Herold v. Commissioner
United States Board of Tax Appeals
1. Where a taxpayer entered into an agreement with a corporation relative to an oil lease upon lands in the State of Louisiana, by which the corporation was placed in possession of the lease, and agreed to operate it at its own expense so long as oil might be produced in paying quantities, and where, under the agreement, the corporation was entitled to all gas and casing-head gas and to 40 per cent of all the oil produced subject to certain deductions, and where the…
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1. Where a taxpayer entered into an agreement with a corporation relative to an oil lease upon lands in the State of Louisiana, by which the corporation was placed in possession of the lease, and agreed to operate it at its own expense so long as oil might be produced in paying quantities, and where, under the agreement, the corporation was entitled to all gas and casing-head gas and to 40 per cent of all the oil produced subject to certain deductions, and where the corporation paid to the taxpayer a large cash payment and agreed to pay him a further sum up to 60 per cent of the oil produced,…
1Opinion of the Court
*943OPINION.
Miluiken:1
Since the overassessment as to the estate of Mrs. George O. Baird for the year 1922 does not result, so far as the record discloses, from the rejection of a claim in abatement, the Board is without jurisdiction as to such petitioner for said year and the petition, in so far as it involves that year, is dismissed. Cornelius Cotton Mills, 4. B. T. A. 255.
The controlling question in these proceedings is whether the agreement of November 16,1921, between Baird and the Gulf Refining Co. of Louisiana, hereinafter referred to as the Gulf Company, was a contract of mortgage or…
2Cases cited5 opinions
- Weiss v. WeinerSupreme Court of the United States · 1929
- Burk-Waggoner Oil Assn. v. HopkinsSupreme Court of the United States · 1925
- Heryford v. DavisSupreme Court of the United States · 1880
- Corbett v. RiddleCourt of Appeals for the Fourth Circuit · 1913
- In re Sheets Printing & Mfg. Co.District Court, N.D. Ohio · 1905
3Cited by2 opinions
- Buffalo Eagle Mines, Inc. v. CommissionerUnited States Board of Tax Appeals · 1938
- Herold v. CommissionerUnited States Board of Tax Appeals · 1929