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F.-K. LAND CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 8383.

90 F.2d 484 (1937)

F.-K. LAND CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

June 7, 1937.

Attorney(s) appearing for the Case

Sidney M. Ehrman, Richard E. Guggenhime, and Heller Ehrman, White & McAuliffe, all of San Francisco, Cal., for petitioner.

James W. Morris, Asst. U. S. Atty., of Washington, D. C., and Sewall Key, John G. Remey, and Lester L. Gibson, Sp. Assts. U. S. Atty. Gen., for respondent.

Before WILBUR, GARRECHT, and HANEY, Circuit Judges.

WILBUR, Circuit Judge.

The petitioner appealed to the Board of Tax Appeals from the proposed action of the Commissioner fixing its income tax for the year 1930. During that year the taxpayer had received a payment of $130,000 as a bonus on an oil lease executed by it in that year, which had been assigned to the Superior Oil Company. By the terms of the lease the taxpayer was to receive a royalty of one-sixth of the oil and gas produced, or one-seventh if the production...

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