Pacific Cement & Aggregates, Inc. v. Commissioner
United States Tax Court
Depletion. -- On September 15, 1939, petitioner entered into a 20-year lease with Natomas Company wherein Natomas leased to petitioner certain real property called the Fair Oaks property and granted to petitioner the sole and exclusive right and privilege of removing and selling from the leased property "any and all rock, sand, gravel, boulders and kindred substances" usually referred to as "aggregates." This lease superseded a prior lease for a term of 10 years.
Read the full summary
Depletion. -- On September 15, 1939, petitioner entered into a 20-year lease with Natomas Company wherein Natomas leased to petitioner certain real property called the Fair Oaks property and granted to petitioner the sole and exclusive right and privilege of removing and selling from the leased property "any and all rock, sand, gravel, boulders and kindred substances" usually referred to as "aggregates." This lease superseded a prior lease for a term of 10 years. Prior to the granting of the two leases, Natomas had dredge mined the Fair Oaks property only for the purpose of extracting gold.…
1Opinion of the Court
Arundell, Judge:
The respondent determined deficiencies in income tax for the taxable years ended December 31, 1953 and 1954, in the amounts of $23,190.81 and $23,891.57, respectively.
The only issue remaining for our determination is whether petitioner is entitled to percentage depletion on certain aggregates (rock, sand, and gravel) extracted in 1953 and 1954 from the Fair Oaks property. The issue relating to the deductibility of the California franchise tax will, according to the stipulation, be settled under Eule 50.
EINDXNGS OF FACT.
Most of the facts were stipulated and are so found.
Petition…
2Cases cited2 opinions
- Atlas Milling Co. v. JonesCourt of Appeals for the Tenth Circuit · 1940
- Consolidated Chollar Gould & Savage Min. Co. v. CommissionerCourt of Appeals for the Ninth Circuit · 1943
3Cited by6 opinions
- Commissioner of Internal Revenue v. Claude C. Wood CompanyCourt of Appeals for the Ninth Circuit · 1963
- Soil Builders, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1960
- Claude C. Wood Co. v. CommissionerUnited States Tax Court · 1962
- Commissioner of Internal Revenue v. Claude C. Wood CompanyCourt of Appeals for the Ninth Circuit · 1963
- Commissioner of Internal Revenue v. Claude C. Wood CompanyCourt of Appeals for the Ninth Circuit · 1963
1 more not listed; retrieve them via the Exa API.