National Lead Co. v. Commissioner
United States Tax Court
1. Deduction -- Percentage Depletion -- Metal Mine -- Sec. 114 (b) (4). -- The petitioner's mine producing ilmenite concentrate was a metal mine within the meaning of section 114 (b) (4) although none of the titanium contained in the ilmenite concentrate was reduced to metal on a commercial basis. 2. Development Stage of an Open Mine -- Mining Costs -- Regs. 111, Sec. 29.23 (m)-15 (a). -- Costs of removing part of overburden and cutting benches in this case were not…
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1. Deduction -- Percentage Depletion -- Metal Mine -- Sec. 114 (b) (4). -- The petitioner's mine producing ilmenite concentrate was a metal mine within the meaning of section 114 (b) (4) although none of the titanium contained in the ilmenite concentrate was reduced to metal on a commercial basis. 2. Development Stage of an Open Mine -- Mining Costs -- Regs. 111, Sec. 29.23 (m)-15 (a). -- Costs of removing part of overburden and cutting benches in this case were not development costs which should be capitalized but were ordinary mining expenses or costs. 3. Deduction -- Depletion -- War…
1Opinion of the Court
National Lead Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
National Lead Co. v. Commissioner
Docket No. 37694
United States Tax Court
23 T.C. 988; 1955 U.S. Tax Ct. LEXIS 227;
March 14, 1955, Filed
Decision will be entered under Rule 50.
1. Deduction -- Percentage Depletion -- Metal Mine -- Sec. 114 (b) (4). -- The petitioner's mine producing ilmenite concentrate was a metal mine within the meaning of section 114 (b) (4) although none of the titanium contained in the ilmenite concentrate was reduced to metal on a commercial basis.
2. Development Stage of an Open Mine -- Mining…
2Cases cited12 opinions
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
- Earle, Collector of Internal Revenue v. W. J. Jones & Son, Inc. United States v. W. J. Jones & Son, IncCourt of Appeals for the Ninth Circuit · 1952
- McLaughlin v. Pacific Lumber Co.Supreme Court of the United States · 1934
- Bush Terminal Bldgs. Co. v. CommissionerUnited States Tax Court · 1946
- Arkansas-Oklahoma Gas Co. v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Eighth Circuit · 1953
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