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ESTATE OF FRANKEL v. UNITED STATES

No. 74-1958.

512 F.2d 1007 (1975)

ESTATE of Maurice FRANKEL et al., Plaintiffs-Appellants. v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

May 8, 1975.

Attorney(s) appearing for the Case

Marvin K. Collie, Carl Estes, II, G. Edward Ellison, Vinson, Elkins, Searles, Connally & Smith, Houston, Tex., for plaintiffs-appellants.

Anthony J. P. Farris, U.S. Atty., Mary L. Sinderson, Asst. U.S. Atty., Houston, Tex., Scott P. Crampton, Asst. Atty. Gen., U.S. Dept. of Justice, Washington, D.C., Howard A. Weinberger, Tax Div., Dept. of Justice, Dallas, Tex., Meyer Rothwacks, Chief, App. Sec., Ernest J. Brown, Jonathan S. Cohen, Dennis M. Donohue, Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellee.

Before DYER, MORGAN and GEE, Circuit Judges.

DYER, Circuit Judge:

A production payment is the right to receive a specified share of the production from the mineral in place, or its proceeds, if, as and when such production occurs. At his death, Maurice Frankel owned an undivided 17/96 interest in an oil production payment attributable to several Louisiana oil properties. The dispute before us on appeal is whether, for estate tax purposes, this payment should be valued at its full unrecouped face amount or reduced...

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