McFaddin v. Commissioner
United States Tax Court
1. Under an oil and gas lease, lessees were to pay a stated sum annually, called "rental," and to retain the royalties produced and be reimbursed therefrom each year, the excess to be paid to lessor.
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1. Under an oil and gas lease, lessees were to pay a stated sum annually, called "rental," and to retain the royalties produced and be reimbursed therefrom each year, the excess to be paid to lessor. Held, such payments were in the nature of advance royalty, and subject to depletion by lessor. 2. A trust received, by way of gift, certain real estate, a portion of which it subdivided into lots for sale at the suggestion of a licensed real estate broker, who was given the exclusive agency with a stated commission on all sales. The broker assumed advertising expense and made collections to the…
1Opinion of the Court
James Lewis Caldwell McFaddin, Petitioner, et al., 1 v. Commissioner of Internal Revenue, Respondent
McFaddin v. Commissioner
Docket Nos. 107896, 108082, 108083, 108084, 109031, 109032, 109033, 109034
United States Tax Court
2 T.C. 395; 1943 U.S. Tax Ct. LEXIS 104;
July 9, 1943, Promulgated
Decisions will be entered under Rule 50.
1. Under an oil and gas lease, lessees were to pay a stated sum annually, called "rental," and to retain the royalties produced and be reimbursed therefrom each year, the excess to be paid to lessor. Held, such payments were in the nature of advance royalty, and subject to…
2Cases cited21 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Irwin v. GavitSupreme Court of the United States · 1925
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
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