Philadelphia Quartz Co. v. Commissioner
United States Board of Tax Appeals
1. Basis for adjusting depletion determined. Thomas Coal Co.,10 B.T.A. 639, overruled. 2. Depletion of sand deposit and depreciation of equipment determined.
1Opinion of the Court
*1148OPINION.
Van Fossan:
The first question before us is the amount of depletion allowable on petitioner’s sand deposit. The record indicates that at the time of filing the 1919 return no proper or dependable estimate had been made of the extent of the deposit.
The facts in this case raise squarely the question whether depletion for a given year is to be based solely on facts known or estimates made at the time a return is filed or may be revised in the event of a hearing before the Board so as to comport with subsequently discovered facts. The rulings of the Board on this question are not in…
2Cited by5 opinions
- Austin Co. v. CommissionerUnited States Tax Court · 1979
- Wylie v. United StatesDistrict Court, N.D. Texas · 1968
- Knudtson v. CommissionerUnited States Tax Court · 1980
- Austin Co. v. CommissionerUnited States Tax Court · 1979
- Philadelphia Quartz Co. v. CommissionerUnited States Board of Tax Appeals · 1928