Helvering v. O'Donnell
303 U.S. 370 (1938)

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U.S. Supreme Court

Helvering v. O'Donnell, 303 U.S. 370 (1938)

Helvering v. O'Donnell

No. 406

Argued February 9, 10, 1938

Decided March 7, 1938

303 U.S. 370

Syllabus

A shareholder in a corporation owning oil properties has no interest in the oil and gas in place -- no capital investment -- which will entitle him to an allowance for depletion under Revenue Act of 1926, §§ 204(c)(2), 214(a)(9), nor, upon sale of his shares to one who acquires the wells from the corporation, does he acquire such depletable interest through the vendee's covenant to pay him a portion of the net profits from development and operation of the properties. P. ___.

90 F.2d 907, reversed.

Certiorari, 302 U.S. 676, to review the affirmance of a decision of the Board of Tax Appeals, 32 B.T.A. 1277, which overruled a deficiency income tax assessment.

Page 303 U. S. 371

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