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DYER v. COMMISSIONER

Docket Nos. 69949, 70006.

34 T.C. 513 (1960)

J. G. DYER AND ELLA R. DYER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. S. T. DYER AND ELIZABETH C. DYER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 16, 1960.

Attorney(s) appearing for the Case

Frank M. Cavanaugh, Esq., for the petitioners.

William H. Welch, Esq., for the respondent.

These consolidated proceedings involve deficiencies in income tax and claimed overpayments for 1954 as follows:

Docket No.                               Deficiency   Overpayment

69949 --------------------------------   $72,621.44    $23,278.82
70006 --------------------------------    17,987.99      5,284.37

The sole questions are whether a lump-sum payment received by petitioners for the assignment of certain oil and gas leases...

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