Winnsboro Granite Corp. v. Commissioner
United States Tax Court
Held, that the transportation costs incurred in shipping granite and stone aggregates, upon which no further ordinary treatment process was to be applied, from the point of extraction to the f.o.b. point of shipment and/or f.o.b. jobsite, are not properly includible in the gross income from the property as defined in section 114(b) (4)(B) of the Code of 1939. Held, further, that the basis of depletable property is to be properly reduced by the amount of the depletion…
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Held, that the transportation costs incurred in shipping granite and stone aggregates, upon which no further ordinary treatment process was to be applied, from the point of extraction to the f.o.b. point of shipment and/or f.o.b. jobsite, are not properly includible in the gross income from the property as defined in section 114(b) (4)(B) of the Code of 1939. Held, further, that the basis of depletable property is to be properly reduced by the amount of the depletion allowable, whether cost or percentage, in prior years.
1Opinion of the Court
Winnsboro Granite Corporation, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Winnsboro Granite Corp. v. Commissioner
Docket Nos. 67661, 67662, 69640
United States Tax Court
32 T.C. 974; 1959 U.S. Tax Ct. LEXIS 118;
July 29, 1959, Filed
Decisions will be entered under Rule 50.
Held, that the transportation costs incurred in shipping granite and stone aggregates, upon which no further ordinary treatment process was to be applied, from the point of extraction to the f.o.b. point of shipment and/or f.o.b. jobsite, are not properly includible in the gross income from the property…
2Cases cited4 opinions
- United States v. Cherokee Brick & Tile CompanyCourt of Appeals for the Fifth Circuit · 1955
- Winnsboro Granite Corp. v. CommissionerUnited States Tax Court · 1959
- Louisiana Iron & Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Lyons v. CommissionerUnited States Tax Court · 1948