Legal Opinion
Commissioner of Internal Revenue v. P. G. Lake, Inc.
Court of Appeals for the Fifth Circuit
Decided February 1, 1957No. 16126_1PublishedCited by 6 opinions
1Opinion of the Court
HUTCHESON, Chief Judge.
This appeal by the commissioner from one of a series of adverse decisions 1 of the Tax Court presents the single question whether $600,000 received as consideration for an assignment of overriding oil payment interests limited to $600,000 carved out of two oil and gas leaseholds or working interests 2 is taxable to the seller as ordinary income subject to depletion rather than, as the Tax Court held, as long term capital gains under See. 117 of the 1939 Internal Revenue Code, 26 U.S.C.A. § 117.
Here vigorously assailing the decision of the Tax Court in this and the other…
2Cases cited23 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Stephens County v. Mid-Kansas Oil & Gas Co.Texas Supreme Court · 1923
- Anderson v. HelveringSupreme Court of the United States · 1940
18 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Fleming v. CommissionerCourt of Appeals for the Fifth Circuit · 1957
- Wm. Fleming and Bessie M. Fleming (Husband and Wife), F. Howard Walsh and Mary D. Walsh (Husband and Wife) and Mary D. Fleming Walsh v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Wm. Fleming and Bessie M. Fleming (Husband and Wife), F. Howard Walsh and Mary D. Walsh (Husband and Wife) and Mary D. Fleming WalshCourt of Appeals for the Fifth Circuit · 1957
- Commissioner of Internal Revenue v. John Wrather and Nell Wrather, Husband and WifeCourt of Appeals for the Fifth Circuit · 1957
- Bransford v. CommissionerUnited States Tax Court · 1977
1 more not listed; retrieve them via the Exa API.