Legal Opinion
McAfee v. United States
Court of Appeals for the Tenth Circuit
Decided October 5, 1970No. 105-70PublishedCited by 2 opinions
1Opinion of the Court
BREITENSTEIN, Circuit Judge.
In an action for refund of federal income taxes, the district court held that a transaction relating to oil and gas leases was a sale with proceeds in issue taxable as capital gains. The United States appeals and contends that such proceeds are taxable as depletable ordinary income.
The facts are stipulated. The taxpayers owned undivided interests in oil and gas leases which they agreed to sell to Island Oil Company. They were to receive $180,000 in cash and a production payment of $320,000 payable, with interest, out of 80% of %ths of all oil and gas produced,…
2Cases cited8 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Commissioner of Internal Revenue v. Charles H. Remer and Dorothy A. RemerCourt of Appeals for the Eighth Circuit · 1958
- C. Rogler Elliott and Martha Elliott v. United StatesCourt of Appeals for the Tenth Circuit · 1970
- United States v. Paul R. White and Anna Lee WhiteCourt of Appeals for the Tenth Circuit · 1968
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Brountas v. CommissionerUnited States Tax Court · 1979
- McAFEE v. UNITED STATESCourt of Appeals for the Tenth Circuit · 1970