HOUSTON OIL & MINERALS CORP. v. COMMISSIONER

Docket No. 5523-86.

92 T.C. 1331 (1989)

HOUSTON OIL AND MINERALS CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 27, 1989.


Attorney(s) appearing for the Case

William C. Griffith, for the petitioner.

Melanie R. Urban and Val J. Albright, for the respondent.


OPINION

GOFFE, Judge:

The Commissioner determined a deficiency in petitioner's Federal income tax for the taxable year 1980 in the amount of $2,587,079 and a deficiency in petitioner's Federal income tax for the short taxable year ended April 24, 1981, in the amount of $7,072,671. Respondent claimed an increased deficiency in an amendment to his answer for the short taxable year ended April 24, 1981, in the amount of $4,487,160. The parties have settled...

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