Slagter v. Commissioner
United States Tax Court
Prior to and during 1948, petitioner and decedent were members of a partnership which was engaged in the business of developing and operating oil and gas leases. The partnership owned a leasehold interest in 45 oil and gas leases. In 1948, the partnership sold an oil payment to Ashland Oil & Refining Company payable out of 60 per cent of the partnership's interest in the leases.
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Prior to and during 1948, petitioner and decedent were members of a partnership which was engaged in the business of developing and operating oil and gas leases. The partnership owned a leasehold interest in 45 oil and gas leases. In 1948, the partnership sold an oil payment to Ashland Oil & Refining Company payable out of 60 per cent of the partnership's interest in the leases. The partnership owned the leasehold interests for varying periods in excess of 6 months prior to the effective date of the assignment. Held, petitioners are entitled to treat the gain from the sale of the oil payment…
1Opinion of the Court
A. J. Slagter, Jr., and Lora May Slagter, Petitioners, v. Commissioner of Internal Revenue, Respondent. Estate of Earl B. Paulson, Deceased; Ethelle Paulson Bushman (Formerly Known as Ethelle Paulson), Executrix, Petitioners, v. Commissioner of Internal Revenue, Respondent
Slagter v. Commissioner
Docket Nos. 43274, 54592
United States Tax Court
24 T.C. 935; 1955 U.S. Tax Ct. LEXIS 112; 4 Oil & Gas Rep. 2057;
August 25, 1955, Filed
Decision in Docket No. 43274 will be entered for the petitioners.
Decision in Docket No. 54592 will be entered under Rule 50.
Prior to and during 1948, petitioner and…
2Cases cited8 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Anderson v. HelveringSupreme Court of the United States · 1940
- 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
- Nordan v. CommissionerUnited States Tax Court · 1954
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