EXXON CORP. v. COMMISSIONER

Docket Nos. 18618-89, 18432-90.

102 T.C. 721 (1994)

EXXON CORPORATION AND AFFILIATED COMPANIES, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 6, 1994.


Attorney(s) appearing for the Case

Robert L. Moore II, for petitioners.

Val J. Albright, Stephen C. Coen, and James E. Archie, for respondent.


WHITAKER, Judge:

This issue is before the Court on the parties' timely motion and cross-motion for partial summary judgment pursuant to Rule 121.1 In support of respondent's motion for partial summary judgment respondent contends that petitioners are not entitled to a percentage depletion deduction based upon a hypothetical "gross income from the property" that exceeds petitioners' actual gross income from the sales of the gas at...

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