Remer v. Commissioner
United States Tax Court
Petitioner held "Stockpiled Iron Ore Mining Leases" for more than 6 months. He assigned all rights to the leases in consideration of payments of $ 100,000 in 1947, $ 50,000 in 1948, and $ 50,000 in 1949, plus the sum of 10 cents per ton for concentrates shipped from the leased properties. The assignee was under no obligation to petitioner to ship any concentrates. Held, the transaction was a "sale" of the leases and the profits realized were taxable as capital gains.
1Opinion of the Court
OPINION.
Tietjens, Judge:
The Commissioner determined the following deficiencies in income tax and additions to tax:
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The questions for decision are (1) whether certain payments received by petitioners as the result of the transfer of rights in iron ore mining leases are taxable as ordinary income or as long-term capital gains and (2) whether petitioners are liable for additions to tax under section 294 (d) (1) (A). Other adjustments which are uncontested may be made under Rule 50.
All of the facts have been stipulated, are so found, and the stipulation is included herein by…
2Cases cited13 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Littlefield v. PerrySupreme Court of the United States · 1875
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Rude v. WestcottSupreme Court of the United States · 1889
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
8 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Nathaniel C. Wood and Gertrude L. Wood v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Commissioner of Internal Revenue v. Charles H. Remer and Dorothy A. RemerCourt of Appeals for the Eighth Circuit · 1958
- Vest v. CommissionerUnited States Tax Court · 1971
- Lesher v. CommissionerUnited States Tax Court · 1979
- Allen v. CommissionerUnited States Tax Court · 1975
10 more not listed; retrieve them via the Exa API.