Logan Coal & Timber Asso. v. Commissioner
United States Board of Tax Appeals
1. The petitioner, by written agreements, granted the right to mine coal from lands owned by it in consideration for the payment of sums to be computed on the basis of the quantity of coal extracted, subject, however, to a minimum payment.
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1. The petitioner, by written agreements, granted the right to mine coal from lands owned by it in consideration for the payment of sums to be computed on the basis of the quantity of coal extracted, subject, however, to a minimum payment. Held, that the amounts received by the petitioner under the contracts constitute mineral royalties within the meaning of section 351(b) of the Revenue Acts of 1934 and 1936, and section 353(b) of the Revenue Act of 1936, as amended. 2. Petitioner is liable to delinquency penalties for failure to file returns as a personal holding company.
1Opinion of the Court
*532OPINION.
Disney :
Section 351 of the Eevenue Act of 1934 and sections 351, 352, and 353 of the Eevenue Act of 1936, as amended by the Eevenue Act of 1937, impose surtaxes on undistributed income of personal holding companies. The 1934 Act and the 1936 Act, prior to the amendment, defined a personal holding company, to the extent material here, as a corporation deriving a specified percentage of its gross income from “royalties, dividends, interest, annuities * * *533Sec. 351 (b) (1). Section 353 (a) and (b) of the Revenue Act of 1936, applicable to the taxable year 1937 (sec. 3, Revenue Act of…
2Cases cited18 opinions
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Bankers Pocahontas Coal Co. v. BurnetSupreme Court of the United States · 1932
- In re Roth & AppelCourt of Appeals for the Second Circuit · 1910
- Bingham v. United StatesSupreme Court of the United States · 1935
- United States v. Biwabik Mining Co.Supreme Court of the United States · 1918
13 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Logan Coal & Timber Ass'n v. HelveringCourt of Appeals for the Third Circuit · 1941
- Pleasanton Gravel Co. v. CommissionerUnited States Tax Court · 1985
- Johnson Inv. & Rental Co. v. CommissionerUnited States Tax Court · 1978
- Dupuy v. McColganCalifornia Court of Appeal · 1952
- Johnson Inv. & Rental Co. v. CommissionerUnited States Tax Court · 1978
4 more not listed; retrieve them via the Exa API.