Goforth v. Commissioner
United States Board of Tax Appeals
1. Petitioners acquired by purchase in 1912 at a cost of $3,000 an apparent fee simple title to 120 acres of land, which then had no mineral value. In 1923 the land became valuable as prospective oil property. Wells were brought in, and petitioners executed an oil lease on the usual royalty basis. In 1925 suit was instituted by an alleged heir of the original Indian allottee, seeking to recover the land from petitioners.
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1. Petitioners acquired by purchase in 1912 at a cost of $3,000 an apparent fee simple title to 120 acres of land, which then had no mineral value. In 1923 the land became valuable as prospective oil property. Wells were brought in, and petitioners executed an oil lease on the usual royalty basis. In 1925 suit was instituted by an alleged heir of the original Indian allottee, seeking to recover the land from petitioners. In 1927 the trial court entered judgment holding that petitioners owned an undivided one-half interest in the land, and, an appeal having been taken, petitioners settled the…
1Opinion of the Court
R. S. GOFORTH AND MARY B. GOFORTH, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Goforth v. Commissioner
Docket No. 52316.
United States Board of Tax Appeals
32 B.T.A. 1206; 1935 BTA LEXIS 836;
August 13, 1935, Promulgated
1. Petitioners acquired by purchase in 1912 at a cost of $3,000 an apparent fee simple title to 120 acres of land, which then had no mineral value. In 1923 the land became valuable as prospective oil property. Wells were brought in, and petitioners executed an oil lease on the usual royalty basis. In 1925 suit was instituted by an alleged heir of the original…
2Cases cited3 opinions
- Anderson v. CommissionerUnited States Board of Tax Appeals · 1934
- Goforth v. CommissionerUnited States Board of Tax Appeals · 1935
- Owens v. CommissionerUnited States Board of Tax Appeals · 1932