James River Hydrate & Supply Co. v. United States

MICHIE, District Judge.

This case involves the question whether the plaintiff (hereinafter usually called ■“James River”) is entitled to a 15% rate of depletion on stone quarried and sold from its plant on the James River about one mile east of Buchanan, Virginia, or should be limited, as the United States of America (sometimes hereinafter called the “Government”) contends, to a 10% rate.

Since only the taxable years 1952 and 1953 are involved in this proceeding, the issue turns on the Internal Revenue Code of 1939, as amended, and, more particularly, upon the correct interpretation of § 114(b)…