Consolidated Chollar Gould & Savage Mining Co. v. Commissioner
United States Board of Tax Appeals
Petitioner acquired property in Nevada upon which were "dumps" composed of broken ore-bearing rock taken from mines located on adjacent property. At the time the "dumps" were placed on petitioner's property they were considered worthless. As a result of improvements in extracting methods the contents of these dumps were milled by petitioner at a profit.
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Petitioner acquired property in Nevada upon which were "dumps" composed of broken ore-bearing rock taken from mines located on adjacent property. At the time the "dumps" were placed on petitioner's property they were considered worthless. As a result of improvements in extracting methods the contents of these dumps were milled by petitioner at a profit. Held, these "dumps" are not mines and petitioner is not entitled to percentage depletion under sections 23(m) and 114(b)(4) of the Acts of 1936 and 1938. Atlas Milling Co. v. Jones, 115 Fed.(2d) 61, followed; Kennedy Mining & Milling Co.,43…
1Opinion of the Court
CONSOLIDATED CHOLLAR GOULD & SAVAGE MINING CO., A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Consolidated Chollar Gould & Savage Mining Co. v. Commissioner
Docket Nos. 104195, 105095.
United States Board of Tax Appeals
46 B.T.A. 241; 1942 BTA LEXIS 885;
February 4, 1942, Promulgated
Petitioner acquired property in Nevada upon which were "dumps" composed of broken ore-bearing rock taken from mines located on adjacent property. At the time the "dumps" were placed on petitioner's property they were considered worthless. As a result of improvements in extracting methods…
2Cases cited2 opinions
- Kennedy Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Consolidated Chollar Gould & Savage Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1942