O'Connor v. Commissioner
United States Tax Court
Petitioners O'Connor entered into an agreement with petitioner Bush which purports to be a lease to Bush of a portion of land for the purpose of mining clay to be used by Bush to manufacture bricks. Petitioners O'Connor claim that this was a sale resulting in capital gain treatment. Petitioner Bush claims that this was a lease and that it is entitled to depletion on the clay mined.
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Petitioners O'Connor entered into an agreement with petitioner Bush which purports to be a lease to Bush of a portion of land for the purpose of mining clay to be used by Bush to manufacture bricks. Petitioners O'Connor claim that this was a sale resulting in capital gain treatment. Petitioner Bush claims that this was a lease and that it is entitled to depletion on the clay mined. The Commissioner determined that the petitioners O'Connor received ordinary income from the lease of clay deposits but that petitioner Bush was not entitled to depletion because it did not acquire an economic…
1Opinion of the Court
Robert G. O'Connor and Mary A. O'Connor, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
O'Connor v. Commissioner
Docket Nos. 3483-78, 3484-78, 3485-78, 381-79
United States Tax Court
78 T.C. 1; 1982 U.S. Tax Ct. LEXIS 152; 78 T.C. No. 1;
January 4, 1982, Filed
Decisions will be entered under Rule 155.
Petitioners O'Connor entered into an agreement with petitioner Bush which purports to be a lease to Bush of a portion of land for the purpose of mining clay to be used by Bush to manufacture bricks. Petitioners O'Connor claim that this was a sale resulting in capital gain…
2Cases cited23 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Commissioner v. Southwest Exploration Co.Supreme Court of the United States · 1956
- Bankers Pocahontas Coal Co. v. BurnetSupreme Court of the United States · 1932
- Nathaniel C. Wood and Gertrude L. Wood v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Tennessee Valley Kaolin Corp. v. PerryCourt of Appeals of Tennessee · 1974
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