Night Hawk Leasing Co. v. Commissioner
United States Board of Tax Appeals
1. Where the petitioner obtained without cost a lease to mine copper on a royalty basis from a lessor with an established depletion rate and subsequently entered into an agreement with the lessor to apportion this depletion, held that the petitioner was not entitled to an allowance for depletion. 2. Where a depletion rate has been established on a certain claim and no showing of a materially increased mineral content is made, the respondent's determination will not be…
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1. Where the petitioner obtained without cost a lease to mine copper on a royalty basis from a lessor with an established depletion rate and subsequently entered into an agreement with the lessor to apportion this depletion, held that the petitioner was not entitled to an allowance for depletion. 2. Where a depletion rate has been established on a certain claim and no showing of a materially increased mineral content is made, the respondent's determination will not be disturbed.
1Opinion of the Court
NIGHT HAWK LEASING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Night Hawk Leasing Co. v. Commissioner
Docket Nos. 34087, 45273, 46248.
United States Board of Tax Appeals
19 B.T.A. 258; 1930 BTA LEXIS 2437;
March 13, 1930, Promulgated
1. Where the petitioner obtained without cost a lease to mine copper on a royalty basis from a lessor with an established depletion rate and subsequently entered into an agreement with the lessor to apportion this depletion, held that the petitioner was not entitled to an allowance for depletion.
2. Where a depletion rate has been established on a…
2Cases cited1 opinion
- Night Hawk Leasing Co. v. CommissionerUnited States Board of Tax Appeals · 1930