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

CourtCourt of Appeals for the Fifth Circuit

DecidedApril 28, 1969

Docket26663

StatusPublished

Cited by8 cases

This text of 410 F.2d 759 (C. B., Jr. And Martha Jean Christie v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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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

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.

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410 F.2d 759, 32 Oil & Gas Rep. 515, 23 A.F.T.R.2d (RIA) 1246, 1969 U.S. App. LEXIS 12632, Counsel Stack Legal Research, https://law.counselstack.com/opinion/c-b-jr-and-martha-jean-christie-v-commissioner-of-internal-revenue-ca5-1969.

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