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ROYALTY CORPORATION OF AMERICA v. COMMISSIONER

Docket No. 11058.

6 T.C.M. 703 (1947)

Royalty Corporation of America, a corporation v. Commissioner.

United States Tax Court.

Entered June 25, 1947.

Attorney(s) appearing for the Case

John H. Poe, (an officer), for the petitioner. E. G. Sievers, Esq., and John P. Higgins, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies of $17,130.23 and $428.59 in income tax and declared value excess-profits tax for 1941. The only issue for decision is whether he erred in disallowing a deduction of $59,685.75 claimed as a loss from the sale of three oil and gas royalty interests and offset against profits of $26,991.80 from other similar sales.

Findings of Fact

The petitioner is an Oklahoma corporation...

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