Umsted v. Commissioner
United States Board of Tax Appeals
1. An amount representing bonus for an oil and gas lease which was impounded by a court pending decision as to the title to the land is income to its recipients as of the date the court rendered its decision and ordered the amount paid over to the rightful owners. 2. Held, that a certain instrument is not evidence of a sale of real estate but is an oil and gas lease in the usual form and amounts received thereunder as bonus and royalties constitute income subject to…
Read the full summary
1. An amount representing bonus for an oil and gas lease which was impounded by a court pending decision as to the title to the land is income to its recipients as of the date the court rendered its decision and ordered the amount paid over to the rightful owners. 2. Held, that a certain instrument is not evidence of a sale of real estate but is an oil and gas lease in the usual form and amounts received thereunder as bonus and royalties constitute income subject to deductions for depletion.
1Opinion of the Court
AUBREY UMSTED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
AUDREY UMSTED WILKINS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
EDNA UMSTED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
GRESSIE UMSTED CARNES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Umsted v. Commissioner
Docket Nos. 46471-46474.
United States Board of Tax Appeals
28 B.T.A. 176; 1933 BTA LEXIS 1166;
May 24, 1933, Promulgated
1. An amount representing bonus for an oil and gas lease which was impounded by a court pending decision as to the title to the land is income to…
2Cases cited3 opinions
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
- Glide v. CommissionerUnited States Board of Tax Appeals · 1933
- Umsted v. CommissionerUnited States Board of Tax Appeals · 1933