[DOWNLOAD] "Magnolia Petroleum Co. v. Oklahoma Tax Comn" by Supreme Court of the State of Oklahoma * eBook PDF Kindle ePub Free
eBook details
- Title: Magnolia Petroleum Co. v. Oklahoma Tax Comn
- Author : Supreme Court of the State of Oklahoma
- Release Date : January 13, 1958
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
1 The case was tried on a stipulation of facts which shows that on February 16, 1948, Magnolia Petroleum Company (hereafter referred to as Magnolia) under a written contract sold all of its joint interest in certain Osage Indian productive oil and gas leases and properties to Kewanee Oil Company (hereafter referred to as Kewanee) for a total lump sum consideration of Two Million Dollars. Kewanees "prime purpose in acquiring the leasehold estate from Magnolia was to produce and further develop oil and gas reserves and not to salvage property located thereon." The last mentioned company did not own an interest in said properties prior to the sale, and following the sale Magnolia owned no interest in the properties. The sale included Magnolias interest in properties located upon the leases, such as casing, tubing, pump equipment and other property generally used in and around producing oil properties, which property was listed in a double-spaced typewritten inventory that was seventeen letter-sized pages in length. The sale did not include any supplies and warehouses or supplies not in use on the leases. The Tax Commission attributed $110,951 of the gross proceeds of the sale to Magnolias interest in property of the class above referred to, and sales taxes in the aggregate amount of $4,371.46 were assessed on said proceeds. Magnolia agrees that it owes sales tax in said amount if its sale to Kewanee is in fact subject to sales tax.