Callahan Mining Corp. v. Commissioner
United States Tax Court
Petitioner, as lessor, and ASARCO, as lessee, were parties to an agreement whereby ASARCO was granted the exclusive right to explore, develop, and operate certain mining property in Idaho owned by petitioner, with ASARCO to advance all necessary expenditures therefor.
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Petitioner, as lessor, and ASARCO, as lessee, were parties to an agreement whereby ASARCO was granted the exclusive right to explore, develop, and operate certain mining property in Idaho owned by petitioner, with ASARCO to advance all necessary expenditures therefor. Initially, the net profits from the operation of the mining property were to be used to reimburse ASARCO for such expenditures and to establish and maintain a "working capital" account in the amount of $ 500,000. During the initial period, which ended in early 1959, petitioner was to receive and did receive 50 cents per ton of…
1Opinion of the Court
Callahan Mining Corporation & Subsidiary, Pinnacle Exploration, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Callahan Mining Corp. v. Commissioner
Docket No. 4231-66
United States Tax Court
51 T.C. 1005; 1969 U.S. Tax Ct. LEXIS 164; 33 Oil & Gas Rep. 163;
March 24, 1969, Filed
Decision will be entered under Rule 50.
Petitioner, as lessor, and ASARCO, as lessee, were parties to an agreement whereby ASARCO was granted the exclusive right to explore, develop, and operate certain mining property in Idaho owned by petitioner, with ASARCO to advance all necessary expenditures therefor.…
2Cases cited25 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Kirby Petroleum Co. v. CommissionerSupreme Court of the United States · 1946
- Estate of H. H. Weinert, Deceased, Jane W. Blumberg, and Hilda B. Weinert v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1961
- Commissioner of Internal Rev. v. JS Abercrombie Co.Court of Appeals for the Fifth Circuit · 1947
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