Nail v. Commissioner
United States Board of Tax Appeals
1. Where the fee owner of real estate in Texas disposes of interests in oil and gas underlying her lands, retaining to herself an undivided fractional interest therein, held, such retained interest is property and subject to conveyance or transfer.
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1. Where the fee owner of real estate in Texas disposes of interests in oil and gas underlying her lands, retaining to herself an undivided fractional interest therein, held, such retained interest is property and subject to conveyance or transfer. Held, further, after conveyance or transfer of such property the income arising therefrom belongs to the new owner, the transferee, and is not taxable to transferor. 2. Fees paid attorneys for services rendered in defending against adverse claims respecting boundaries of lands, where no enlargement, or change of owner's existing rights is effected,…
1Opinion of the Court
R. E. NAIL AND GEORGE THOMPSON, JR., INDEPENDENT EXECUTORS OF THE ESTATE OF M.M. (MRS. W. I.) COOK, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Nail v. Commissioner
Docket No. 53044.
United States Board of Tax Appeals
27 B.T.A. 33; 1932 BTA LEXIS 1137;
November 9, 1932, Promulgated
1. Where the fee owner of real estate in Texas disposes of interests in oil and gas underlying her lands, retaining to herself an undivided fractional interest therein, held, such retained interest is property and subject to conveyance or transfer. Held, further, after conveyance or transfer of…
2Cases cited1 opinion
- Nail v. CommissionerUnited States Board of Tax Appeals · 1932