Hardesty v. Commissioner
United States Board of Tax Appeals
1. Petitioners were the owners of an oil payment payable out of seven-sixteenths of the oil produced by designated wells. A seven-sixteenths interest in the oil produced was assigned to them until the payments were completed.
Read the full summary
1. Petitioners were the owners of an oil payment payable out of seven-sixteenths of the oil produced by designated wells. A seven-sixteenths interest in the oil produced was assigned to them until the payments were completed. Held, petitioners were the owners of an economic interest in the oil properties involved and amounts received by them during the taxable year under these payments must be included in income, the cost basis of such payments to be recouped only through depletion. T. W. Lee,42 B.T.A. 1217, followed. 2. Petitioners, under the terms of two agreements, one for the assignment…
1Opinion of the Court
F. F. HARDESTY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MRS. F. F. (EULA P.) HARDESTY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
ESTATE OF R. A. ELLIOTT, DECEASED, EMMA C. ELLIOTT, AND CECIL H. TOLBERT, INDEPENDENT EXECUTORS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MRS. E. CADDIE (R. A.) ELLIOTT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hardesty v. Commissioner
Docket Nos. 94925, 94926, 94928, 94929.
United States Board of Tax Appeals
43 B.T.A. 245; 1941 BTA LEXIS 1527;
January 7, 1941, Promulgated
1. Petitioners were the…
2Cases cited6 opinions
- Edwards Drilling Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Lee v. CommissionerUnited States Board of Tax Appeals · 1940
- Cook Drilling Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Hardesty v. CommissionerUnited States Board of Tax Appeals · 1941
- Nunn-Stubblefield Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1934
1 more not listed; retrieve them via the Exa API.