Quartzite Stone Co. v. Commissioner
United States Tax Court
Held, the deposits quarried and sold by petitioner in the years before us were quartzite within the meaning of section 114 (b) (4) (A) (iii) of the Internal Revenue Code of 1939. Held, further, payments made by petitioner labeled "rental" were, in fact, partial payments on the purchase price of certain equipment.
1Opinion of the Court
Muleoney, Judge:
The respondent determined deficiencies in income taxes of the corporate petitioner as follows:
Year Deficiency
1951_$20, 715.76
1952_ 11,438.69
1953_ 3,430.08
The two issues presented for our determination are (1) whether the mineral deposit quarried by petitioner in the years before us is “quartzite” within the meaning of section 114 (b) (4) (A) (iii), thereby qualifying for percentage depletion at the rate of 15 per cent, and (2) whether certain payments made by petitioner under a “Machinery Lease Agreement” were, in fact, rental payments or partial payments on the purchase price…
2Cases cited8 opinions
- Haggard v. CommissionerUnited States Tax Court · 1955
- D. M. Haggard and Nila Haggard v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Bowen v. CommissionerUnited States Tax Court · 1949
- Virginian Limestone Corp. v. CommissionerUnited States Tax Court · 1956
- Spencer Quarries, Inc. v. CommissionerUnited States Tax Court · 1956
3 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Northwest Acceptance Corp. v. CommissionerUnited States Tax Court · 1972
- South Jersey Sand Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Vest v. CommissionerUnited States Tax Court · 1971
- Standard Realization Company v. United StatesCourt of Appeals for the Seventh Circuit · 1961
- LTV Corp. v. CommissionerUnited States Tax Court · 1974
20 more not listed; retrieve them via the Exa API.