Weaver v. Commissioner
United States Tax Court
Petitioner executed three agreements with owners of rock, sand, and gravel deposits. Under the 1969 Newson agreement, petitioner obtained exclusive extraction rights until exhaustion of the minerals, subject to the owner's right to cancel without cause on 120 days' notice. Petitioner paid 15 cents per cubic yard "rents."
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Petitioner executed three agreements with owners of rock, sand, and gravel deposits. Under the 1969 Newson agreement, petitioner obtained exclusive extraction rights until exhaustion of the minerals, subject to the owner's right to cancel without cause on 120 days' notice. Petitioner paid 15 cents per cubic yard "rents." Under the 1972 Munroe agreement, petitioner obtained exclusive extraction rights for 3 years, made no advance payment, and agreed to pay 20 cents per cubic yard for extracted minerals. Under the 1971 Coe agreement, which was nonexclusive and terminable at will, after May…
1Opinion of the Court
Hall, Judge:
Respondent determined deficiencies in petitioner’s income tax of $2,686.15 for 1972 and $3,447.05 for 1973. Due to a concession by respondent, the issue remaining is whether petitioner had an economic interest in the Newson, Munroe, and Coe properties which entitled him to deductions for depletion under section 611(a).1
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
At the time he filed his petition, Lloyd Weaver was a resident of Hastings, N.Y.
During the years in issue, petitioner was self-employed, doing business as the Lloyd Weaver Construction…
2Cases cited19 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Anderson v. HelveringSupreme Court of the United States · 1940
- Commissioner v. Southwest Exploration Co.Supreme Court of the United States · 1956
- Helvering v. Bankline Oil Co.Supreme Court of the United States · 1938
14 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
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- Freede v. CommissionerUnited States Tax Court · 1986
- H.J. Freede Josephine W. Freede Roger S. Folsom and Mary M. Folsom v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1989
- Husky Oil Co. v. CommissionerUnited States Tax Court · 1984
15 more not listed; retrieve them via the Exa API.