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THOMPSON v. COMMISSIONER OF INTERNAL REVENUE

No. 3784.

28 F.2d 247 (1928)

THOMPSON v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

September 24, 1928.

Attorney(s) appearing for the Case

S. Leo Ruslander, of Pittsburgh, Pa. (A. E. James, of Washington, D. C., and Geo. K. Warn, of Pittsburgh, Pa., of counsel), for petitioner.

Mabel Walker Willebrandt, Asst. Atty. Gen., and John Vaughan Groner, Sp. Asst. Atty. Gen. (C. M. Charest, Gen. Counsel Bureau of Internal Revenue, and V. J. Heffernan, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., of counsel), for respondent.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

DAVIS, Circuit Judge.

This is an appeal from a decision of the United States Board of Tax Appeals, holding that $58,700, proceeds of the sale of certain ownership certificates, received by the petitioner and his associates, was income, and so taxable, and not capital contributions.

Some time prior to 1920 an oil well had been drilled in or near Pittsburgh through a stratum of sand called the Speechley sand. It produced an unusually large quantity of oil. This...

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