Cape Henry Syndicate v. Commissioner
United States Board of Tax Appeals
1. Article 228, Regulations 74, prohibiting revaluation of mineral deposits whose value as of the basic date has been determined and approved, except in case of misrepresentation or fraud or gross error as to any facts determinable on the basic date, has no application to and is not binding in a proceeding before the Board involving the reasonableness of an allowance for depletion and the value of the property on the basic date. 2. Witnesses, without knowing the content of a…
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1. Article 228, Regulations 74, prohibiting revaluation of mineral deposits whose value as of the basic date has been determined and approved, except in case of misrepresentation or fraud or gross error as to any facts determinable on the basic date, has no application to and is not binding in a proceeding before the Board involving the reasonableness of an allowance for depletion and the value of the property on the basic date. 2. Witnesses, without knowing the content of a sand deposit on March 1, 1913, but knowing that shortly before that time petitioner had granted an exclusive privilege…
1Opinion of the Court
CAPE HENRY SYNDICATE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cape Henry Syndicate v. Commissioner
Docket No. 69834.
United States Board of Tax Appeals
30 B.T.A. 794; 1934 BTA LEXIS 1271;
May 23, 1934, Promulgated
1. Article 228, Regulations 74, prohibiting revaluation of mineral deposits whose value as of the basic date has been determined and approved, except in case of misrepresentation or fraud or gross error as to any facts determinable on the basic date, has no application to and is not binding in a proceeding before the Board involving the reasonableness of an allowance…
2Cases cited1 opinion
- Cape Henry Syndicate v. CommissionerUnited States Board of Tax Appeals · 1934