North Carolina Granite Corp. v. Commissioner
United States Tax Court
1. Petitioner was an integrated miner-manufacturer of granite products. Some of its finished products were made by application of simple finishing techniques while others were made to exacting specifications which required the application of sophisticated finishing techniques. Petitioner sold very little of its granite without the application of some form of finishing process and could not demonstrate a representative sales price for rough granite stock.
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1. Petitioner was an integrated miner-manufacturer of granite products. Some of its finished products were made by application of simple finishing techniques while others were made to exacting specifications which required the application of sophisticated finishing techniques. Petitioner sold very little of its granite without the application of some form of finishing process and could not demonstrate a representative sales price for rough granite stock. Held, petitioner must compute gross income from property under section 613, 1954 Code, for purposes of its deduction for depletion by use of…
1Opinion of the Court
The North Carolina Granite Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
North Carolina Granite Corp. v. Commissioner
Docket Nos. 577-69, 3767-69
United States Tax Court
56 T.C. 1281; 1971 U.S. Tax Ct. LEXIS 61;
September 13, 1971, Filed
Decisions will be entered under Rule 50.
1. Petitioner was an integrated miner-manufacturer of granite products. Some of its finished products were made by application of simple finishing techniques while others were made to exacting specifications which required the application of sophisticated finishing techniques. Petitioner sold very…
2Cases cited8 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. Cannelton Sewer Pipe Co.Supreme Court of the United States · 1960
- Standard Lime and Cement Company (Formerly Known as the Standard Lime and Stone Company) v. The United StatesUnited States Court of Claims · 1964
- F. H. E. Oil Co. v. CommissionerUnited States Tax Court · 1944
- United States v. California Portland Cement Co.Court of Appeals for the Ninth Circuit · 1969
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