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GRACEY v. COMMISSIONER

Docket Nos. 3394, 3395.

5 T.C. 296 (1945)

EULEON JOCK GRACEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. DOROTHY MAHN (FORMERLY MRS. E. J. GRACEY), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 21, 1945.

Attorney(s) appearing for the Case

James H. Yeatman, Esq., and Felix T. Terry, C. P. A., for the petitioners.

Stanley B. Anderson, Esq., for the respondent.

The respondent has determined deficiencies in income tax for the year 1940 in the amount of $2,730.13 for each petitioner. Not all of the adjustments are in dispute. The issues are (1) whether the petitioners are entitled to deduct, in computing their community net income, the sum of $1,933.93 representing one-fourth of the net profits from the operation of an oil and gas lease which they paid to the assignor of the lease during the...

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