Weed v. Commissioner
United States Tax Court
Held, the gain resulting from W. F. Weed's sale and transfer of a sulphur payment carved out of his pooled royalty interests in sulphur produced from deposits in place, which interests Weed had owned for several years prior to the date of sale, was taxable as long-term capital gain on the installment basis and not as ordinary income.
1Opinion of the Court
OPINION.
Black, Judge:
Some of the adjustments made by the Commissioner in his determination of the deficiencies are not contested and these adjustments will be given effect in a recomputation under Bule 50.
The issues which we do have before us are common to both years. Petitioner states the issues in his brief as follows:
1. Whether the Commissioner erred in taxing to petitioner as ordinary income for the years 1948 and 1949 proceeds from the 1947 sale of a sulphur royalty and whether such proceeds are long term capital gains and properly reported on the installment basis.
2. If it be determined…
2Cases cited5 opinions
- Bankers Pocahontas Coal Co. v. BurnetSupreme Court of the United States · 1932
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Fleming v. CommissionerUnited States Tax Court · 1955
- Nordan v. CommissionerUnited States Tax Court · 1954
- Hawn v. CommissionerUnited States Tax Court · 1954
3Cited by4 opinions
- Commissioner of Internal Revenue v. P. G. Lake, Inc.Court of Appeals for the Fifth Circuit · 1957
- Scofield v. O'ConnorCourt of Appeals for the Fifth Circuit · 1957
- Scofield v. O'connorCourt of Appeals for the Fifth Circuit · 1957
- Weed v. CommissionerUnited States Tax Court · 1955