Glide v. Commissioner
United States Board of Tax Appeals
1. Bonus payments received in consideration of leases on oil lands may not be reduced by an allowance for depletion where there is no well on the property; 2. And are not to be taxed as capital net gain. 3. Amounts paid as assessments for interest on bonds of reclamation district are deductible from income.
1Opinion of the Court
LIZZIE H. GLIDE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Glide v. Commissioner
Docket Nos. 47630, 52685.
United States Board of Tax Appeals
27 B.T.A. 1264; 1933 BTA LEXIS 1224;
April 26, 1933, Promulgated
1. Bonus payments received in consideration of leases on oil lands may not be reduced by an allowance for depletion where there is no well on the property;
2. And are not to be taxed as capital net gain.
3. Amounts paid as assessments for interest on bonds of reclamation district are deductible from income.
F. E. Youngman, Esq., for the petitioner.
Homer Hendricks, Esq., filed…
2Cases cited12 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- Burnet v. Thompson Oil & Gas Co.Supreme Court of the United States · 1931
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