United States Board of Tax Appeals March 9, 1925, Docket No. 720. (Farmer v. Commissioner)

Appeal of WILLIAM ROBERT FARMER. Farmer v. Commissioner Docket No. 720. United States Board of Tax Appeals 1 B.T.A. 711; 1925 BTA LEXIS 2814; March 9, 1925, decided Submitted February 4, 1925. *2814 The taxpayer, owner in fee of land, leased the same for approximately $1 per acre for the purpose of exploration for oil and gas.