Weirton Ice & Coal Supply Co. v. Commissioner
United States Tax Court
Petitioner contracted to go on the coal lands owned by the National Steel Corporation and to strip mine, clean, and deliver to National such coal as National might direct. Under the contract petitioner was to be paid a specified amount for each ton of coal delivered. By giving 90 days' notice either party could terminate this contract.
Read the full summary
Petitioner contracted to go on the coal lands owned by the National Steel Corporation and to strip mine, clean, and deliver to National such coal as National might direct. Under the contract petitioner was to be paid a specified amount for each ton of coal delivered. By giving 90 days' notice either party could terminate this contract. Held, petitioner did not possess an "economic interest" in the coal in place and, therefore, was not entitled to a percentage depletion deduction under sections 23(m) and 114(b) (4) of the Internal Revenue Code of 1939. Morrisdale Coal Mining Co., 19 T. C. 208,…
1Opinion of the Court
Weirton Ice & Coal Supply Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Weirton Ice & Coal Supply Co. v. Commissioner
Docket Nos. 43459, 43694
United States Tax Court
24 T.C. 374; 1955 U.S. Tax Ct. LEXIS 175;
June 10, 1955, Filed
Decisions will be entered under Rule 50.
Petitioner contracted to go on the coal lands owned by the National Steel Corporation and to strip mine, clean, and deliver to National such coal as National might direct. Under the contract petitioner was to be paid a specified amount for each ton of coal delivered. By giving 90 days' notice either party could…
2Cases cited8 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Helvering v. Bankline Oil Co.Supreme Court of the United States · 1938
- Kirby Petroleum Co. v. CommissionerSupreme Court of the United States · 1946
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1952
3 more not listed; retrieve them via the Exa API.