Ferguson v. Commissioner of Internal Revenue

PHILLIPS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals. The material facts, which were stipulated before the Board, are these:

Petitioner is the owner of two tracts of land situate in Cowley County, Kansas, one containing 152 acres and the other 160 acres. Cn May 1, 1922, petitioner executed to Ma,y D. Ferguson, his wife, an oil and gas lease on such land for a term of five years and as long thereafter as oil and gas or either of them should be produced from said land by the lessee. Such lease was on a form commonly known as Kansas Producers 88. It provided…