Virgilia Mining Corp. v. Commissioner
United States Tax Court
Net Loss Carry-over -- Limitation -- Deduction for Depletion -- Section 122 (d) (1). -- Section 122 (d) (1) does not grant a deduction for depletion, but is only intended to limit in certain cases a deduction granted by other provisions of the code.
1Opinion of the Court
OPINION.
Murdock, Judge-.
The Commissioner determined a deficiency of $7,047.31 in income tax for 1941. The only issue is whether he erred in not allowing a deduction for depletion based upon cost in computing a net loss carry-over from 1940. The facts have been stipulated.
The petitioner is a California corporation which filed its income tax return for 1941 with the collector of internal revenue for the first district of California. It was engaged in mining gold at all times material hereto.
Its first income tax return was one filed for 1935, in which it elected to claim depletion upon the…
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