C. B., Jr. And Martha Jean Christie v. Commissioner of Internal Revenue

Fifth Circuit

C. B., Jr. And Martha Jean Christie v. Commissioner of Internal Revenue

410 F.2d 759, 32 Oil & Gas Rep. 515, 23 A.F.T.R.2d (RIA) 1246, 1969 U.S. App. LEXIS 12632

Court of Appeals for the Fifth Circuit·Decided April 28, 1969·No. 26663·Published·Cited by 8 cases

Opinion

PER CURIAM:

The Tax Court concluded that the substance of the transaction here involved was that taxpayers owned the working interest in the oil lease and that the effort to carve out a production payment from the working interest was without legal efficacy. While a close case is presented on the facts, we are convinced after careful study that there is a sufficient evidentiary basis for the decision" of the Tax Court and that there is no error in law. The clearly erroneous rule applies in our review of decisions of the Tax Court. C. I. R. v. Du- *760 berstein, 1960, 363 U.S. 278, 80 S.Ct. 1190, 4 L.Ed.2d 1218; Estate of Broadhead v. C. I. R., 5 Cir., 1968, 391 F.2d 841. There having been no separate economic interests, it follows that G. C. M. 24994, 1944, Cum.Bull. 250, had no applicability.

The decision of the Tax Court is affirmed.

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PER CURIAM:

The Tax Court concluded that the substance of the transaction here involved was that taxpayers owned the working interest in the oil lease and that the effort to carve out a production payment from the working interest was without legal efficacy. While a close case is presented on the facts, we are convinced after careful study that there is a sufficient evidentiary basis for the decision" of the Tax Court and that there is no error in law. The clearly erroneous rule applies in our review of decisions of the Tax Court. C. I. R. v. Du- *760 berstein, 1960, 363 U.S. 278, 80 S.Ct. 1190, 4 L.Ed.2d 1218; Estate of Broadhead v. C. I. R., 5 Cir., 1968, 391 F.2d 841. There having been no separate economic interests, it follows that G. C. M. 24994, 1944, Cum.Bull. 250, had no applicability.

The decision of the Tax Court is affirmed.

C. B., Jr. And Martha Jean Christie v. Commissioner of Internal Revenue, 410 F.2d 759, 32 Oil & Gas Rep. 515, 23 A.F.T.R.2d (RIA) 1246, 1969 U.S. App. LEXIS 12632 (5th Cir. 1969).

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Opinion

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