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BLANKENSHIP v. UNITED STATES

No. 8507.

95 F.2d 507 (1938)

BLANKENSHIP v. UNITED STATES.

Circuit Court of Appeals, Fifth Circuit.

March 25, 1938.

Attorney(s) appearing for the Case

Thomas A. Carpenter, of Dallas, Tex., for appellant.

Wm. B. Waldo and Sewall Key, Sp. Assts. to Atty. Gen., and James W. Morris, Asst. Atty. Gen., Clyde O. Eastus, U. S. Atty., of Fort Worth, Tex., and John A. Erhard, Asst. U. S. Atty., and J. L. Backstrom, Sp. Atty., Bureau of Internal Revenue, both of Dallas, Tex., for the United States.

Before SIBLEY and HUTCHESON, Circuit Judges, and STRUM, District Judge.

SIBLEY, Circuit Judge.

R. E. Blankenship owned a mineral lease on 80 acres of land in Texas, and in 1931 assigned it to a purchaser under a contract by which, in addition to $50,000 paid down, the assignee was to pay "as a part of the consideration for said assignment * * * one-fourth of the net profits, if any, that may result from operations conducted on said property" by the assignee. The net profits were to be ascertained by treating as gross income "the value...

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