Parker Gravel Co. v. Commissioner
United States Board of Tax Appeals
1. A gravel pit or deposit is not a "mine" within the meaning of that word as used in section 204(c)(1) of the Revenue Act of 1926, and may not be the subject matter of a deduction for depletion based on discovery value. 2. Deduction allowable for depreciation determined from the record. 3. Miscellaneous expenditures analyzed and held to be part capital, and part expense deductible from income.
1Opinion of the Court
PARKER GRAVEL CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Parker Gravel Co. v. Commissioner
Docket No. 38348.
United States Board of Tax Appeals
21 B.T.A. 51; 1930 BTA LEXIS 1936;
October 15, 1930, Promulgated
1. A gravel pit or deposit is not a "mine" within the meaning of that word as used in section 204(c)(1) of the Revenue Act of 1926, and may not be the subject matter of a deduction for depletion based on discovery value.
2. Deduction allowable for depreciation determined from the record.
3. Miscellaneous expenditures analyzed and held to be part capital, and part expense…
2Cases cited18 opinions
- Northern Pacific Railway Company v. SoderbergSupreme Court of the United States · 1902
- Sult v. A. Hochstetter Oil Co.West Virginia Supreme Court · 1908
- Marvel v. MerrittSupreme Court of the United States · 1885
- Northern Pacific Ry. Co. v. MjeldeMontana Supreme Court · 1913
- Hendler v. Lehigh Valley RailroadSupreme Court of Pennsylvania · 1904
13 more not listed; retrieve them via the Exa API.