Legal Opinion
Commissioner of Internal Revenue v. Laird
Court of Appeals for the Fifth Circuit
Decided July 9, 1937No. 8413PublishedCited by 5 opinions
1Opinion of the Court
HUTCHESON, Circuit Judge.
What is here for decision is whether respondent, beneficiary under a will, is taxable on oil payments and oil royalties as income before he has recouped their value as appraised for estate tax purposes. The Commissioner found that he was as to both. As to his royalties, he taxed all of them to him as income, allowing him, however, the statutory depletion. As to oil payments, he taxed 60 per cent, of them as -recovery of cost, and 40 per cent, as income.
The Board found for the respondent, that neither the oil payments nor the royalties could be taxed to him as income,…
2Cases cited9 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Burnet v. LoganSupreme Court of the United States · 1931
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Herring v. CommissionerSupreme Court of the United States · 1934
- Stephens v. StephensCourt of Appeals of Texas · 1927
4 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Lee v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Fleming v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1941
- Tyrrell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1937
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955