Island Creek Coal Co. v. Commissioner
United States Tax Court
Premiums paid by taxpayer for business interruption fire insurance must be deducted from taxpayer's gross income from mining in computing petitioner's taxable income from the property for percentage depletion purposes.
1Opinion of the Court
Island Creek Coal Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Island Creek Coal Co. v. Commissioner
Docket No. 91431
United States Tax Court
43 T.C. 234; 1964 U.S. Tax Ct. LEXIS 13; 22 Oil & Gas Rep. 99;
November 27, 1964, Filed November 27, 1964, Filed
Decision will be entered under Rule 50.
Premiums paid by taxpayer for business interruption fire insurance must be deducted from taxpayer's gross income from mining in computing petitioner's taxable income from the property for percentage depletion purposes.
Frederic A. MacDonald, for the petitioner.
John J. Larkin, for the…
2Cases cited22 opinions
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- F. H. E. Oil Co. v. CommissionerUnited States Tax Court · 1944
- F. H. E. Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1945
- Island Creek Coal Co. v. CommissionerUnited States Tax Court · 1958
- Montreal Mining Co. v. CommissionerUnited States Tax Court · 1943
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