Justia Federal District Court Opinions

This appeal from an unreported decision of the Tax Court on stipulated facts,¹ and findings by the Tax Court in favor of respondents, presents the single question whether the Tax Court erred in holding that taxpayer John Wrather's share of the proceeds received from the sale by a partnership, of which he was a member, of oil payments carved out of leasehold estates owned and operated by it was long term capital gain under Sec. 117, 26 U.S.C.A. § 117, rather than ordinary income subject to depletion.

Here the commissioner advances the same contentions and arguments which, at greater length, he advanced in Commissioner v. P. G. Lake, Inc., 5 Cir., 241 F.2d 71 and Fleming v. Commissioner, 5 Cir., 241 F.2d 78 this day decided, while the respondents here oppose to them substantially the same contentions and arguments advanced by the respondents in those cases.

Referring to, without restating the considerations upon, and the reasons for, which, rejecting the commissioner's, and sustaining the taxpayer's, contentions, we conclude that those cases had been correctly decided below, it is sufficient for us to hold that, upon those same considerations and for the same reasons, we conclude that this case was correctly decided and that the decision and order appealed from should be

Affirmed.