Harmel v. Commissioner
United States Board of Tax Appeals
The petitioner in 1924 executed oil and gas leases covering land owned by him. The leases provided, in addition to the usual royalty, for a cash consideration which was paid to the petitioner in that year. Held that the leases were not sales of capital assets within the meaning of section 208 of the Revenue Act of 1924, and that the petitioner is not entitled to the benefits of that section.
1Opinion of the Court
HENRY HARMEL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Harmel v. Commissioner
Docket No. 38855.
United States Board of Tax Appeals
19 B.T.A. 376; 1930 BTA LEXIS 2409;
March 24, 1930, Promulgated
The petitioner in 1924 executed oil and gas leases covering land owned by him. The leases provided, in addition to the usual royalty, for a cash consideration which was paid to the petitioner in that year. Held that the leases were not sales of capital assets within the meaning of section 208 of the Revenue Act of 1924, and that the petitioner is not entitled to the benefits of that…
2Cases cited1 opinion
- Harmel v. CommissionerUnited States Board of Tax Appeals · 1930