United States Smelting, Refining & Mining Co. v. Haynes

LARSON, Chief Justice.

This action involves the construction of Sec. 80-5-57, U. C. A. 1943, relative to determining the base or valuation of metalliferous mines for tax purposes. As far as pertinent to this case, the statute reads:

Section 80-5-56.

“All metalliferous mines and mining' claims, both placer and rock in place, shall be assessed at $5 per acre and in addition thereto at a value equal to two times the net annual proceeds thereof for the calendar year next preceding * *

Section 80-5-57 defines the phrase “Net annual proceeds,” ' and provides in part:

“The words, ‘net annual proceeds,’…