Oak v. Commissioner
United States Board of Tax Appeals
Petitioner was to receive, in consideration for services rendered in connection with the acquisition of oil and gas leases, assignment of a one-tenth interest therein or 10 percent of the net profits after the purchasers had reimbursed themselves for expenditures incurred in the acquisition, development, and operation of the properties. Expenditures during the taxable years exceeded receipts and no assignment of an interest in the properties was made to petitioner.
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Petitioner was to receive, in consideration for services rendered in connection with the acquisition of oil and gas leases, assignment of a one-tenth interest therein or 10 percent of the net profits after the purchasers had reimbursed themselves for expenditures incurred in the acquisition, development, and operation of the properties. Expenditures during the taxable years exceeded receipts and no assignment of an interest in the properties was made to petitioner. Held, that he was not a joint adventurer and that he may neither deduct from his gross income nor capitalize one-tenth of the…
1Opinion of the Court
DONALD P. OAK AND LOUISE ARGUE OAK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Oak v. Commissioner
Docket No. 106253.
United States Board of Tax Appeals
46 B.T.A. 265; 1942 BTA LEXIS 888;
February 4, 1942, Promulgated
Petitioner was to receive, in consideration for services rendered in connection with the acquisition of oil and gas leases, assignment of a one-tenth interest therein or 10 percent of the net profits after the purchasers had reimbursed themselves for expenditures incurred in the acquisition, development, and operation of the properties. Expenditures during the…
2Cases cited10 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Palmer v. BenderSupreme Court of the United States · 1932
- Anderson v. HelveringSupreme Court of the United States · 1940
- Helvering v. Bankline Oil Co.Supreme Court of the United States · 1938
- Ocdike v. MartinSupreme Court of Oklahoma · 1922
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