Bolling v. Commissioner
United States Tax Court
Petitioners, operating as a partnership, strip mined coal under a lease agreement and mining contract with the owner of the mineral rights. The agreement described certain named coal seams and obligated the partnership to furnish necessary labor, tools, and equipment, and acquire necessary surface rights. The owner reserved an option to buy all coal the partnership mined at a mutually agreed-to price. The contract was cancelable upon 30 days' notice.
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Petitioners, operating as a partnership, strip mined coal under a lease agreement and mining contract with the owner of the mineral rights. The agreement described certain named coal seams and obligated the partnership to furnish necessary labor, tools, and equipment, and acquire necessary surface rights. The owner reserved an option to buy all coal the partnership mined at a mutually agreed-to price. The contract was cancelable upon 30 days' notice. Held, petitioners did not acquire an economic interest in the coal in place and they were not entitled to take depletion deduction under section…
1Opinion of the Court
J. Shelton Bolling and Jane Bolling, et al., Petitioners, 1 v. Commissioner of Internal Revenue, Respondent
Bolling v. Commissioner
Docket Nos. 89505, 89506, 89507, 89508
United States Tax Court
37 T.C. 754; 1962 U.S. Tax Ct. LEXIS 211;
January 16, 1962, Filed
Decisions will be entered under Rule 50.
Petitioners, operating as a partnership, strip mined coal under a lease agreement and mining contract with the owner of the mineral rights. The agreement described certain named coal seams and obligated the partnership to furnish necessary labor, tools, and equipment, and acquire necessary surface…
2Cases cited7 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Commissioner v. Southwest Exploration Co.Supreme Court of the United States · 1956
- Helvering v. Bankline Oil Co.Supreme Court of the United States · 1938
- Parsons v. SmithSupreme Court of the United States · 1959
- United States v. James C. And Helen M. Stallard, and Dewey H. And Geneva StallardCourt of Appeals for the Fourth Circuit · 1959
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