Fleming v. Commissioner
United States Tax Court
1 and 2. Exchanges Solely in Kind -- Capital Gain -- Sec. 117 (j), I. R. C. 1939. -- Petitioners exchanged oil payments for land. Held, that the property was of unlike kind within the meaning of section 112 (b) (1), and the gain was taxable as capital gain. 3. Interest -- Paid and Accrued. -- Under two settlement agreements the proceeds of two endowment policies for petitioner Mary D. Walsh were retained by the insurance company at maturity.
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1 and 2. Exchanges Solely in Kind -- Capital Gain -- Sec. 117 (j), I. R. C. 1939. -- Petitioners exchanged oil payments for land. Held, that the property was of unlike kind within the meaning of section 112 (b) (1), and the gain was taxable as capital gain. 3. Interest -- Paid and Accrued. -- Under two settlement agreements the proceeds of two endowment policies for petitioner Mary D. Walsh were retained by the insurance company at maturity. In one agreement interest on the retained proceeds was paid to petitioner. Held, that the interest payments were taxable income. Under the other…
1Opinion of the Court
OPINION.
Johnson, Judge:
Respondent determined deficiencies in income tax as follows:
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The issues presented are:(1) Whether an exchange of limited overriding royalties or oil payment interests for the fee simple title to a ranch was an exchange solely in kind under section 112 (b) (1), Internal Revenue Code of 1939. In the alternative, if a gain is recognized, is it a capital gain, or ordinary income with depletion allowable?(2) Would the tax consequences resulting from the exchange above be different where urban real property is substituted for the ranch?(3) Did petitioners F.…
2Cases cited9 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
- Commissioner of Internal Revenue v. CrichtonCourt of Appeals for the Fifth Circuit · 1941
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Nordan v. CommissionerUnited States Tax Court · 1954
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3Cited by26 opinions
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- Koch v. CommissionerUnited States Tax Court · 1978
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- P. G. Lake, Inc. v. CommissionerUnited States Tax Court · 1955
- Ellison v. CommissionerUnited States Tax Court · 1983
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