Spencer Quarries, Inc. v. Commissioner
United States Tax Court
Held, that the deposits in issue quarried and sold by petitioner were quartzite within the meaning of section 114 (b) (4) (A) (iii) of the Internal Revenue Code of 1939, as amended, and that the applicable rate of percentage depletion allowable is 15 per cent and not 5 per cent under section 114 (b) (4) (A) (i).
1Opinion of the Court
OPINION.
Fisher, Judge:
The issue here presented arises over the construction and application of the provisions of the Internal Bevenue Code, as amended, which control the rates of percentage depletion for petitioner’s product. The material provisions of the statute are set forth in footnote l.1
Petitioner’s position is that, when Congress provided in section 114 (b) (4) (A) (iii) that the allowance for depletion “shall be * * * in the case of quartzite * * * 15 per centum * * * of the gross income from the property during the taxable year” it intended the word “quartzite” to mean a particular…
2Cases cited4 opinions
- Virginian Limestone Corp. v. CommissionerUnited States Tax Court · 1956
- Commissioner of Internal Revenue v. National Lead CompanyCourt of Appeals for the Second Circuit · 1956
- National Lead Co. v. CommissionerUnited States Tax Court · 1955
- E. J. Lavino & Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1947
3Cited by30 opinions
- Alabama By-Products Corporation v. George D. Patterson, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- United States v. Henderson Clay ProductsCourt of Appeals for the Fifth Circuit · 1963
- Commissioner of Internal Revenue v. Quartzite Stone CompanyCourt of Appeals for the Tenth Circuit · 1959
- Quartzite Stone Co. v. CommissionerUnited States Tax Court · 1958
- South Jersey Sand Co. v. CommissionerUnited States Tax Court · 1958
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