Old Mission Portland Cement Co. v. Commissioner
United States Board of Tax Appeals
1. The respondent's determination of the March 1, 1913, fair market value of petitioner's limestone deposits for depletion purposes sustained. 2. The deductibility of alleged business expenses, designated as "contributions, subscriptions or donations," determined. 3. The amount of the amortization of discount on bonds issued by an affiliated corporation and held by petitioner is not deductible in computing consolidated net income.
1Opinion of the Court
*314OPINION.
Smith:
The principal issue for our determination is the fair market value of the petitioner’s limestone deposits, designated as the Barbee, Underwood, and Flint deposits, on March 1, 1913, which the petitioner acquired prior to that date in the manner set forth in our findings of fact. The facts relating to the acquisition of these properties are not in dispute, and the petitioner concedes the correctness of the respondent’s determination of the estimated tonnage on the basic date. The respondent determined the March 1, 1913, value of these deposits to be $63,121, estimated the tonnage…
2Cases cited4 opinions
- United States v. LudeySupreme Court of the United States · 1927
- The ConquerorSupreme Court of the United States · 1897
- Head v. HargraveSupreme Court of the United States · 1882
- Reinecke v. SpaldingSupreme Court of the United States · 1930
3Cited by5 opinions
- Cook v. CommissionerUnited States Board of Tax Appeals · 1934
- Adam, Meldrum & Anderson Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Old Mission Portland Cement Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Steffens v. CommissionerUnited States Tax Court · 1981
- Times-Picayune Publishing Co. v. CommissionerUnited States Board of Tax Appeals · 1932