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WEINERT'S ESTATE v. C. I. R.

No. 17992.

294 F.2d 750 (1961)

ESTATE of H. H. WEINERT, Deceased, Jane W. Blumberg, Executrix, and Hilda B. Weinert, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

August 31, 1961.

Attorney(s) appearing for the Case

Stanley Schoenbaum, Leon O. Lewis, San Antonio, Tex., for petitioners.

Lee A. Jackson, Atty., Dept. of Justice, Hart H. Spiegel, Chief Counsel, I.R.S., C. R. Marshall, Sp. Atty., I.R.S., C. Guy Tadlock, Atty., Dept. of Justice, Washington, D. C., Charles K. Rice, Asst. Atty. Gen., Meyer Rothwacks, Melva M. Graney, Kenneth E. Levin, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before CAMERON, BROWN, and WISDOM, Circuit Judges.

WISDOM, Circuit Judge.

This case presents an oil and gas income tax problem concerning an oilmaninvestor sharing arrangement cast in the outward form of a loan, but one that is in substance a carried interest transaction1 or a carved out production payment2 for development. The taxpayer's original brief describes the arrangement as a carried interest transaction. The...

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