Owens v. Commissioner
United States Board of Tax Appeals
1. INCOME - RECEIVER - ACCUMULATED FOR UNASCERTAINED PERSONS. Where income from royalties is impounded in the custody of a court receiver during litigation to determine the unknown heirs of the original owner, the receiver is a fiduciary and under section 2(b), Act of 1916, and section 219, Acts of 1918 and 1921, should file returns and pay the income taxes thereon.
Read the full summary
1. INCOME - RECEIVER - ACCUMULATED FOR UNASCERTAINED PERSONS. Where income from royalties is impounded in the custody of a court receiver during litigation to determine the unknown heirs of the original owner, the receiver is a fiduciary and under section 2(b), Act of 1916, and section 219, Acts of 1918 and 1921, should file returns and pay the income taxes thereon. And when said funds are released and paid to the beneficiary determined by the court to be entitled to receive them, they are not income taxable to the beneficiary in that year. 2. DEPLETION. The basis for depletion is the cost of…
1Opinion of the Court
MEMORANDUM OPINION.
Black:
These cases involve deficiencies against petitioner O. O. Owens of $36,0(3.86 for 1920 in Docket No. 14379, $54,221.92 for 1923 in Docket No. 31986, and $1,203.58 for 1926 in Docket No. 47887. The proceedings were consolidated for hearing. No evidence was introduced to support the errors alleged in Dockets 14379 and 47887, and in their brief, counsel for petitioner abandoned them. Respondent's determination of deficiencies for 1920 and 1926 will accordingly be sustained.
In Docket No. 31986, petitioner alleges that respondent erred in holding that certain funds,…
2Cases cited2 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- United States v. LudeySupreme Court of the United States · 1927
3Cited by3 opinions
- Eustis v. CommissionerUnited States Board of Tax Appeals · 1934
- Goforth v. CommissionerUnited States Board of Tax Appeals · 1935
- Owens v. CommissionerUnited States Board of Tax Appeals · 1932