C. H. Mead Coal Co. v. Commissioner
United States Board of Tax Appeals
In its 1933 return, in which it reported a net loss, petitioner made no claim for a depletion deduction, but attached thereto a statement to the effect that it elected to have depletion allowance for succeeding taxable years computed with reference to the percentage depletion.
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In its 1933 return, in which it reported a net loss, petitioner made no claim for a depletion deduction, but attached thereto a statement to the effect that it elected to have depletion allowance for succeeding taxable years computed with reference to the percentage depletion. It reported taxable income in its 1934 return, but no depletion was claimed and no statement was attached thereto showing any election to have the depletion allowance computed with or without regard to percentage depletion. On February 6, 1936, it filed an amended return for 1934 and attached thereto a depletion…
1Opinion of the Court
*1165OPINION.
TuRnbe:
The sole issue in this proceeding is whether or not the petitioner has complied with the requirements of section 114 (b) (4) of the Revenue Act of 1934 so as to be entitled to a deduction computed on the percentage basis for the depletion of its coal properties.
The allowance of a deduction for depletion of coal and metal mines on a percentage basis was first provided by section 114 (b) (4) of the Revenue Act of 1932, which reads in part as follows:
* * * A taxpayer making return for the taxable year 1933 shall state in such return, as to each property (or, if he first makes…
2Cases cited2 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. Independent Life InsuranceSupreme Court of the United States · 1934
3Cited by7 opinions
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Mother Lode Coalition Mines Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1942
- Biggers v. CommissionerUnited States Board of Tax Appeals · 1939
- C. H. Mead Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Kehoe-Berge Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1940
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