Fink v. Commissioner
United States Tax Court
1. Contracts, terminable at will, for strip mining coal, whereby a partnership, strip miner, agreed to deliver all coal mined to the lessor, owner, and receive a specified price per ton of coal delivered, held, did not give the partnership an economic interest in the coal in place so as to entitle the partnership to a depletion deduction under sections 23 (m) and 114 (b) (4), I. R. C. 1939. 2. The cancellation of a debt in return for the assignment of a claim which was in…
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1. Contracts, terminable at will, for strip mining coal, whereby a partnership, strip miner, agreed to deliver all coal mined to the lessor, owner, and receive a specified price per ton of coal delivered, held, did not give the partnership an economic interest in the coal in place so as to entitle the partnership to a depletion deduction under sections 23 (m) and 114 (b) (4), I. R. C. 1939. 2. The cancellation of a debt in return for the assignment of a claim which was in fact worthless at the time of the assignment, held, did not give rise to a bad debt loss under section 23 (k), I. R. C.…
1Opinion of the Court
Train, Judge:
Respondent determined deficiencies in income taxes and additions to tax as follows:
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The issues presented for determination are:(1) Whether the partnership, Perry Construction Company, had an economic interest in the coal which it strip mined so as to be entitled to a deduction for percentage depletion therefor in the taxable years ended April 30,1951 and 1952.
' (2) Whether the partnership, Perry Construction Company, sustained a deductible loss in the taxable year ended April 30,1951, with respect to advances made to the Pennsylvania School of Excavating…
2Cases cited14 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- United States v. LudeySupreme Court of the United States · 1927
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
- Commissioner v. Southwest Exploration Co.Supreme Court of the United States · 1956
- Helvering v. Bankline Oil Co.Supreme Court of the United States · 1938
9 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Utah Alloy Ores, Inc. v. CommissionerUnited States Tax Court · 1960
- Hayutin v. CommissionerUnited States Tax Court · 1972
- Fink v. CommissionerUnited States Tax Court · 1958
- Hotel Continental v. CommissionerUnited States Tax Court · 1995
- Howe v. CommissionerUnited States Tax Court · 1964
2 more not listed; retrieve them via the Exa API.