Chicago Mines Co. v. Commissioner
United States Tax Court
1. Corporation A was the wholly owned subsidiary of corporation B. B owned a half interest in a mining claim upon which a mine was located, also a half interest in two adjoining claims. In previous years a lessee from B and the other owners had operated the mine, piling waste and low grade ore in a dump, largely on the two adjoining claims, though in minor part on the claim where the mine was located.
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1. Corporation A was the wholly owned subsidiary of corporation B. B owned a half interest in a mining claim upon which a mine was located, also a half interest in two adjoining claims. In previous years a lessee from B and the other owners had operated the mine, piling waste and low grade ore in a dump, largely on the two adjoining claims, though in minor part on the claim where the mine was located. B secured indirectly and by assignment the lease under which the mine had been operated and the dump accumulated. It then leased the dump to A on a royalty basis. Held, the dump was not a mine…
1Opinion of the Court
OPINION.
Disney, Judge:
The above named cases, duly consolidated, involve income and excess profits taxes, as follows:
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Docket No. 5470 involves transferee liability of the London Extension Mining Co. as transferee of Chicago Mines Co. The questions presented are whether the two petitioners are entitled to percentage depletion, and, if so, the amounts thereof.
All facts were stipulated. We adopt by reference the two stipulations filed, and find the facts therein set forth, but as there is some duplication, we set forth such facts as follows :
1. Chicago Mines Co., petitioner in Docket…
2Cases cited3 opinions
- Forbes v. GraceySupreme Court of the United States · 1877
- South Utah Mines & Smelters v. Beaver CountySupreme Court of the United States · 1923
- New Idria Quicksilver Mining Co. v. CommissionerUnited States Tax Court · 1943
3Cited by5 opinions
- Maytag v. CommissionerUnited States Tax Court · 1959
- McClelland v. CommissionerUnited States Tax Court · 1984
- Chicago Mines Co. v. CommissionerUnited States Tax Court · 1946
- Maytag v. CommissionerUnited States Tax Court · 1959
- McClelland v. CommissionerUnited States Tax Court · 1984