Cockburn v. Commissioner
United States Tax Court
Petitioners were the owners of a certain oil and gas lease in Texas on which had been developed 19 producing oil wells and one gas well. In 1942, petitioners assigned their interests in the property to another for a cash consideration and, in addition thereto, an overriding royalty of 3/32nds of all oil and gas produced on the lease and a contingent oil payment of $ 112,500 out of oil to be produced on the lease.
Read the full summary
Petitioners were the owners of a certain oil and gas lease in Texas on which had been developed 19 producing oil wells and one gas well. In 1942, petitioners assigned their interests in the property to another for a cash consideration and, in addition thereto, an overriding royalty of 3/32nds of all oil and gas produced on the lease and a contingent oil payment of $ 112,500 out of oil to be produced on the lease. Of the cash consideration received, $ 95,000 was allocated to the sale price of the physical equipment on the lease and is not in controversy. The Commissioner in his determination…
1Opinion of the Court
Dorothy Cockburn, Petitioner, v. Commissioner of Internal Revenue, Respondent. H. C. Cockburn, Petitioner, v. Commissioner of Internal Revenue, Respondent
Cockburn v. Commissioner
Docket Nos. 27421, 27422
United States Tax Court
16 T.C. 775; 1951 U.S. Tax Ct. LEXIS 227;
April 13, 1951, Promulgated
Decisions will be entered under Rule 50.
Petitioners were the owners of a certain oil and gas lease in Texas on which had been developed 19 producing oil wells and one gas well. In 1942, petitioners assigned their interests in the property to another for a cash consideration and, in addition thereto, an…
2Cases cited1 opinion
- Cockburn v. CommissionerUnited States Tax Court · 1951