McCahill v. Commissioner
United States Board of Tax Appeals
Depletion adjustments on the basis of a new estimate of ore reserves and a revaluation thereof denied. J. J. White Lumber Co.,24 B.T.A. 274, followed.
1Opinion of the Court
*1083OPINION.
Lansdon:
The single issue here is whether the ore content of a mine, valued in 1922 for estate tax purposes at $206,662.24, may be revalued later as a basis for computing deductions from income on *1084account of depletion. The Revenue Act of 1928 provides for a reasonable allowance for depletion and that the basis for the computation' thereof, when the property is transmitted by death of a prior owner, shall be its fair market value at- the time of death. In this proceeding the prior owner died on August 14,1922, and by the terms of her will the property in controversy was later…
2Cases cited5 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- J. J. White Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Sterling Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Big Four Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Security Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by8 opinions
- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Cape Henry Syndicate v. CommissionerUnited States Board of Tax Appeals · 1934
- Martini v. CommissionerUnited States Tax Court · 1969
- Commissioner of Internal Revenue v. Superior Yarn Mills, Inc.Court of Appeals for the Fourth Circuit · 1955
- Commissioner of Internal Revenue v. Superior Yarn Mills, Inc.Court of Appeals for the Fourth Circuit · 1955
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