Fritz v. Commissioner
United States Board of Tax Appeals
1. Profits realized from the sale of oil and gas leases should not be included in the basis for computing depletion under section 204(c)(2) of the Revenue Act of 1926. Macon Oil & Gas Co.,23 B.T.A. 54, followed. 2. Where, after selling the bulk of its property for cash, a partnership composed of four individuals, with 1/24 interest held by trustees for undisclosed beneficiaries, transferred the remainder of its property, having a depreciated cost basis of $180,006.37, to a…
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1. Profits realized from the sale of oil and gas leases should not be included in the basis for computing depletion under section 204(c)(2) of the Revenue Act of 1926. Macon Oil & Gas Co.,23 B.T.A. 54, followed. 2. Where, after selling the bulk of its property for cash, a partnership composed of four individuals, with 1/24 interest held by trustees for undisclosed beneficiaries, transferred the remainder of its property, having a depreciated cost basis of $180,006.37, to a new partnership composed of the same four individuals with readjusted interests, but not including the trustees, for a…
1Opinion of the Court
LESTER W. FRITZ, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fritz v. Commissioner
Docket Nos. 45307-45311, 45449, 45450.
United States Board of Tax Appeals
28 B.T.A. 408; 1933 BTA LEXIS 1118;
June 20, 1933, Promulgated
1. Profits realized from the sale of oil and gas leases should not be included in the basis for computing depletion under section 204(c)(2) of the Revenue Act of 1926. Macon Oil & Gas Co.,23 B.T.A. 54, followed.
2. Where, after selling the bulk of its property for cash, a partnership composed of four individuals, with 1/24 interest held by trustees for…
2Cases cited2 opinions
- Macon Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Fritz v. CommissionerUnited States Board of Tax Appeals · 1933