Kennedy Mining Co. v. Commissioner
United States Board of Tax Appeals
In computing percentage depletion as permitted by the Revenue Act of 1934, section 114(b)(4), "income from the property" held to include income received by the owner and operator of a mine from the sale of minerals extracted from reworked tailings, even though these had previously been availed of in computing unit depletion. Atlas Milling Co. v. Jones (C.C.A., 10th Cir.), 115 Fed.(2d) 61, distinguished.
1Opinion of the Court
KENNEDY MINING AND MILLING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kennedy Mining Co. v. Commissioner
Docket No. 99507.
United States Board of Tax Appeals
43 B.T.A. 617; 1941 BTA LEXIS 1474;
February 14, 1941, Promulgated
In computing percentage depletion as permitted by the Revenue Act of 1934, section 114(b)(4), "income from the property" held to include income received by the owner and operator of a mine from the sale of minerals extracted from reworked tailings, even though these had previously been availed of in computing unit depletion. Atlas Milling Co. v. Jones…
2Cases cited7 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Consumers Natural Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- National Petroleum & Refining Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Inspiration Consol. Copper Co. v. CommissionerUnited States Board of Tax Appeals · 1928
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