Hobart Iron Co. v. Commissioner
United States Board of Tax Appeals
A corporation which derives income from mining operations conducted under a sublease on land which was directly leased by the State of Minnesota to two individuals, the land being a portion of the property held in trust by the State of Minnesota for its state university, is liable to income tax upon the income derived from such mining operations.
1Opinion of the Court
OPINION.
Smith :
This is a proceeding for the redetermination of a deficiency in income tax for 1923 of $652.69. The petitioner claims that there is no deficiency but that the tax has already been overpaid and that it is entitled to a refund. The petition alleges that the respondent erred in failing “to exclude from net income in the year 1923 the *856amount of net income derived by the taxpayer from the operation of its mine, which property is owned in fee by the State of Minnesota.”
The petitioner is a corporation organized and existing under the laws of the State of Minnesota, with its principal…
2Cases cited13 opinions
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Burnet v. Coronado Oil & Gas Co.Supreme Court of the United States · 1932
- Gillespie v. OklahomaSupreme Court of the United States · 1922
- Fox Film Corp. v. DoyalSupreme Court of the United States · 1932
- Burnet v. A. T. Jergins TrustSupreme Court of the United States · 1933
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3Cited by1 opinion
- Hobart Iron Co. v. CommissionerUnited States Board of Tax Appeals · 1934