American Metal Climax, Inc. v. Commissioner
United States Tax Court
Petitioner, a company involved in the mining and sale of molybdenum, engaged in a program of exploration and development.
Read the full summary
Petitioner, a company involved in the mining and sale of molybdenum, engaged in a program of exploration and development. Held, a portion of the petitioner's 1942 income arising from the sale of molybdenum constitutes net abnormal income resulting from such exploration and development within the meaning of sections 721(a)(2)(C) and 721(a)(3), I.R.C. 1939, and is allocable to those years prior to 1942, during which the exploration and development work was done, pursuant to section 721(b), I.R.C. 1939.
1Opinion of the Court
American Metal Climax, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
American Metal Climax, Inc. v. Commissioner
Docket No. 58218
United States Tax Court
41 T.C. 292; 1963 U.S. Tax Ct. LEXIS 11;
November 26, 1963, Filed
Decision will be entered under Rule 50.
Petitioner, a company involved in the mining and sale of molybdenum, engaged in a program of exploration and development. Held, a portion of the petitioner's 1942 income arising from the sale of molybdenum constitutes net abnormal income resulting from such exploration and development within the meaning of sections…
2Cases cited9 opinions
- Soabar Co. v. CommissionerUnited States Tax Court · 1946
- Ramsey Accessories Mfg. Corp. v. CommissionerUnited States Tax Court · 1948
- Steel or Bronze Piston Ring Corp. v. CommissionerUnited States Tax Court · 1949
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1949
- Primas Groves, Inc. v. CommissionerUnited States Tax Court · 1950
4 more not listed; retrieve them via the Exa API.