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PRAIRIE CENTER OIL DEVELOPMENT COMPANY v. COMMISSIONER

Docket No. 66180.

17 T.C.M. 880 (1958)

T.C. Memo. 1958-177

Prairie Center Oil Development Company v. Commissioner.

United States Tax Court.

Filed September 25, 1958.

Attorney(s) appearing for the Case

Melvin Dinner, Esq., for the petitioner. William H. Welch, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined a deficiency of $19,214.67 in the petitioner's income tax for the fiscal year ending February 28, 1953. The primary issue for decision is whether $45,941.60 received from the assignment of oil and gas leases, $45,426.10 of which was distributed to its shareholders in 1952, should be taxed as income to the petitioner.

Findings of Fact

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