National Petroleum & Refining Co. v. Commissioner
United States Board of Tax Appeals
1. Proceeds from the sale of oil impounded by a receiver appointed by the Supreme Court, held to be income in the year in which payment is made to the owner of the well by such receiver. 2. Depletion should be computed under the provisions of the revenue act effective at the date when such income is realized.
1Opinion of the Court
NATIONAL PETROLEUM AND REFINING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
National Petroleum & Refining Co. v. Commissioner
Docket No. 45600.
United States Board of Tax Appeals
28 B.T.A. 569; 1933 BTA LEXIS 1100;
June 28, 1933, Promulgated
1. Proceeds from the sale of oil impounded by a receiver appointed by the Supreme Court, held to be income in the year in which payment is made to the owner of the well by such receiver.
2. Depletion should be computed under the provisions of the revenue act effective at the date when such income is realized.
Harry C. Weeks, Esq., for…
2Cases cited1 opinion
- National Petroleum & Refining Co. v. CommissionerUnited States Board of Tax Appeals · 1933