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RETSAL DRILLING CO. v. COMMISSIONER OF INTERNAL REV.

No. 9953.

127 F.2d 355 (1942)

RETSAL DRILLING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

April 17, 1942.

Attorney(s) appearing for the Case

Harry C. Weeks, of Fort Worth, Tex., for petitioner.

Helen R. Carloss, Sewall Key, J. Louis Monarch, and Newton K. Fox, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Conard E. Cooper, of Tulsa, Okl., for amicus curiae on behalf of petitioner.

Before FOSTER, SIBLEY, and HUTCHESON, Circuit Judges.

HUTCHESON, Circuit Judge.

This is another of that growing body of cases in which the taxpayer makes claim that moneys expended for drilling and equipping oil wells, are deductible under the intangible drilling and development costs option.1 Expenditures on eighteen wells are involved. Seven of the eighteen were drilled under contracts which provided that the owner would "furnish fuel, water, storage tanks, connections and all other material...

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