Kimbell v. Commissioner
United States Board of Tax Appeals
1. Where two individuals transferred oil leases to a wholly owned corporation in 1931, at which time it was orally agreed between the individuals and the corporation that the transfers were subject to certain reservations in oil, if, as, and when produced, on and after January 1, 1934, until certain definite amounts had been received, and prior to January 1, 1934, a second oral agreement between the same parties was entered into whereby it was agreed that the oil reserved…
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1. Where two individuals transferred oil leases to a wholly owned corporation in 1931, at which time it was orally agreed between the individuals and the corporation that the transfers were subject to certain reservations in oil, if, as, and when produced, on and after January 1, 1934, until certain definite amounts had been received, and prior to January 1, 1934, a second oral agreement between the same parties was entered into whereby it was agreed that the oil reserved was to be paid to the individuals from the first production, if, as, and when produced, on and after September 16, 1936,…
1Opinion of the Court
KAY KIMBELL, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kimbell v. Commissioner
Docket Nos. 92955-92959, 94673-94674, 94689-94690.
United States Board of Tax Appeals
41 B.T.A. 940; 1940 BTA LEXIS 1119;
April 25, 1940, Promulgated
1. Where two individuals transferred oil leases to a wholly owned corporation in 1931, at which time it was orally agreed between the individuals and the corporation that the transfers were subject to certain reservations in oil, if, as, and when produced, on and after January 1, 1934, until certain definite amounts had been received, and prior…
2Cases cited12 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Heiner v. TindleSupreme Court of the United States · 1928
- Brander v. CommissionerUnited States Board of Tax Appeals · 1925
- Security First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1933
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