Estate of H. H. Weinert, Deceased, Jane W. Blumberg, and Hilda B. Weinert v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
1Opinion of the Court
WISDOM, Circuit Judge.
This case presents an oil and gas income tax problem concerning an oilman-investor sharing arrangement cast in the outward form of a loan, but one that is in substance a carried interest transaction 1 or a carved out production pay ment 2 for development. The taxpayer’s original brief describes the arrangement as a carried interest transaction. The Commissioner, relying on Lake, 3 describes the arrangement as an oil payment that is nothing more than an assignment of future income. In reply briefs the taxpayer appears willing to accept the change in nomenclature, if the…
Also in this document: Concurrence.
2Cases cited24 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Palmer v. BenderSupreme Court of the United States · 1932
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Harrison v. SchaffnerSupreme Court of the United States · 1941
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
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3Cited by71 opinions
- Foster v. Comm'rUnited States Tax Court · 1983
- United States v. General Geophysical CompanyCourt of Appeals for the Fifth Circuit · 1961
- Nathaniel C. Wood and Gertrude L. Wood v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- United States v. W. H. CockeCourt of Appeals for the Fifth Circuit · 1968
- Southgate Master Fund, L.L.C. Ex Rel. Montgomery Capital Advisors, LLC v. United StatesCourt of Appeals for the Fifth Circuit · 2011
66 more not listed; retrieve them via the Exa API.