Central Commercial Company v. Commissioner of Internal Revenue

CASTLE, Circuit Judge.

The sole contested issue presented by this petition filed by Central Commercial Company to review decisions of the Tax Court confirming income tax deficiencies determined against petitioner for the years 1954 to 1958 inclusive is whether the petitioner’s basalt deposit, which is of such quality it is quarried and used solely in the production of roofing granules, 1 is entitled to a percentage depletion deduction at the 15% rate provided for “all other minerals” rather than at the 5% rate provided for “stone” as those terms are used in Section 613(b) of the Internal…