Case Name: Jay H. FLOYD and Julia M. Floyd, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Court: United States Court of Appeals for the Fifth Circuit
Jurisdiction: United States
Decision Date: 1962-09-26
Citations: 309 F.2d 95
Docket Number: No. 19127
Parties: Jay H. FLOYD and Julia M. Floyd, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Judges: 
Reporter: Federal Reporter 2d Series
Volume: 309
Pages: 95–96

Head Matter:
Jay H. FLOYD and Julia M. Floyd, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
No. 19127.
United States Court of Appeals Fifth Circuit.
Sept. 26, 1962.
Parker C. Fielder, Wm. Monroe Kerr, Midland, Tex., for petitioners.
Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, R. P. Hertzog, Acting Chief Counsel, C. R. Marshall, Atty., I. R. S., Melva M. Graney and John A. Bailey, Attys., Dept. of Justice, Washington, D. C., for respondent.
Before TUTTLE, Chief Judge, and HUTCHESON and WISDOM, Circuit Judges.

Opinion:
PER CURIAM.
This case presents a single question, whether the proceeds from the assignment by petitioners of certain in-oil payment rights constitute capital gain or ordinary income. All the facts are stipulated and are found in accordance with the stipulation.
The Tax Court held that the case cannot be distinguished from that of Commissioner v. P. G. Lake, 356 U.S. 260, 78 S.Ct. 691, 2 L.Ed.2d 743, and that the proceeds are taxable as ordinary income.
We agree with the Tax Court that this is so in this case and affirm its judgment.
Affirmed.