James A. Lewis Engineering, Inc. v. Commissioner
United States Tax Court
Held, where petitioner's rights to certain interests in an oil lease were conditional and qualified in 1953, the fair market value of the interests was not taxable income in 1953 under the doctrine of constructive receipt of income.
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Held, where petitioner's rights to certain interests in an oil lease were conditional and qualified in 1953, the fair market value of the interests was not taxable income in 1953 under the doctrine of constructive receipt of income. Petitioner did not have unfettered command and was not free to enjoy the interests at his option until 1957. Held, further, the fair market value of the interests received in the oil lease was ordinary income subject to depletion in 1957 and the services rendered by petitioner as consideration for the interests did not represent petitioner's capital investment in…
1Opinion of the Court
James A. Lewis Engineering, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
James A. Lewis Engineering, Inc. v. Commissioner
Docket No. 89639
United States Tax Court
39 T.C. 482; 1962 U.S. Tax Ct. LEXIS 16; 17 Oil & Gas Rep. 607;
November 30, 1962, Filed
Decision will be entered under Rule 50.
Held, where petitioner's rights to certain interests in an oil lease were conditional and qualified in 1953, the fair market value of the interests was not taxable income in 1953 under the doctrine of constructive receipt of income. Petitioner did not have unfettered command and was not free…
2Cases cited6 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Palmer v. BenderSupreme Court of the United States · 1932
- Anderson v. HelveringSupreme Court of the United States · 1940
- Johnston v. CommissionerUnited States Tax Court · 1950
- James A. Lewis Engineering, Inc. v. CommissionerUnited States Tax Court · 1962
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