Nail v. Commissioner

*36OPINION.

GoodRioh :

There is no question but that the amounts received from the sale of oil and gas constituted income within the meaning of the revenue acts and, ordinarily, are taxable. The issue here is, Whose income was it? Respondent contends the income belonged to-petitioners’ decedent, because decedent transferred only a right to receive income; petitioners contend that it belonged to the trust, because the trust was the owner of the property from which the income arose.

It is well settled that an assignment of income does not relieve the assignor of the tax thereon, but that if property,…