ANDERSON V. HELVERING, 310 U. S. 404 (1940)

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U.S. Supreme Court

Anderson v. Helvering, 310 U.S. 404 (1940)

Anderson v. Helvering

No. 682

Argued April 2, 1940

Decided May 20, 1940*

310 U.S. 404


Oil properties, including fee interests, were sold for a specified money consideration payable part in cash and the balance, with interest,

Page 310 U. S. 405

from one-half of the proceeds to be received by the vendee from the oil and gas to be produced from the properties and from the sale by him of the fee of any or all of the land conveyed. The vendor was to have a first lien and claim against the one-half of oil and gas production and fee interests from which the balance was payable. The proceeds from production and sales were to go directly to the vendee, who was to deposit one-half to the credit of the vendor. The agreement recited the vendor's desire to sell all interest in the properties, and, immediately upon its execution, they were conveyed to the vendee without reservation.

Held that the part of the gross proceeds which the vendee received from production and sale of oil from the properties and paid over to the vendor pursuant to the contract should be included in the gross income of the vendee in computing his income tax under the Revenue Act of 1932. P. 310 U. S. 407.

107 F.2d 459 affirmed.

Certiorari, 309 U.S. 645, to review a judgment affirming a ruling of the Board of Tax Appeals.

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