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WEST v. COMMISSIONER OF INTERNAL REVENUE

Nos. 11178-11181.

150 F.2d 723 (1945)

WEST v. COMMISSIONER OF INTERNAL REVENUE (three cases). WEST'S ESTATE et al. v. SAME.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied September 18, 1945.

Attorney(s) appearing for the Case

Randolph E. Paul, of Washington, D. C., and James H. Yeatman, of Houston, Tex., for petitioners.

Bernard Chertcoff, Sewall Key, and Helen R. Carloss, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Claude R. Marshall, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before HOLMES, McCORD, and LEE, Circuit Judges.

HOLMES, Circuit Judge.

These consolidated proceedings involve income-tax deficiencies for the year 1938. By deed the petitioners transferred to the Humble Oil & Refining Company certain lands, improvements thereon, and minerals therein, subject to the terms of a contemporaneous collateral agreement. The Tax Court held that the profit from the sale of the surface of the land and improvements was a capital gain, but that such part of the consideration as was attributable...

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