Leydig v. Commissioner of Internal Revenue

I respectfully dissent from the conclusion reached by the majority and will undertake to state my reasons therefor.

The assignment undertook to transfer to Grace Leydig all of the oil and gas royalties, either reserved by existmg leases or to be reserved by leases to be executed in the future, on the lands described in such assignment. In the ease of Miller v. Sooy, 120 Kan. 81, 242 P. 140, the court held that an instrument in the form of an assignment of a one-half interest in oil royalties, rents and bonuses to accrue to the assignor under any oil and gas lease, which the assignor might…