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OLINGER v. COMMISSIONER

Docket No. 58757.

27 T.C. 93 (1956)

MAUDE W. OLINGER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 22, 1956.

Attorney(s) appearing for the Case

Thomas D. Mustard, Esq., and James D. Dye, Esq., for the petitioner.

Marvin E. Hagen, Esq., for the respondent.

Respondent determined a deficiency in petitioner's income tax for 1951 in the amount of $98,747.19. The contested issue is whether a cash payment of $202,500 received by petitioner in 1951 under a written instrument transferring certain surface rights and mineral iron ore rights represented proceeds from the sale of a capital asset or a bonus or advance royalty payment taxable as ordinary income, subject to depletion.

FINDINGS...

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