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HOUSTON OIL AND MINERALS CORP. v. C.I.R.

No. 90-4068.

922 F.2d 283 (1991)

HOUSTON OIL AND MINERALS CORPORATION, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

January 31, 1991.

Attorney(s) appearing for the Case

Charles Bricken, Gary R. Allen, David English Carmack, Shirley D. Peterson, U.S. Dept. of Justice, Tax Div., Peter K. Scott, I.R.S., Washington, D.C., for respondent-appellant.

Wm. C. Griffith, Baker & Botts, Houston, Tex., for petitioner-appellee.

William M. Linden, Charles D. Tetrault, Vinson & Elkins, Houston, Tex., for amicus curiae Louisiana Land & Exploration Co.

Before THORNBERRY, DAVIS and SMITH, Circuit Judges.

W. EUGENE DAVIS, Circuit Judge:

The Commissioner of Internal Revenue (Commissioner) appeals the Tax Court's conclusion that overriding royalty interests in oil and gas leases are not "oil, gas, or geothermal property" under § 1254 of the Internal Revenue Code.1 We affirm.

I.

Houston Oil and Minerals Corporation (HOMC) held mineral leases covering properties in the United States and several foreign countries. Between...

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