Riverton Lime & Stone Co. v. Commissioner
United States Tax Court
1. Petitioner quarried a limestone which could have been used either in the production of hydrated hydraulic lime or for agricultural purposes. However, because of the existence of other limestone in the agricultural market chemically better suited to the farmers' needs, petitioner could not sell its quarried stone in that market.
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1. Petitioner quarried a limestone which could have been used either in the production of hydrated hydraulic lime or for agricultural purposes. However, because of the existence of other limestone in the agricultural market chemically better suited to the farmers' needs, petitioner could not sell its quarried stone in that market. Petitioner's stone was therefore subjected to certain treatment processes in order to produce hydrated hydraulic lime, a product of which petitioner was the only known producer during the years in issue. Held, hydrated hydraulic lime was the first commercially…
1Opinion of the Court
OPINION.
Rice, Judge:
Section 114 (b) (4) (A) of the 1939 Code3 provides that the allowance for depletion in the case of stone shall be “5 per centum * * * of the gross income from the property during the taxable year * * Subparagraph (B) defines gross income from the property as “the gross income from mining * * and includes within the term mining “not merely the extraction of the ores or minerals from the ground but also the ordinary treatment processes normally applied by mine owners or operators in order to obtain the commercially marketable mineral product or products * * *.” In Black…
2Cases cited5 opinions
- United States v. Cherokee Brick & Tile CompanyCourt of Appeals for the Fifth Circuit · 1955
- United States v. Merry Brothers Brick and Tile Company, United States of America v. Reliance Clay Products CompanyCourt of Appeals for the Fifth Circuit · 1957
- T. L. Townsend, Acting District Director of Internal Revenue v. The Hitchcock CorporationCourt of Appeals for the Fourth Circuit · 1956
- United States v. Sapulpa Brick and Tile CorporationCourt of Appeals for the Tenth Circuit · 1956
- American Gilsonite Co. v. CommissionerUnited States Tax Court · 1957
3Cited by13 opinions
- Alabama By-Products Corporation v. George D. Patterson, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Panhandle Eastern Pipe Line Co. v. The United StatesUnited States Court of Claims · 1969
- Cannelton Sewer Pipe Company v. United StatesCourt of Appeals for the Seventh Circuit · 1959
- Commissioner of Internal Revenue v. Iowa Limestone CompanyCourt of Appeals for the Eighth Circuit · 1959
- Kaiser Steel Corp. v. Property Appraisal DepartmentNew Mexico Court of Appeals · 1971
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