Lee v. Commissioner
United States Board of Tax Appeals
Petitioners are the owners of ten oil payment contracts which entitle them to specified amounts payable out of oil if, as, and when produced.
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Petitioners are the owners of ten oil payment contracts which entitle them to specified amounts payable out of oil if, as, and when produced. Some of the contracts were acquired by cash purchases and some as payment for drilling and equipping oil wells, and others involve situations where the petitioners had been the owners of the oil and gas leases and had sold such interests to others for stipulated considerations and in addition had retained the right to receive other specified amounts from a fractional part of the oil, if, as, and when produced. Applying the reasoning of the Supreme Court…
1Opinion of the Court
T. W. LEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
HELEN LEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lee v. Commissioner
Docket Nos. 95020, 95021.
United States Board of Tax Appeals
42 B.T.A. 1217; 1940 BTA LEXIS 882;
November 15, 1940, Promulgated
Petitioners are the owners of ten oil payment contracts which entitle them to specified amounts payable out of oil if, as, and when produced. Some of the contracts were acquired by cash purchases and some as payment for drilling and equipping oil wells, and others involve situations where the petitioners had been…
2Cases cited5 opinions
- Anderson v. HelveringSupreme Court of the United States · 1940
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Lee v. CommissionerUnited States Board of Tax Appeals · 1940
- Cook Drilling Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- F. H. E. Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1940