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MESA PETROLEUM CO. v. COMMISSIONER

Docket No. 5139-69.

58 T.C. 374 (1972)

MESA PETROLEUM CO. (AS CORPORATE SUCCESSOR TO HUGOTON PRODUCTION COMPANY), PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 25, 1972.

Attorney(s) appearing for the Case

O. Don Chapoton and Richard R. Cruse, for the petitioner.

Robert Liken and Leslie A. Plattner, for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioner's Federal income tax for 1965 in the amount of $208,506.63. Most of the issues have been settled; the only issue remaining for decision is the proper amount of petitioner's percentage depletion deduction under section 613.1

FINDINGS OF FACT

Mesa Petroleum Co., a corporation chartered under the laws of Delaware, has its principal office at Amarillo...

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