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ALEXANDER v. KING

Nos. 303-306.

46 F.2d 235 (1931)

ALEXANDER, Collector of Internal Revenue, v. KING. SAME v. RUZEK.

Circuit Court of Appeals, Tenth Circuit.

Rehearing Denied February 12, 1931.

Attorney(s) appearing for the Case

T. H. Lewis, Jr., Sp. Atty., Bureau of Internal Revenue, of Washington, D. C. (Roy St. Lewis, U. S. Atty., of Oklahoma City, Okl., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C., on the brief), for appellant.

Harry O. Glasser, of Enid, Okl., for appellees.

Before COTTERAL, PHILLIPS, and McDERMOTT, Circuit Judges.

McDERMOTT, Circuit Judge.

These four appeals present the same question: The taxpayers own royalty interests under ordinary oil and gas leases; during the taxable years, they received their contract share of the oil produced and have sold it. Are the proceeds of such sales taxable as ordinary income, or are they taxable as capital gains arising from the sales of capital assets held by the taxpayers for more than two years? The trial court held to the latter view, and...

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