Halquist v. Commissioner
United States Tax Court
1. Percentage Depletion -- Dolomite Quarry. -- Petitioners owned dolomite quarry from which they produced flagstone and drywall stone from the thin upper strata of the deposit, building stone from the next underlying strata, and crushed stone (including some agricultural lime) from the lower strata which was unsuitable for building stone.
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1. Percentage Depletion -- Dolomite Quarry. -- Petitioners owned dolomite quarry from which they produced flagstone and drywall stone from the thin upper strata of the deposit, building stone from the next underlying strata, and crushed stone (including some agricultural lime) from the lower strata which was unsuitable for building stone. Held: The first commercially marketable product of that part of petitioners' dolomite deposit suitable for building stone is the building stone produced by petitioners, and the processes used by petitioners to produce building stone were the ordinary…
1Opinion of the Court
Drennen, Judge:
Respondent has determined deficiencies in petitioners’ income tax in Docket No. 65794 for the years 1951, 1952, and 1953 in the amounts of $29,545.10, $32,134.08, and $17,974.86, respectively, and in Docket No. 71133 for the year 1954 in the amount of $24,957.92. By amended petition in Docket No. 65794, petitioners claimed overpayments of tax in 1951, 1952, and 1953 of $1,356.40, $56.94, and $4,609.30, respectively.
The issues for decision are: (1) In regard to the building and dimension stone produced and sold by petitioners, whether the gross income from the property for…
2Cases cited19 opinions
- Anderson v. HelveringSupreme Court of the United States · 1940
- United States v. Cherokee Brick & Tile CompanyCourt of Appeals for the Fifth Circuit · 1955
- Virginian Limestone Corp. v. CommissionerUnited States Tax Court · 1956
- Spencer Quarries, Inc. v. CommissionerUnited States Tax Court · 1956
- Dragon Cement Company, Inc. v. United StatesCourt of Appeals for the First Circuit · 1957
14 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Vulcan Materials Company v. Ernest J. Sauber, District Director of Internal Revenue, and D. J. Luippold, Acting District Director of Internal RevenueCourt of Appeals for the Seventh Circuit · 1962
- W. D. Haden Co. v. Comm'rUnited States Tax Court · 1961
- Lehigh Portland Cement Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1961
- James River Hydrate & Supply Co. v. United StatesDistrict Court, W.D. Virginia · 1963
- Ohio Lime Co. v. United StatesDistrict Court, N.D. Ohio · 1963
9 more not listed; retrieve them via the Exa API.