Glide v. Commissioner
United States Board of Tax Appeals
1. Bonus payments received in consideration of leases on oil lands may not be reduced by an allowance for depletion where there is no well on the property; 2. And are not to be taxed as capital net gain. 3. Amounts paid as assessments for interest on bonds of reclamation district are deductible from income.
1Opinion of the Court
OPINION.
GOODRICH:
In these proceedings, which were consolidated for hearing, petitioner attacks respondent’s determinations of deficiencies in income tax for the years 1926 and 1927 in the amounts of $34,045.12 nnd $8,843.50, respectively.
The issues are: (1) Whether petitioner is entitled to deduct from her income as an allowance for depletion 27% per centum of the amounts received as bonuses for leases of oil lands; (2) whether such bonus payments are taxable as capital gain under the provisions of section 208, Revenue Act of 1926; (3) whether petitioner may deduct from her income amounts…
2Cases cited7 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- Burnet v. Thompson Oil & Gas Co.Supreme Court of the United States · 1931
2 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Sneed v. CommissionerUnited States Board of Tax Appeals · 1934
- Crossett Timber & Development Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Mascot Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Murchison v. CommissionerUnited States Board of Tax Appeals · 1933
- Crossett Timber & Development Co. v. CommissionerUnited States Board of Tax Appeals · 1934
6 more not listed; retrieve them via the Exa API.