Mirabel Quicksilver Co. v. Commissioner
United States Board of Tax Appeals
In compuing petitioner's net income for percentage depletion, under the provisions of section 114(b)(4) of the Revenue Act of 1936, amounts paid as interest on money borrowed for development and equipment expenses and capital stock taxes must be deducted from its gross income. Helvering v. Wilshire Oil Co.,308 U.S. 90.
1Opinion of the Court
*402OPINION.
Van Fossan :
The question presented is whether or not interest and capital stock taxes should be deducted from gross income in computing net income for depletion purposes, pursuant to the provisions of section 114 (b) (4) of the Revenue Act of 1936.1
The petitioner contends that the decisions of the Supreme Court in Helvering v. Wilshire Oil Co., 308 U. S. 90, and other cases, favorable to the respondent, do not dispose of the case at bar and argues that interest and capital stock taxes are not of such a nature as to bring them within the regulations. It also complains that the…
2Cases cited1 opinion
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
3Cited by8 opinions
- Shell Oil Co. v. CommissionerUnited States Tax Court · 1987
- Sheridan-Wyoming Coal Co. v. HelveringCourt of Appeals for the D.C. Circuit · 1941
- Island Creek Coal Co. v. CommissionerUnited States Tax Court · 1964
- Grison Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1940
- Guanacevi Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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