Murphy J. FOSTER and wife, Olive R. Foster, Plaintiffs,
v.
UNITED STATES of America, Defendant,
United States District Court E. D. Louisiana, New Orleans Division.https://leagle.com/images/logo.png
June 18, 1962.
June 18, 1962.
Attorney(s) appearing for the Case
Blanchard, Goldstein, Walker & O'Quin, Thomas A. Harrell, Shreveport, La., Monroe & Lemann, Walter J. suthon, III, New Orleans, La. for plaintiffs.
Louis F. Oberdorfer, Asst. Atty. Gen., Edward S. Smith, Charles W. Mehaffy, Jerome J. Reso, Jr., Attys., Dept. of Justice, Washington, D. C., Kathleen Ruddel, U. S. Atty., L. Howard McCurdy, Asst. U. S. Atty., New Orleans, La., for the United States.
United States District Court E. D. Louisiana, New Orleans Division.
AINSWORTH, District Judge.
The question for determination is whether the proceeds from the sale of an oil payment are to be treated as capital gains or ordinary income. The oil payment in question is held to be retained oil payment, a capital asset, the sale of which results in a capital gain. Also, the oil payment is on nonproducing land and the payment cannot be ascertained with sufficient accuracy to constitute a mere...
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