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HELVERING v. O'DONNELL

No. 406.

303 U.S. 370 (1938)

58 S.Ct. 619

82 L.Ed. 903

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. O'DONNELL.

Supreme Court of United States.

Decided March 7, 1938.

Attorney(s) appearing for the Case

Assistant Solicitor General Bell, with whom Solicitor General Reed, Assistant Attorney General Morris, and Messrs. Sewall Key and A.F. Prescott were on the brief, for petitioner.

Mr. A. Calder Mackay, with whom Mr. Thomas R. Dempsey was on the brief, for respondent.

MR. CHIEF JUSTICE HUGHES delivered the opinion of the Court.

Respondent, Thomas A. O'Donnell, owned one-third of the capital stock of the San Gabriel Petroleum Company. By contract of January 9, 1918, he sold this stock to the Petroleum Midway Company, Ltd. As consideration, the Midway Company agreed to pay to respondent one-third of the net profits from the development and operation of the oil and gas properties then owned...

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