McLean v. Commissioner
United States Board of Tax Appeals
1. CAPITAL GAIN - SALE. - An assignment of an oil and gas lease providing for the payment of a certain amount in cash, an additional amount of cash to be paid out of one-eighth of the oil produced, and an overriding royalty, all payable to the assignor, was not a sale, and the payments received on account of the cash and the additional amount to be paid out of one-eighth of the oil were not proceeds from the sale of a capital asset. 2. SECTION 102(a) OF THE REVENUE ACTS OF…
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1. CAPITAL GAIN - SALE. - An assignment of an oil and gas lease providing for the payment of a certain amount in cash, an additional amount of cash to be paid out of one-eighth of the oil produced, and an overriding royalty, all payable to the assignor, was not a sale, and the payments received on account of the cash and the additional amount to be paid out of one-eighth of the oil were not proceeds from the sale of a capital asset. 2. SECTION 102(a) OF THE REVENUE ACTS OF 1928 AND 1932. - Since the transaction described above was not a sale, section 102(a) does not apply. 3. DEDUCTIONS -…
1Opinion of the Court
MARRS MCLEAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
VERNA HOOKS MCLEAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McLean v. Commissioner
Docket Nos. 77419, 77420, 81391, 81392, 86804, 86805, 94402, 94403.
United States Board of Tax Appeals
41 B.T.A. 565; 1940 BTA LEXIS 1166;
March 8, 1940, Promulgated
1. CAPITAL GAIN - SALE. - An assignment of an oil and gas lease providing for the payment of a certain amount in cash, an additional amount of cash to be paid out of one-eighth of the oil produced, and an overriding royalty, all payable to the assignor, was not…
2Cases cited20 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Helvering v. HallockSupreme Court of the United States · 1940
- Palmer v. BenderSupreme Court of the United States · 1932
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
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