Murphy v. Commissioner
United States Board of Tax Appeals
1. Royalty income from certain oil and gas leases held not to be capital gain as defined in section 206 of the Revenue Act of 1921. 2. Profits derived from the sale of undivided interests in oil and gas underlying land owned for more than two years prior to date of conveyance, held to be capital gain as defined in section 206 of said Act.
1Opinion of the Court
*613OPINION.
Littleton :
Petitioner had been the owner of the land and the oil and gas rights for more than two years prior to the execution and delivery of the leases and deeds, and is, therefore, entitled to have his income taxed under section 206 of the Revenue Act of 1921 provided it was gain from the sale of “ capital assets ” as therein defined.
The oil and gas leases are similar to those involved in Henry L. Berg et al., 6 B. T. A. 1287. Upon decision of the Board in that proceeding the action of respondent in refusing to tax income derived from the leases under section 206 is approved. To…
2Cases cited5 opinions
- Lindsley v. Natural Carbonic Gas Co.Supreme Court of the United States · 1911
- Geer v. ConnecticutSupreme Court of the United States · 1896
- Ohio Oil Company v. IndianaSupreme Court of the United States · 1900
- West v. Kansas Natural Gas Co.Supreme Court of the United States · 1911
- Walls v. Midland Carbon Co.Supreme Court of the United States · 1920
3Cited by5 opinions
- Anderson v. CommissionerUnited States Board of Tax Appeals · 1934
- Anderson v. CommissionerUnited States Board of Tax Appeals · 1934
- Anderson v. CommissionerUnited States Board of Tax Appeals · 1934
- Browning v. CommissionerUnited States Board of Tax Appeals · 1929
- Murphy v. CommissionerUnited States Board of Tax Appeals · 1927