Central Commercial Co. v. Commissioner
United States Tax Court
Held, that the petitioner's basalt deposit, which was used for the production of roofing granules, is "stone," entitled to percentage depletion at the rate of 5 percent under section 613(b)(5) of the Internal Revenue Code of 1954, and that it does not fall within "all other minerals" entitled to depletion at the rate of 15 percent under section 613(b)(6).
1Opinion of the Court
Central Commercial Company (Successor to Central Commercial Industries, Inc. and Affiliated Corporations by Statutory Merger), Petitioner, v. Commissioner of Internal Revenue, Respondent; Central Commercial Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Central Commercial Co. v. Commissioner
Docket Nos. 81985, 81986, 90682
United States Tax Court
40 T.C. 901; 1963 U.S. Tax Ct. LEXIS 63;
September 3, 1963, Filed
Decisions will be entered under Rule 50.
Held, that the petitioner's basalt deposit, which was used for the production of roofing granules, is "stone," entitled to…
2Cases cited15 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Brewster v. GageSupreme Court of the United States · 1930
- Virginian Limestone Corp. v. CommissionerUnited States Tax Court · 1956
- South Jersey Sand Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Spencer Quarries, Inc. v. CommissionerUnited States Tax Court · 1956
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