LOUISIANA LAND & EXPLORATION CO. v. COMMISSIONER

Docket Nos. 30292-85, 37799-85, 47753-86.

90 T.C. 630 (1988)

THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 7, 1988.


Attorney(s) appearing for the Case

William M. Linden, Ewing Werlein, Jr., Christine L. Vaughn, John W. Leggett, and Elaine Drodge Koch, for the petitioners.

Thomas R. Ascher, for the respondent.


WILLIAMS, Judge:

In these consolidated cases, the Commissioner determined deficiencies in petitioners' Federal corporate income tax for the taxable years 1979, 1981, and 1982 as follows:

Docket No.    Year    Deficiency

30292-85      1979    $30,693,922
37799-85      1981     29,618,171
47753-86      1982      1,130,372

The sole issue remaining for our decision is whether petitioners are entitled to percentage...

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