ANDERSON v. HELVERING

No. 682.

310 U.S. 404 (1940)

60 S.Ct. 952

84 L.Ed. 1277

ANDERSON v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided May 20, 1940.


Attorney(s) appearing for the Case

Mr. Charles H. Garnett for petitioners.

Mr. J. Louis Monarch, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Messrs. Sewall Key, Joseph M. Jones, and Richard H. Demuth were on the brief, for respondent.


MR. JUSTICE MURPHY delivered the opinion of the Court.

Oklahoma City Company in 1931 owned certain royalty interests, fee interests, and deferred oil payments in properties in Oklahoma. During that year it entered into a written contract with petitioner Prichard providing for the conveyance to him of these interests for the agreed consideration of one hundred sixty thousand dollars, payable fifty thousand in cash and one hundred ten thousand from one-half of the proceeds...

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