Court Opinion

ID: 9448872
Source: CourtListenerOpinion
Date Created: 2023-08-03 23:47:32.530733+00
Date Added: 2024-06-11T17:31:35.302900
License: Public Domain

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.