Dunn & Baker v. Commissioner
United States Board of Tax Appeals
DEPLETION - DISCOVERY VALUE. - A basalt rock quarry is not a "mine" and deductions for depletion thereof may not be based on discovery value. Further, the evidence does not establish fair market value at the basic date, which is a necessary element to the allowance of depletion deductions on the basis of discovery value.
1Opinion of the Court
DUNN & BAKER, INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dunn & Baker v. Commissioner
Docket Nos. 65056, 68687.
United States Board of Tax Appeals
30 B.T.A. 663; 1934 BTA LEXIS 1288;
May 8, 1934, Promulgated
DEPLETION - DISCOVERY VALUE. - A basalt rock quarry is not a "mine" and deductions for depletion thereof may not be based on discovery value. Further, the evidence does not establish fair market value at the basic date, which is a necessary element to the allowance of depletion deductions on the basis of discovery value.
Wilson S. Wiley, Esq., and J. Q. D'Albini,…
2Cases cited1 opinion
- Dunn & Baker v. CommissionerUnited States Board of Tax Appeals · 1934