National Petroleum & Refining Co. v. Commissioner
United States Board of Tax Appeals
1. Proceeds from the sale of oil impounded by a receiver appointed by the Supreme Court, held to be income in the year in which payment is made to the owner of the well by such receiver. 2. Depletion should be computed under the provisions of the revenue act effective at the date when such income is realized.
1Opinion of the Court
*571OPINION.
Lansdon:
The petitioner contends (1) that the receipts of its well prior to 1924, impounded by a receiver appointed by the Supreme Court and received by it on order of such Court in 1924, should not be regarded as taxable income in that year; and (2) that for the years prior to 1924 depletion allowances should be computed under the Eevenue Act of 1921.
Since the petitioner has not proved and does not argue that all its property was in the hands of the Federal receiver, we think the proceeding here is completely controlled by the decision of the Supreme Court in North American Oil Co.,…
2Cases cited2 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Trojan Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932
3Cited by5 opinions
- Crews v. CommissionerUnited States Board of Tax Appeals · 1934
- Obispo Oil Co. v. WelchCourt of Appeals for the Ninth Circuit · 1936
- Crews v. CommissionerUnited States Board of Tax Appeals · 1934
- Kennedy Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- National Petroleum & Refining Co. v. CommissionerUnited States Board of Tax Appeals · 1933