Cape Henry Syndicate v. Commissioner
United States Board of Tax Appeals
1. Article 228, Regulations 74, prohibiting revaluation of mineral deposits whose value as of the basic date has been determined and approved, except in case of misrepresentation or fraud or gross error as to any facts determinable on the basic date, has no application to and is not binding in a proceeding before the Board involving the reasonableness of an allowance for depletion and the value of the property on the basic date. 2. Witnesses, without knowing the content of a…
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1. Article 228, Regulations 74, prohibiting revaluation of mineral deposits whose value as of the basic date has been determined and approved, except in case of misrepresentation or fraud or gross error as to any facts determinable on the basic date, has no application to and is not binding in a proceeding before the Board involving the reasonableness of an allowance for depletion and the value of the property on the basic date. 2. Witnesses, without knowing the content of a sand deposit on March 1, 1913, but knowing that shortly before that time petitioner had granted an exclusive privilege…
1Opinion of the Court
OPINION.
Mukdocb: :
The taxpayer, on its return for the fiscal year ended November 30, 1930, claimed a deduction of $8,863.25 representing depletion of its sand property consisting of three large dunes of wind-blown sand situated on property purchased in 1902. The Commissioner allowed a deduction for depletion of $2,447.77 and determined a deficiency in tax of $329.32. He denied the taxpayer’s contention for a greater March 1, 1913, value for its sand deposits and, in computing the deduction which he allowed, used $97,212.19 as the value on March 1, 1913, of the petitioner’s property subject to…
2Cases cited11 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Morrill v. JonesSupreme Court of the United States · 1883
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- B. B. Todd, Inc. v. CommissionerUnited States Board of Tax Appeals · 1925
- Appeal of Waynesboro Manufacturers Ass'nUnited States Board of Tax Appeals · 1925
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3Cited by5 opinions
- Manus-Muller & Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Cape Henry Syndicate v. CommissionerUnited States Board of Tax Appeals · 1934
- Gauthier v. CommissionerUnited States Tax Court · 1976
- Manus-Muller & Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Oak Woods Cemetery Ass'n v. CommissionerUnited States Board of Tax Appeals · 1938