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KING RANCH, INC. v. U.S.

No. 91-2042.

946 F.2d 35 (1991)

KING RANCH, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

November 1, 1991.

Attorney(s) appearing for the Case

Frank Davis, Laurence D. Sikes, Jr., Denton N. Thomas, Andrews & Kurth, Houston, Tex., for plaintiff-appellant.

Louise P. Hytken, U.S. Dept. of Justice, Tax Div., Dallas, Tex., David I. Pincus, Gary R. Allen, Chief, Kimberly S. Stanley, Appellate Sec. Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellee.

Before WISDOM, JOLLY, and SMITH, Circuit Judges.

WISDOM, Circuit Judge:

This case presents the question of the proper interpretation of I.R.C. § 613A(b)(1)(B). That section of the Internal Revenue Code provides a percentage depletion allowance for natural gas sold under a fixed contract. The district court ruled that a royalty owner, especially one who receives royalties based on market value, could not claim the percentage depletion allowance under I.R.C. § 613A...

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