Central Commercial Co. v. Commissioner
United States Tax Court
Held, that the petitioner's basalt deposit, which was used for the production of roofing granules, is "stone," entitled to percentage depletion at the rate of 5 percent under section 613(b)(5) of the Internal Revenue Code of 1954, and that it does not fall within "all other minerals" entitled to depletion at the rate of 15 percent under section 613(b)(6).
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax and, by amendments to answers, made claim for additional deficiencies as follows:
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The petitioner in its petitions claimed overpayments of $110,000 in Docket No. 81985, $100,000 in Docket No. 81986, and $152,000 in Docket No. 90682.
The parties having entered into stipulations as to the computation of the petitioner’s “gross income from the property” and “taxable income from the property” in connection with certain of its quarries and as to the amounts of its percentage depletion deductions for all of such quarries…
2Cases cited13 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Brewster v. GageSupreme Court of the United States · 1930
- Virginian Limestone Corp. v. CommissionerUnited States Tax Court · 1956
- South Jersey Sand Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Spencer Quarries, Inc. v. CommissionerUnited States Tax Court · 1956
8 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Barry v. CommissionerUnited States Tax Court · 1970
- Barry v. CommissionerUnited States Tax Court · 1970
- Central Commercial Co. v. CommissionerUnited States Tax Court · 1963