HARMEL v. COMMISSIONER OF INTERNAL REVENUE

No. 6212.

56 F.2d 153 (1932)

HARMEL v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

February 23, 1932.


Attorney(s) appearing for the Case

Robert Ash, of Washington, D. C. (A. H. Britain and Harry C. Weeks, both of Wichita Falls, Tex., amici curiæ), for petitioner.

G. A. Youngquist, Asst. Atty. Gen., Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and R. N. Shaw, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, FOSTER, and WALKER, Circuit Judges.


BRYAN, Circuit Judge.

This is a petition by a taxpayer to review a decision of the Board of Tax Appeals which held that $57,000, received in 1924 as cash consideration for an oil and gas lease of land in Texas, was taxable as ordinary income. The taxpayer contended that the amount so received should have been taxed as capital gain under section 208 (a) (1), Revenue Act of 1924 (26 USCA § 939 note), which provides: "The term `capital gain' means taxable gain from...

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