Crowell Land & Mineral Corp. v. Commissioner
United States Tax Court
Amounts received by petitioner pursuant to an agreement transferring rights to remove sand and gravel over a 5-year period and fixing the payments by reference to a price per unit, subject to advance payments, held, taxable as ordinary income, and held, further, not subject to an allowance for discovery depletion.
1Opinion of the Court
opinion.
Opper, Judge:
Respondent determined a deficiency of $1,839.12 in petitioner’s income tax for 1949. The issues for decision are whether payments, received by petitioner during 1949 under a “Contract of Sale” of gravel, represent long-term capital gain, as reported by petitioner, or ordinary income, as determined by respondent, and if they represent ordinary income, whether petitioner is entitled to an allowance for discovery depletion. The parties have filed a stipulation of facts, all of which are hereby found accordingly.
Petitioner is a corporation whose income tax return for 1949 was…
2Cases cited11 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- United States v. LudeySupreme Court of the United States · 1927
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Anderson v. HelveringSupreme Court of the United States · 1940
6 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Crowell Land and Mineral Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Arthur S. Barker and Alberta C. Barker v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
- Dann v. CommissionerUnited States Tax Court · 1958
- Louis L. Gowans and Helen T. Gowans, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1957
- Green v. CommissionerUnited States Tax Court · 1961
26 more not listed; retrieve them via the Exa API.