Rul. and the applicable percentage (determined in accordance with the table contained in paragraph (5)) shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. Section 613A(c) provides limited percentage depletion for independent producers and royalty owners based on a depletable oil quantity of 1,000 barrels per day. Milling, Benson, Woodward, Hillyer, Pierson & Miller, Charles D. Marshall, Jr.. Oil and Gas lease entities located at the same street address in New Orleans, Louisiana as Louisiana Land & Exploration Co.. Section 613A does not deny percentage depletion for [carbon dioxide]. We, therefore, hold that pursuant to section 613(b), petitioners are entitled to percentage depletion deductions in the amounts stipulated for sulphur produced from oil and gas wells. Louisiana Land and Exploration Co The Louisiana Land and Exploration Company explores, develops, and produces petroleum natural gas resources. WebSearch the D&B Business Directory and find the GAYLE LAND EXPLORATION CO company profile in MONROE, LA. In the early 1970s, however, its Louisiana reserves began their natural decline. Rec. Petitioners are calendar year, accrual method taxpayers. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." 121 Cong. Box 60350 New Orleans, Louisiana 70160 U.S.A. (800) 351-1242 Fax: (504) 566-6891 Public Company This web site and associated pages are not associated with, endorsed by, or sponsored by The Louisiana Land And Exploration Company and has no official or unofficial affiliation with The Louisiana Land And Exploration Company. 82-17, 1982-1 C.B. In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. 3rd Cir.1984), wherein the court approved the procedure of granting a partial summary judgment on the issue of an insurer's obligation to defend, reserving to the insured the right to establish damages in a further proceeding. Wisner's plans, however, were thwarted by southern Louisiana's severe weather. Follow Forbes criticized the offer, charging that the company had waited too long to get into explorations and would be left with expensive deeper water wells. Continuing to diversify, in 1968 Graham obtained the rights to participate in the resort development of approximately 50,000 acres on the western half of Molokai Island, Hawaii--an island previously best known for its leper colony. Section 613(b)(7) provides for percentage depletion at 14 percent for "all other minerals" except: Because petitioners' sulphur was not extracted from a mine but from hydrogen sulfide produced from oil and gas wells, respondent argues that the income from the sulphur is depletable, if at all, pursuant to section 613(b)(7) as an "other mineral." v. Louisiana Land and Exploration Co That year also marked Steward's conclusion of a property exchange that substantially increased LL&E's interest in the Madden Field in Wyoming. State in S USA, Canada by the British in the 18th-c); areas devastated by Hurricane Strong collaboration leads to effective conservation Thus, respondent's proposed statutory construction, which assumes an inadvertent failure by Congress to draft the right language, cannot be harmonized with the provision for depleting sulphur pursuant to section 613(b)(1). In response, LL & E filed a cross motion for partial summary judgment to declare these payments improper, which was eventually granted by the district court. (Cf. According to LL & E, the ceiling price for the gas is fixed by Section 109 of the NGPA, which provides, in pertinent part: In granting LL & E's motion, the district court found that although the gas was being "sold under" contracts existing when the NGPA was adopted, as is required by subsection (a) of Section 105, this fact was not enough to submit the gas to the Section 105 price limitation. Rec. Epps. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. denied 382 U.S. 892 (1965). Leagle.com reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions. Respondent argues that hydrogen sulfide has no commercial value before it is converted into elemental sulphur and that it is not possible to compute gross income from sulphur at the well-mouth because sulphur has not been produced at that point. Decisions will be entered under Rule 155. Hydrogen sulfide is not transported far from the well because of the hazards involved.
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