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TRANSCO EXPLORATION CO. v. C.I.R.

No. 91-4114.

949 F.2d 837 (1992)

TRANSCO EXPLORATION COMPANY, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

January 7, 1992.

Attorney(s) appearing for the Case

Steven W. Parks, Gary R. Allen, Chief, Richard Farber, Shirley D. Peterson, Asst. Atty. Gen., U.S. Dept. of Justice, Tax Div., Abraham N.M. Shashy, Jr. Chief Counsel, I.R.S., Washington, D.C., for respondent-appellant.

Emily Ann Parker, Dennis J. Grindinger, Thompson & Knight, Dallas, Tex., for petitioner-appellee.

Before HIGGINBOTHAM and BARKSDALE, Circuit Judges, and McBRYDE, District Judge.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

This vestigial case involves the net income limitation on windfall profit under § 4988 of the Internal Revenue Code, 26 U.S.C. § 4988,2 since repealed. The Commissioner appeals the Tax Court's decision that a taxpayer computing this limitation is entitled both to exclude lease bonus payments in calculating taxable income from the property and to...

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