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KIMBELL v. UNITED STATES

No. 73-3411 Summary Calendar.

490 F.2d 203 (1974)

George T. and Ruth A. KIMBELL, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

February 22, 1974.

Attorney(s) appearing for the Case

Harold D. Rogers, Wichita Falls, Tex., for plaintiffs-appellants.

Scott P. Crampton, Asst. Atty. Gen., Tax Div., Meyer Rothwacks, Chief, App. Sec., Dept. of Justice, Washington, D. C., Frank D. McCown, U. S. Atty., Ft. Worth, Tex., William W. Guild, Atty., Tax Div., Dept. of Justice, Bennet N. Hollander, Dallas, Tex., Charles E. Anderson, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellee.

Before COLEMAN, DYER and RONEY, Circuit Judges.

RONEY, Circuit Judge:

In this tax refund suit, the District Court upheld the determination of the Commissioner of Internal Revenue that $49,500 expended by the taxpayer was a capital loss and not a fully deductible business expense. We affirm.

In 1961, taxpayer sold his interest in two oil and gas leases and reported a long-term capital gain of $190,000 from the sale. In 1962, it was discovered that the wells on the...

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