North Carolina Granite Corp. v. Commissioner
United States Tax Court
1. Petitioner was an integrated miner-manufacturer of granite products. Some of its finished products were made by application of simple finishing techniques while others were made to exacting specifications which required the application of sophisticated finishing techniques. Petitioner sold very little of its granite without the application of some form of finishing process and could not demonstrate a representative sales price for rough granite stock.
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1. Petitioner was an integrated miner-manufacturer of granite products. Some of its finished products were made by application of simple finishing techniques while others were made to exacting specifications which required the application of sophisticated finishing techniques. Petitioner sold very little of its granite without the application of some form of finishing process and could not demonstrate a representative sales price for rough granite stock. Held, petitioner must compute gross income from property under section 613, 1954 Code, for purposes of its deduction for depletion by use of…
1Opinion of the Court
IRWIN, Judge:
Tbe Commissioner determined deficiencies in petitioner’s income tax as follows:
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Tbe deficiencies relate to petitioner’s method of computing percentage depletion under section 613 of tbe Internal Revenue Code of 19541 for granite that it Sold during tbe years at issue. Tbe specific questions in controversy are whether petitioner is to be required to compute gross income from property2 with respect to its sales of granite products by use of the proportionate-profits method and whether petitioner’s expenses relating to Federal income tax controversies are a cost of…
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. Cannelton Sewer Pipe Co.Supreme Court of the United States · 1960
- Standard Lime and Cement Company (Formerly Known as the Standard Lime and Stone Company) v. The United StatesUnited States Court of Claims · 1964
- F. H. E. Oil Co. v. CommissionerUnited States Tax Court · 1944
- United States v. California Portland Cement Co.Court of Appeals for the Ninth Circuit · 1969
2 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Commissioner v. Portland Cement Co. of UtahSupreme Court of the United States · 1981
- Monsanto Co. v. CommissionerUnited States Tax Court · 1986
- Monsanto Co. v. CommissionerUnited States Tax Court · 1986
- North Carolina Granite Corp. v. CommissionerUnited States Tax Court · 1971
- U. S. Pumice Co. v. CommissionerUnited States Tax Court · 1978