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COMMISSIONER OF INTERNAL REVENUE v. P. G. LAKE, INC.

No. 16126.

241 F.2d 71 (1957)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. P. G. LAKE, Inc., Respondent.

United States Court of Appeals Fifth Circuit.

February 1, 1957.

Attorney(s) appearing for the Case

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

Harry C. Weeks, Fort Worth, Tex., for respondent. Weeks, Bird, Cannon & Appleman, Fort Worth, Tex., of counsel.

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

HUTCHESON, Chief Judge.

This appeal by the commissioner from one of a series of adverse decisions1 of the Tax Court presents the single question whether $600,000 received as consideration for an assignment of overriding oil payment interests limited to $600,000 carved out of two oil and gas leaseholds or working interests2 is taxable to the seller as ordinary income...

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