McAFEE v. UNITED STATES

No. 105-70.

431 F.2d 1360 (1970)

K. E. and Z. M. McAFEE, Husband and Wife, John W. and Mary D. Nichols, Husband and Wife, William N. and Helen K. Little, Husband and Wife, Louis R. and Inez P. Wilson, Husband and Wife, Joe F. and Marion G. Gibson, Husband and Wife, and W. M. and Mary E. Avery, Husband and Wife, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

October 5, 1970.


Attorney(s) appearing for the Case

Gary F. Fuller, Oklahoma City, Okl. (John B. Dudley and McAfee, Dudley, Taft, Cates & Mark, Oklahoma City, Okl., of counsel, on the brief), for plaintiffs-appellees.

Grant W. Wiprud, Atty., Dept. of Justice (Johnnie M. Walters, Asst. Atty. Gen., and Lee A. Jackson, Atty., Dept. of Justice, and William R. Burkett, U. S. Atty., of counsel, on the brief), for defendant-appellant.

Before JONES, BREITENSTEIN, and HOLLOWAY, Circuit Judges.


BREITENSTEIN, Circuit Judge.

In an action for refund of federal income taxes, the district court held that a transaction relating to oil and gas leases was a sale with proceeds in issue taxable as capital gains. The United States appeals and contends that such proceeds are taxable as depletable ordinary income.

The facts are stipulated. The taxpayers owned undivided interests in oil and gas leases which they agreed to sell to Island Oil Company. They were...

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