U.S. Court of Appeals for the Fifth Circuit, 1969

Laguna Royalty Company (Successor by Merger to Lydia Oil Company) v. Commissioner of Internal Revenue

U.S. Court of Appeals for the Fifth Circuit · Decided March 7, 1969 · Tuttle, Gewin, Pittman

406 F.2d 703 (Federal Reporter, Second Series)

Counsel

Orrin W. Johnson, Johnson & Davis, Harlingen, Tex., Richard D. Davis, Harlingen, Tex., of counsel, for petitioner., Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Gilbert E. Andrews, Jr., Stanley I. Ruby, Attys., Dept, of Justice, Lester R. Uretz, Chief Counsel, I. R. S., Washington, D. C., for respondent.

Cases that cite this one

3 later published cases cite this decision.

Rhoades Oil Company v. United States (10th Cir. 1997)
Hininger v. Kaiser (Okla. 1987)
Halco (Mining) Inc. v. Commonwealth (Pa. Commw. Ct. 1980)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

PER CURIAM:

The question presented by this appeal is whether the Tax Court correctly decided that, in the case of oil and gas producing properties, “lifting costs,” which constitute a portion of the cost of producing oil and gas, are to be subtracted from gross sales in computing gross income for the purpose of determining whether personal holding company income, as defined in Section 543 of the Internal Revenue Code of 1954, is at least eighty percent of the corporation’s total gross income for the taxable years.

We have carefully considered the unpublished memorandum findings of fact and opinion of the Tax Court and are fully in accord therewith. Based, therefore, on the findings and opinion of the Tax Court, dated February 28, 1968, we affirm the decision of the Tax Court.

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