United States v. Christine Oil & Gas Co.
District Court, W.D. Louisiana
Suit by the United States against the Christine Oil & Gas Company to collect a tax. Verdict directed for defendant.
1Opinion of the Court
GRUBB, District Judge.
The question involved in this case is the right of the government to collect from the defendant an income tax on the deferred payments for the sale of oil leases. The deferred payments were the obligations of the Producers’ Oil Company, a solvent corporation, not represented by notes of secured in any way. The sale undoubtedly established a profit on the transaction, represented by the difference between the cost, $115,000, and the sale price, $250,-000. About $79,000 was paid in cash, and $25,000 thereafter out of the proceeds of oil. The corporation paid income tax…
2Cases cited4 opinions
- Mutual Benefit Life Ins. v. HeroldDistrict Court, D. New Jersey · 1912
- Edwards v. KeithCourt of Appeals for the Second Circuit · 1916
- Railroad Co. v. United StatesSupreme Court of the United States · 1880
- United States v. Indianapolis & St. Louis RailroadSupreme Court of the United States · 1885
3Cited by8 opinions
- Commissioner of Internal Revenue v. TimkenCourt of Appeals for the Sixth Circuit · 1944
- The Denver & Rio Grande Western Railroad Company, a Corporation v. The United StatesUnited States Court of Claims · 1963
- Atkins v. CommissionerUnited States Board of Tax Appeals · 1927
- Stieff v. TaitDistrict Court, D. Maryland · 1928
- Denver & Rio Grande Western Railroad v. United StatesUnited States Court of Claims · 1963
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