United States Board of Tax Appeals April 26, 1938, Docket No. 67766. (Ayer v. Commissioner)

lead-opinion

*771OPINION.

Black:

The sole issue in this proceeding is whether petitioners are taxable on the $225,694.35 which was paid to them during the year 1929 from the depletion reserves of the Keweenaw Land Asso*772ciation, Ltd., and if not taxable on the entire amount, then on what part, if any, are they taxable. The pertinent sections of the Revenue Act of 1928 are printed in the margin.