JAMES C. WILSON, District Judge.
This is a very interesting tax suit, involving whether certain income received by plaintiffs was ordinary income or the proceeds of the sale of a capital asset.
In each of 1939 and 1940, plaintiffs E. A. Landreth and wife received, as community income, from Phillips Petroleum Corporation as their share of Phillips payments under an agreement of May 2, 1939, $12,780. Plaintiffs, in the returns, considered these sums as gain...
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