Dearing v. Commissioner
United States Board of Tax Appeals
1. Where a partnership in which petitioners were interested drilled oil and gas wells for others and took its compensation in future oil payments the fair market value of the oil payment contracts is not taxable as income. 2. Under such contracts the partnership obtained an economic interest in the oil in place and was entitled to the statutory percentage depletion on such payments.
1Opinion of the Court
WILLIS R. DEARING, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
WILLIS R. DEARING, EXECUTOR, ESTATE OF R. H. DEARING TRUST ESTATE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
WILLIS R. DEARING, EXECUTOR, ESTATE OF R. H. DEARING, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
WILLIS R. DEARING, EXECUTOR, ESTATE OF ROY E. DEARING, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MRS. R. H. DEARING, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MRS. WILLIS R. DEARING, PETITIONER v. COMMISSIONER OF INTERNAL…
2Cases cited9 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Burnet v. LoganSupreme Court of the United States · 1931
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Edwards Drilling Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Simms v. CommissionerUnited States Board of Tax Appeals · 1933
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