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Josephine Houchin resided in Lynn Haven, Florida, at the time
they filed their petition. Petitioner W.C. Houchin Corp.’s
principal place of business was in Colorado at the time the
petition was filed.
W.C. Houchin Corp. was incorporated in Texas in 1987 as a C
Corporation. William Houchin conveyed personal and real property
located in Huerfano County, Colorado (Huerfano property),
including “all oil, gas and other minerals”, to W.C. Houchin
Corp. on August 28, 1987. W.C. Houchin Corp. converted to an S
Corporation effective January 1, 1999. William Houchin is the
president and sole shareholder of W.C. Houchin Corp. From 1987
to 2000, W.C. Houchin Corp. used the accrual method of
accounting.
The Huerfano property conveyed to W.C. Houchin Corp. was
subject to a carbon dioxide gas lease to Atlantic Richfield Co.
(ARCO). The gas lease permitted ARCO to enter onto the Huerfano
property and explore for oil and gas. The gas lease also
permitted ARCO to produce any discovered carbon dioxide gas and
lay pipelines to transport the gas. The terms of the lease
required ARCO to pay a royalty when any discovered carbon dioxide
gas was sold. The 1987 transfer by William Houchin to W.C.
Houchin Corp. included the rights to receive the royalties paid
by ARCO under the lease.
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