Kleberg v. Commissioner
United States Board of Tax Appeals
1. Petitioners were the owners of a fractional interest in the mineral rights of a large acreage of lands situated in the State of Texas. In 1933 the entire tract was leased by the owners, including petitioners, for certain annual payments extending over a period of 20 years, and a one-eighth royalty of all oil and gas to be produced.
Read the full summary
1. Petitioners were the owners of a fractional interest in the mineral rights of a large acreage of lands situated in the State of Texas. In 1933 the entire tract was leased by the owners, including petitioners, for certain annual payments extending over a period of 20 years, and a one-eighth royalty of all oil and gas to be produced. In the same year petitioners transferred their portion of the right to receive the payments to the other owner of the property for a named consideration payable one-half in 1933 and one-half in 1934. Held, such transfer was a sale of petitioner' right to receive…
1Opinion of the Court
*288OPINION.
Black:
We shall first discuss and decide those issues which are common to both proceedings. The first of these issues is whether the agreement by petitioners with the representatives of the King estate' by which they agreed to transfer their right to receive $11,983.55 per annum for a period of 20 years from Humble for their oil and gas ilease of a three thirty-seconds interest in the King ranch for a consideration of $149,341.51, payable in two installments, was a sale of the right to receive such payments, as the Commissioner contends, ‘and whether the entire amount was taxable in…
2Cases cited9 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. CliffordSupreme Court of the United States · 1940
- Anderson v. HelveringSupreme Court of the United States · 1940
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Helvering v. Twin Bell Oil SyndicateSupreme Court of the United States · 1934
4 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Wing v. CommissionerUnited States Tax Court · 1983
- Cowden v. CommissionerCourt of Appeals for the Fifth Circuit · 1961
- Barnsley v. CommissionerUnited States Tax Court · 1959
- Cowden v. CommissionerUnited States Tax Court · 1959
- The Denver & Rio Grande Western Railroad Company, a Corporation v. The United StatesUnited States Court of Claims · 1963
19 more not listed; retrieve them via the Exa API.