Dow Chemical Co. v. Commissioner
United States Tax Court
Petitioner, an integrated miner-manufacturer, obtained minerals from natural brine and computed its gross income from mining for depletion purposes upon the sales price of the minerals so obtained, having extracted them from brine by the use of processes permissible under sec. 613(c)(4)(D), I.R.C. 1954. Respondent disallowed the use of such processes on the ground that the natural brine at the wellhead was the first-obtained commercially marketable product of petitioner as a…
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Petitioner, an integrated miner-manufacturer, obtained minerals from natural brine and computed its gross income from mining for depletion purposes upon the sales price of the minerals so obtained, having extracted them from brine by the use of processes permissible under sec. 613(c)(4)(D), I.R.C. 1954. Respondent disallowed the use of such processes on the ground that the natural brine at the wellhead was the first-obtained commercially marketable product of petitioner as a miner. Held, petitioner's natural brines at the wellhead were not its first commercially marketable product within the…
1Opinion of the Court
Withet, Judge:
Deficiencies have been determined by the Commissioner in the income tax of petitioner for the fiscal years ended May 31, 1957, and May 31, 1958, in the respective amounts of $594,-030.02 and $903,822.19. By an amended answer, the Commissioner now claims an increased deficiency for such fiscal years in the respective amounts of $1,148,193.75 and $1,436,834.62. Petitioner claims an overpayment of such tax for each of such fiscal years in the respective amounts of $385,905.66 and $348,665.38. Due to concessions made by respondent in his amended answer and also upon brief, and by…
2Cases cited2 opinions
- United States v. Cannelton Sewer Pipe Co.Supreme Court of the United States · 1960
- Dravo Corporation v. The United StatesUnited States Court of Claims · 1965
3Cited by9 opinions
- Union Carbide Corp. v. CommissionerUnited States Tax Court · 1980
- Ideal Basic Industries, Inc. v. CommissionerUnited States Tax Court · 1984
- Barton Mines Corp. v. CommissionerUnited States Tax Court · 1969
- The Dow Chemical Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- Barton Mines Corp. v. CommissionerUnited States Tax Court · 1969
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