Elk Lick Coal Co. v. Commissioner
United States Tax Court
Held, losses sustained by petitioner in 1947, 1948, and 1949 from abandonment of certain components of its mining plant and from scrapping of certain mining equipment must be deducted from gross income in computing net income for purposes of determining its percentage depletion allowance under sections 23 (m) and 114 (b) (4) (A) and (B) of the 1939 Code.
1Opinion of the Court
Elk Lick Coal Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Elk Lick Coal Co. v. Commissioner
Docket No. 39215
United States Tax Court
23 T.C. 585; 1954 U.S. Tax Ct. LEXIS 6;
December 31, 1954, Filed
Decision will be entered for the respondent.
Held, losses sustained by petitioner in 1947, 1948, and 1949 from abandonment of certain components of its mining plant and from scrapping of certain mining equipment must be deducted from gross income in computing net income for purposes of determining its percentage depletion allowance under sections 23 (m) and 114 (b) (4) (A) and (B)…
2Cases cited2 opinions
- Monroe Coal Mining Co. v. CommissionerUnited States Tax Court · 1946
- Elk Lick Coal Co. v. CommissionerUnited States Tax Court · 1954