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UNIVERSAL DRILLING CO., INC. v. UNITED STATES

Civ. A. No. 73-947.

412 F.Supp. 1231 (1976)

UNIVERSAL DRILLING CO., INC., Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, E. D. Louisiana.

January 29, 1976.

Attorney(s) appearing for the Case

Peter J. Butler, New Orleans, La., for plaintiff.

Gerald J. Gallinghouse, U. S. Atty., New Orleans, La., Howard A. Weinberger, Dallas, Tex., Scott P. Crampton, Washington, D. C., William Guild, Peter J. Grabicki, Dept. of Justice, Dallas, Tex., for defendant.

ALVIN B. RUBIN, District Judge:

This income tax refund suit involves two separate matters. The first relates to whether a transaction involving an offshore drilling barge should have been treated as a sale or a lease; the second involves allocation of the purchase price paid for land and buildings for depreciation purposes. Of necessity, the issues are discussed separately.

I. THE DRILLING BARGE TRANSACTION

A.

Universal owned a drilling...

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