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FLOYD v. COMMISSIONER

Docket No. 80107.

20 T.C.M. 303 (1961)

T.C. Memo. 1961-56

Jay H. Floyd and Julia M. Floyd v. Commissioner.

United States Tax Court.

Filed February 28, 1961.

Attorney(s) appearing for the Case

Parker C. Fielder, Esq., P. O. Box 913, Midland, Tex., for the petitioners. David E. Mills, Esq., for the respondent.

Memorandum Opinion

WITHEY, Judge:

A deficiency in the income tax of petitioners has been determined by the Commissioner in the amount of $6,865 for the taxable year 1952.

Due to stipulated concessions of the parties the only issue before us is whether the proceeds from the assignment of certain in-oil payment rights by petitioner Jay H. Floyd constitute capital gains or ordinary income.

All of the facts have been stipulated and are found...

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