1. Home
  2. Browse Decisions
  3. F.3d
  4. 129 F.3d
  5. 129 F.3d 788 (1997)
 

HERBEL v. C.I.R.

No. 97-60265, Summary Calendar.

129 F.3d 788 (1997)

Mary K. HERBEL and Stephen R. Herbel, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Carolyn M. WEBB and Jerry R. Webb, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

December 8, 1997.

Attorney(s) appearing for the Case

Frederick Raymond Parker, Shreveport, LA, for Petitioners-Appellants.

Thomas James Sawyer, U.S. Department of Justice, Texas Division, Washington, DC, Charles Casazza, Clerk, U.S. Tax Court, Washington, DC, Stuart L. Brown, Chief Counsel, Internal Revenue Service, Washington, DC, Loretta Argett, Asst. Atty. General, Bruce Raleigh Ellisen, U.S. Department of Justice, Tax Division, Appellate Section, Washington, DC, for Respondent.

Before DUHÉ, DeMOSS and DENNIS, Circuit Judges.

DUHÉ, Circuit Judge:

Taxpayers appeal the Tax Court's decision that payments received in settlement of a "take or pay" contract dispute are not "production payments" under 26 U.S.C. § 636(a). We affirm.

I

In February 1988, the Webbs and the Herbels (collectively, "Appellants") formed Malibu Petroleum, Inc. to explore for and produce oil and natural gas. The Webbs owned 90% and the Herbels owned 10%. Appellants chose to treat Malibu as an...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases