Henshaw v. Commissioner
United States Tax Court
Petitioners sued the owner and operator of a recycling plant for damages to oil in place underneath two oil leases of which petitioners were part owners. They secured a judgment against the defendant. Defendant appealed from the judgment and it was later settled by agreement. After deduction of expenses petitioners had a gain from the settlement, the amount of which is not in dispute.
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Petitioners sued the owner and operator of a recycling plant for damages to oil in place underneath two oil leases of which petitioners were part owners. They secured a judgment against the defendant. Defendant appealed from the judgment and it was later settled by agreement. After deduction of expenses petitioners had a gain from the settlement, the amount of which is not in dispute. This gain petitioners returned as capital gain and the Commissioner has determined it to be ordinary income under section 22 (a). Held, the amount petitioners received was compensatory damages for the compulsory…
1Opinion of the Court
Walter A. Henshaw and Frances Allen Henshaw, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent. Paul A. Henshaw and Gladys Kirby Henshaw, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Henshaw v. Commissioner
Docket Nos. 48529, 48530
United States Tax Court
23 T.C. 176; 1954 U.S. Tax Ct. LEXIS 53; 4 Oil & Gas Rep. 91;
October 29, 1954, Filed
Decisions will be entered under Rule 50.
Petitioners sued the owner and operator of a recycling plant for damages to oil in place underneath two oil leases of which petitioners were part owners. They…
2Cases cited6 opinions
- Anderson v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1936
- Commissioner of Internal Revenue v. Glenshaw Glass Co. Commissioner of Internal Revenue v. William Goldman Theatres, IncCourt of Appeals for the Third Circuit · 1954
- Waggoner v. CommissionerUnited States Tax Court · 1950
- Chesson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1932
- State v. JohnsonSupreme Court of South Carolina · 1941
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