Weed v. Commissioner
United States Tax Court
Held, the gain resulting from W. F. Weed's sale and transfer of a sulphur payment carved out of his pooled royalty interests in sulphur produced from deposits in place, which interests Weed had owned for several years prior to the date of sale, was taxable as long-term capital gain on the installment basis and not as ordinary income.
1Opinion of the Court
W. F. Weed, Individual, and Estate of Eleanor M. Weed, Deceased, W. F. Weed, Executor, Petitioners, v. Commissioner of Internal Revenue, Respondent
Weed v. Commissioner
Docket No. 46312
United States Tax Court
24 T.C. 1025; 1955 U.S. Tax Ct. LEXIS 100; 4 Oil & Gas Rep. 2069;
September 22, 1955, Filed
Decision will be entered under Rule 50.
Held, the gain resulting from W. F. Weed's sale and transfer of a sulphur payment carved out of his pooled royalty interests in sulphur produced from deposits in place, which interests Weed had owned for several years prior to the date of sale, was taxable as…
2Cases cited6 opinions
- Bankers Pocahontas Coal Co. v. BurnetSupreme Court of the United States · 1932
- D. K. Caldwell v. Ellis Campbell, Jr., Former Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Fleming v. CommissionerUnited States Tax Court · 1955
- Nordan v. CommissionerUnited States Tax Court · 1954
- Hawn v. CommissionerUnited States Tax Court · 1954
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