gains treatment, rather than as income subject to a depletion allowance. The payments were made on account of a potential obligation of up to $134,619,089.76, payable, without interest, over an indeterminate period of time according to formulas based upon the production of gas from certain interests...

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