Commissioner of Internal Revenue v. Gifford-Hill & Co., Inc

WALLER, Circuit Judge.

Respondent, a corporation, has, since its organization in 1926,. been engaged in the business of mining and selling sand and gravel. The question in the case here involves assessed deficiencies in excess profits taxes for the years 1942 and 1943, the solution to which must be found in the interpretation to be given subsection 735(a) (6) of the Internal Revenue Code, 26 U.S. C.A. § 735(a) (6), as applied to section 711(a) (1) (I) and section 711(a) (2) (K), and whether or not subsection 35.735-2 (f) of the Treasury Regulations, in undertaking to define the term “mineral…