Kleberg v. Commissioner
United States Tax Court
1. In 1933, petitioner owned in community a 3/32 right in all minerals in certain lands in Texas, acquired by her deceased husband in 1919 for services rendered to the then owner, Henrietta M. King.
Read the full summary
1. In 1933, petitioner owned in community a 3/32 right in all minerals in certain lands in Texas, acquired by her deceased husband in 1919 for services rendered to the then owner, Henrietta M. King. In September 1933, petitioner, individually and as executrix of her husband's estate, joined with the executors and trustees of the Henrietta M. King estate in a mineral lease to the Humble Oil & Refining Co. On September 26, 1933, petitioner, individually and as executrix, assigned to the representatives of the said King estate the right to the royalties on said 3/32 interest under the Humble…
1Opinion of the Court
OPINION.
Leech, Judge:
The petitioner assigned as error the respondent’s dis-allowance of depletion at the rate of 27 % percent on the sum of $24,656.92 received from an oil and gas lease of her 30,439.23 acres of land, amounting to $6,780.65. The respondent concedes, and rightly so, that petitioner is entitled to such deduction under our former decision in Alice G. K. Kleberg, 43 B. T. A. 277. Effect will be given thereto under Rule 50.
The first contested issue is whether the petitioner is entitled to the application of the capital gains rates and a holding period of 10 years in computing…
2Cases cited8 opinions
- Brown v. Humble Oil & Refining Co.Texas Supreme Court · 1935
- Railroad Commission of Texas v. Rowan & Nichols Oil Co.Supreme Court of the United States · 1940
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Brown v. Humble Oil & Refining Co.Texas Supreme Court · 1935
- Raybestos-Manhattan, Inc. v. United StatesSupreme Court of the United States · 1935
3 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Maytag v. CommissionerUnited States Tax Court · 1959
- Earl R. Wiseman, Director of Internal Revenue for the District of Oklahoma v. Ralph E. Barby and Marie Barby, Husband and WifeCourt of Appeals for the Tenth Circuit · 1967
- Argo v. CommissionerUnited States Tax Court · 1944
- Argo v. CommissionerUnited States Tax Court · 1944
- Argo v. CommissionerUnited States Tax Court · 1944
3 more not listed; retrieve them via the Exa API.