Oliver Iron Mining Co. v. Commissioner
United States Tax Court
1. Deductions -- Percentage Depletion -- Gross Income From the Property -- Operation by an Agent. -- The owner's gross income from property operated for it by another is the gross before deduction of operating expenses and other charges. 2. Deductions -- Loss -- Abandonment or Surrender of Worthless Lease. -- A deductible loss occurs when a lessee cancels a lease which has lost all value and become a liability.
1Opinion of the Court
Oliver Iron Mining Company, Successor or Transferee of Neville Iron Mining Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Oliver Iron Mining Co. v. Commissioner
Docket Nos. 12864, 12865
United States Tax Court
10 T.C. 908; 1948 U.S. Tax Ct. LEXIS 182;
May 20, 1948, Promulgated
Decision will be entered under Rule 50.
1. Deductions -- Percentage Depletion -- Gross Income From the Property -- Operation by an Agent. -- The owner's gross income from property operated for it by another is the gross before deduction of operating expenses and other charges.
2. Deductions -- Loss --…
2Cases cited1 opinion
- Oliver Iron Mining Co. v. CommissionerUnited States Tax Court · 1948