Legal Opinion
Foster v. United States
District Court, E.D. Louisiana
Decided June 18, 1962No. Civ. A. No. 10171PublishedCited by 4 opinions
1Opinion of the Court
AINSWORTH, District Judge.
The question for determination is whether the proceeds from the sale of an *105oil payment are to be treated as capital gains or ordinary income. The oil payment in question is held to be a retained oil payment, a capital asset, the sale of which results in a capital gain. Also, the oil payment is on nonproducing land and the payment cannot be ascertained with sufficient accuracy to constitute a mere assignment of future income.
Taxpayers, Murphy J. Foster and his wife Olive R. Foster,1 were owners of an undivided one-tenth (Moth) interest in Dixie Plantation, a sugar…
2Cases cited14 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Burnet v. HarmelSupreme Court of the United States · 1932
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Anderson v. HelveringSupreme Court of the United States · 1940
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
9 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- United States v. Murphy J. Foster and Olive R. FosterCourt of Appeals for the Fifth Circuit · 1963
- Jay H. Floyd and Julia M. Floyd v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- Jay H. Floyd and Julia M. Floyd v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- John A. v. United StatesDistrict Court, N.D. Texas · 1963