Inspiration Consol. Copper Co. v. Commissioner
United States Board of Tax Appeals
1. INVESTED CAPITAL. - The respondent erred in reducing the amount of current earnings available for payment of dividends by a tentative tax.
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1. INVESTED CAPITAL. - The respondent erred in reducing the amount of current earnings available for payment of dividends by a tentative tax. Appeal of L. S. Aycrs & Co.,1 B.T.A. 1135., 2. ID. - The petitioner is not entitled to include as a part of its invested capital its depletion reserve. 3. INVENTORIES. - The respondent erred in increasing the petitioner's closing inventory from cost to market where the alleged market was higher than cost. 4. DEPLETION. - Depletion should be computed on the number of pounds of copper sold during the year rather than on the number of pounds produced.
1Opinion of the Court
INSPIRATION CONSOLIDATED COPPER CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Inspiration Consol. Copper Co. v. Commissioner
Docket Nos. 8990, 20866.
United States Board of Tax Appeals
11 B.T.A. 1425; 1928 BTA LEXIS 3626;
May 16, 1928, Promulgated
1. INVESTED CAPITAL. - The respondent erred in reducing the amount of current earnings available for payment of dividends by a tentative tax. Appeal of L. S. Aycrs & Co.,1 B.T.A. 1135.,
2. ID. - The petitioner is not entitled to include as a part of its invested capital its depletion reserve.
3. INVENTORIES. - The respondent erred in…
2Cases cited20 opinions
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- United States v. MitchellSupreme Court of the United States · 1926
- Stanton v. Baltic Mining Co.Supreme Court of the United States · 1916
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