Murphy v. Commissioner
United States Board of Tax Appeals
1. Royalty income from certain oil and gas leases held not to be capital gain as defined in section 206 of the Revenue Act of 1921. 2. Profits derived from the sale of undivided interests in oil and gas underlying land owned for more than two years prior to date of conveyance, held to be capital gain as defined in section 206 of said Act.
1Opinion of the Court
J. E. MURPHY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Murphy v. Commissioner
Docket Nos. 7137, 26472.
United States Board of Tax Appeals
9 B.T.A. 610; 1927 BTA LEXIS 2545;
December 17, 1927, Promulgated
1. Royalty income from certain oil and gas leases held not to be capital gain as defined in section 206 of the Revenue Act of 1921.
2. Profits derived from the sale of undivided interests in oil and gas underlying land owned for more than two years prior to date of conveyance, held to be capital gain as defined in section 206 of said Act.
R. J. O'Connor, Esq., for the petitioner.
Do…
2Cases cited7 opinions
- Lindsley v. Natural Carbonic Gas Co.Supreme Court of the United States · 1911
- Geer v. ConnecticutSupreme Court of the United States · 1896
- Ohio Oil Company v. IndianaSupreme Court of the United States · 1900
- West v. Kansas Natural Gas Co.Supreme Court of the United States · 1911
- Walls v. Midland Carbon Co.Supreme Court of the United States · 1920
2 more not listed; retrieve them via the Exa API.