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BANDINI PETROLEUM COMPANY v. COMMISSIONER

Docket No. 22998.

10 T.C.M. 999 (1951)

Bandini Petroleum Company, a Corporation v. Commissioner.

United States Tax Court.

Entered October 18, 1951.

Attorney(s) appearing for the Case

John O. Paulston, Esq., c/o Brady & Nossaman, 433 S. Spring St., Los Angeles, Calif., for the petitioner. H. A. Melville, Esq., for the respondent.

Memorandum Opinion

MURDOCK, Judge:

The Commissioner determined a deficiency of $38,513 in the income tax of the petitioner for 1942. The only question is the tax consequence of a transaction in which the petitioner transferred a leasehold in oil lands in exchange for a fixed amount of oil from other lands or leases of the transferees. The stipulated facts are adopted as the findings of fact.

[The Facts...

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