COMMISSIONER OF INTERNAL REVENUE v. WEED

No. 16105.

241 F.2d 69 (1957)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. W. F. WEED, Individual, and Estate of Eleanor M. Weed, Deceased, W. F. Weed, Executor, Respondents.

United States Court of Appeals Fifth Circuit.

February 1, 1957.


Attorney(s) appearing for the Case

John N. Stull, Melva M. Graney, Attys., Dept. of Justice, Charles K. Rice, Asst. Atty. Gen., Washington, D. C., Hilbert P. Zarky, Atty., Dept. of Justice, John Potts Barnes, Chief Counsel, Claude R. Marshall, Sp. Atty., I.R.S., Washington, D. C., for petitioner.

Peter B. Wells, Beaumont, Tex., for respondents.

Before HUTCHESON, Chief Judge, and HOLMES and BORAH, Circuit Judges.


HUTCHESON, Chief Judge.

This appeal is from a decision of the Tax Court, 24 T.C. 1025, holding that gain resulting from taxpayer's sale and transfer of a sulphur payment carved out of his pooled royalty was taxable as long term capital gain.

It presents the single question whether the proceeds received by taxpayer from the transfer of a sulphur payment carved out of his $.00966133 per long ton pooled royalty interest, which...

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