Scofield v. O'Connor

HUTCHESON, Chief Judge.

One of several appeals1 from judgments entered in favor of taxpayers, after Caldwell’s case2 and before Hawn’s case3 had been decided here, this appeal presents the single question whether, in the light of those cases, a transaction involving oil payments carved out of royalty interests was, as claimed by the taxpayer and found by the trial court, a sale of a capital asset, or was, as claimed by the commissioner an anticipatory assignment of income.

*66Making no attack upon Caldwell, in-fact conceding in oral argument that it was correctly decided, appellant’s whole effort…