ISLAND GAS, INC. v. COMMISSIONER OF INTERNAL REVENUE, 30 T.C. 787 (1958) ISLAND GAS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE,RESPONDENT. Docket No. 61047.United States Tax Court. Filed June 30, 1958. Petitioner, an accrual basis taxpayer, agreed to pay Kuhn the sum of $175,500 advanced by him for drilling 9 gas wells on leaseholds owned […]
