Ferguson v. Commissioner
United States Board of Tax Appeals
1. Amounts paid to the grantor of an oil and gas lease as royalties and as bonuses held taxable as income at the ordinary rates and not as capital gain. 2. Royalties and bonuses received by a resident of Texas from oil and gas leases covering his separately owned land located in Texasheld to be his separate income. 3. Petitioner's earned-income credit for 1924 and 1925 determined.
1Opinion of the Court
*132OPINION.
MaRquette:
The petitioner contends that the rentals, royalties and cash considerations received by him from the several oil and gas leases on his Archer County farm are capital gains and should be taxed as such; that to the extent that they were received during the period January 1, 1922, to February 6, 1924, they were community income taxable equally to him and his wife, and that he is entitled to the maximum earned-income credit for 1924 and 1925. The issues will be discussed in the order in which they are stated.
It has been many times decided by the courts of the United States that,…
2Cases cited8 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Stratton's Independence, Ltd. v. HowbertSupreme Court of the United States · 1913
- New York Ex Rel. Bryant v. ZimmermanSupreme Court of the United States · 1928
- Stanton v. Baltic Mining Co.Supreme Court of the United States · 1916
3 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Harmon v. Oklahoma Tax CommissionSupreme Court of Oklahoma · 1941
- Sneed v. CommissionerUnited States Board of Tax Appeals · 1934
- Ferguson v. CommissionerUnited States Board of Tax Appeals · 1930
- Lodzieski v. CommissionerUnited States Tax Court · 1944
- Michna v. CommissionerUnited States Board of Tax Appeals · 1931
6 more not listed; retrieve them via the Exa API.