Hecla Mining Co. v. Commissioner
United States Board of Tax Appeals
1. DISCOVERY IN EXISTING MINE. - Held, that a vein of lead-silver ore, first located by petitioner in its mine in December 1913, was not merely the uninterrupted extension of a continuing commercial vein; that the discovered vein was developed by September 30, 1915, to an extent to show that the discovered minerals were of sufficient quantity that they could be separately mined and marketed at a profit; that the value at September 30, 1915, was materially disappropriate to…
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1. DISCOVERY IN EXISTING MINE. - Held, that a vein of lead-silver ore, first located by petitioner in its mine in December 1913, was not merely the uninterrupted extension of a continuing commercial vein; that the discovered vein was developed by September 30, 1915, to an extent to show that the discovered minerals were of sufficient quantity that they could be separately mined and marketed at a profit; that the value at September 30, 1915, was materially disappropriate to cost; and that petitioner is entitled to discovery depletion under the Revenue Act of 1928. Value at the basic date…
1Opinion of the Court
HECLA MINING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hecla Mining Co. v. Commissioner
Docket Nos. 69916, 74813.
United States Board of Tax Appeals
35 B.T.A. 454; 1937 BTA LEXIS 872;
February 11, 1937, Promulgated
1. DISCOVERY IN EXISTING MINE. - Held, that a vein of lead-silver ore, first located by petitioner in its mine in December 1913, was not merely the uninterrupted extension of a continuing commercial vein; that the discovered vein was developed by September 30, 1915, to an extent to show that the discovered minerals were of sufficient quantity that they could…
2Cases cited6 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Iron Silver Mining Co. v. CheesmanSupreme Court of the United States · 1886
- Crown Willamette Paper Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Hecla Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1937
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