Rust-Owen Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. Value of timber reserves as of March 1, 1913, must be determined upon facts known, or reasonably to have been anticipated at that time.
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1. Value of timber reserves as of March 1, 1913, must be determined upon facts known, or reasonably to have been anticipated at that time. J. J. White Lumber Co.,24 B.T.A. 274, followed. 2. Overrun of about 11 percent in aggregate cut over aggregate estimate is not "gross error" as to any fact known at the basic date nor cause for revaluation of reserves. 3. Respondent's action in reducing the unit rate of depletion so that basic value may be extinguished upon exhaustion of reserves, approved.
1Opinion of the Court
RUST-OWEN LUMBER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Rust-Owen Lumber Co. v. Commissioner
Docket Nos. 48960, 62313.
United States Board of Tax Appeals
29 B.T.A. 922; 1934 BTA LEXIS 1459;
January 25, 1934, Promulgated
1. Value of timber reserves as of March 1, 1913, must be determined upon facts known, or reasonably to have been anticipated at that time. J. J. White Lumber Co.,24 B.T.A. 274, followed.
2. Overrun of about 11 percent in aggregate cut over aggregate estimate is not "gross error" as to any fact known at the basic date nor cause for revaluation of…
2Cases cited2 opinions
- J. J. White Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Rust-Owen Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934