Hawn v. Commissioner
United States Tax Court
Petitioner was the owner of an oil payment which had an original face value of $ 1,000,000 but a face value of $ 854,993.25 at the time of transfer herein.
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Petitioner was the owner of an oil payment which had an original face value of $ 1,000,000 but a face value of $ 854,993.25 at the time of transfer herein. On October 1, 1949, petitioner transferred this oil payment to a contractor, who agreed to build him a residence, with a provision that all of petitioner's right, title, and interest in and to said oil payment was transferred to said contractor until he should receive from the proceeds of the sale of said interest in said oil the sum of $ 120,000, whereupon the interest conveyed to the contractor should terminate and revert to petitioner…
1Opinion of the Court
OPINION.
Black, Judge:
Petitioner states the issues in his brief, as follows:
The primary issue in this proceeding is whether, for Federal income tax purposes, the consideration received during the calendar year 1949 by Petitioner John David Hawn in 'exchange for an oil payment constituted long-term capital gain proceeds, or whether such proceeds constituted ordinary income subject to depletion.
The second and subsidiary issue is the extent of the consideration received by and taxable to Petitioner John David Hawn during the calendar year 1949 in connection with the exchange of such oil payment.
Wi…
2Cases cited6 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Helvering v. EubankSupreme Court of the United States · 1941
- Anderson v. HelveringSupreme Court of the United States · 1940
- Lee v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
1 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Fleming v. CommissionerUnited States Tax Court · 1955
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- Weed v. CommissionerUnited States Tax Court · 1955
- Slagter v. CommissionerUnited States Tax Court · 1955
- Fleming v. CommissionerUnited States Tax Court · 1955
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