Fitzsimons v. Commissioner
United States Tax Court
The petitioner entered into an oil lease which required her to pay $ 50,000 "rental" in each of the first 2 years of the lease. The lease also provided for payment of delay rentals of one-twelfth of $ 50,000 per year under certain circumstances. The petitioner made the $ 50,000 payments. Held, the two $ 50,000 payments were a bonus not allocable to any particular year and, therefore, not deductible as ordinary and necessary expenses in the year in which paid.
1Opinion of the Court
Maureen Fitzsimons, Petitioner, v. Commissioner of Internal Revenue, Respondent
Fitzsimons v. Commissioner
Docket No. 78732
United States Tax Court
37 T.C. 179; 1961 U.S. Tax Ct. LEXIS 38; 15 Oil & Gas Rep. 219;
November 8, 1961, Filed
Decision will be entered under Rule 50.
The petitioner entered into an oil lease which required her to pay $ 50,000 "rental" in each of the first 2 years of the lease. The lease also provided for payment of delay rentals of one-twelfth of $ 50,000 per year under certain circumstances. The petitioner made the $ 50,000 payments. Held, the two $ 50,000 payments were a…
2Cases cited16 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- McFaddin v. CommissionerUnited States Tax Court · 1943
- Sunray Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1945
- Baton Coal Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1931
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