Owens v. Commissioner
United States Board of Tax Appeals
1. INCOME - RECEIVER - ACCUMULATED FOR UNASCERTAINED PERSONS. Where income from royalties is impounded in the custody of a court receiver during litigation to determine the unknown heirs of the original owner, the receiver is a fiduciary and under section 2(b), Act of 1916, and section 219, Acts of 1918 and 1921, should file returns and pay the income taxes thereon.
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1. INCOME - RECEIVER - ACCUMULATED FOR UNASCERTAINED PERSONS. Where income from royalties is impounded in the custody of a court receiver during litigation to determine the unknown heirs of the original owner, the receiver is a fiduciary and under section 2(b), Act of 1916, and section 219, Acts of 1918 and 1921, should file returns and pay the income taxes thereon. And when said funds are released and paid to the beneficiary determined by the court to be entitled to receive them, they are not income taxable to the beneficiary in that year. 2. DEPLETION. The basis for depletion is the cost of…
1Opinion of the Court
O. O. OWENS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Owens v. Commissioner
Docket Nos. 14379, 31986, 47887.
United States Board of Tax Appeals
26 B.T.A. 1147; 1932 BTA LEXIS 1183;
October 8, 1932, Promulgated
1. INCOME - RECEIVER - ACCUMULATED FOR UNASCERTAINED PERSONS. Where income from royalties is impounded in the custody of a court receiver during litigation to determine the unknown heirs of the original owner, the receiver is a fiduciary and under section 2(b), Act of 1916, and section 219, Acts of 1918 and 1921, should file returns and pay the income taxes thereon. And…
2Cases cited5 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- United States v. LudeySupreme Court of the United States · 1927
- Haag v. CommissionerUnited States Board of Tax Appeals · 1930
- Trojan Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Owens v. CommissionerUnited States Board of Tax Appeals · 1932