Search Supreme Court Cases

HELVERING V. O'DONNELL, 303 U. S. 370 (1938)

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


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

Powered by Justia US Supreme Court Center: HELVERING V. O'DONNELL, 303 U. S. 370 (1938)

Official Supreme Court caselaw is only found in the print version of the United States Reports. Justia caselaw is provided for general informational purposes only, and may not reflect current legal developments, verdicts or settlements. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or information linked to from this site. Please check official sources.