Legal Opinion
Virginia Greenstone Company, Incorporated v. United States
Court of Appeals for the Fourth Circuit
Decided September 24, 1962No. 8577PublishedCited by 21 opinions
1Opinion of the Court
HAYNSWORTH, Circuit Judge.
The question is the basis for the computation of the depletion allowance for income tax purposes for this miner-manufacturer of dimension stone. The District Court held that sand finished stone, cut to the dimensions specified by the customer, is the first marketable product of the quarry and that depletion should be computed on the basis of the gross income from the sale of such stone. We think gross income from the sale of quarry block, as contended by the Commissioner, is the proper basis.
In Lynchburg, Virginia, the taxpayer mines, cuts and finishes greenstone for…
2Cases cited3 opinions
- United States v. Cannelton Sewer Pipe Co.Supreme Court of the United States · 1960
- Commissioner of Internal Revenue v. Albin C. Halquist and Madeline E. HalquistCourt of Appeals for the Seventh Circuit · 1961
- R. A. Riddell, District Director of Internal Revenue, Los Angeles District v. Monolith Portland Cement Co.Court of Appeals for the Ninth Circuit · 1962
3Cited by21 opinions
- United States v. California Portland Cement Co.Court of Appeals for the Ninth Circuit · 1969
- Barton Mines Corporation, and Cross-Appellee v. Commissioner of Internal Revenue, and Cross-AppellantCourt of Appeals for the Second Circuit · 1971
- United States v. Light Aggregates, Inc.Court of Appeals for the Eighth Circuit · 1965
- Barton Mines Corp. v. CommissionerUnited States Tax Court · 1969
- Solite Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1967
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