Horton v. Commissioner
United States Tax Court
Petitioner and Lee, the owner of a mining concession in Mexico, entered into an agreement whereby the latter assigned to petitioner the privilege of developing the property for a period of nine years, and petitioner agreed to supply the funds necessary to put the property in a "good and proper state of exploitation."
Read the full summary
Petitioner and Lee, the owner of a mining concession in Mexico, entered into an agreement whereby the latter assigned to petitioner the privilege of developing the property for a period of nine years, and petitioner agreed to supply the funds necessary to put the property in a "good and proper state of exploitation." It was also agreed that the total value of the net products of the mine should be divided as follows: 100 per cent to petitioner until he was reimbursed for expenditures made in preparing property for exploitation; thereafter 60 per cent to Lee and 40 per cent to petitioner until…
1Opinion of the Court
Hiram T. Horton, Petitioner, v. Commissioner of Internal Revenue, Respondent
Horton v. Commissioner
Docket Nos. 4206, 8534
United States Tax Court
7 T.C. 957; 1946 U.S. Tax Ct. LEXIS 60;
October 14, 1946, Promulgated
Decision will be entered under Rule 50.
Petitioner and Lee, the owner of a mining concession in Mexico, entered into an agreement whereby the latter assigned to petitioner the privilege of developing the property for a period of nine years, and petitioner agreed to supply the funds necessary to put the property in a "good and proper state of exploitation." It was also agreed that the…
2Cases cited1 opinion
- Horton v. CommissionerUnited States Tax Court · 1946