Oil City Sand & Gravel Co. v. Commissioner
United States Tax Court
The petitioner, engaged in the business of dredging, processing, and selling sand and gravel at two locations 4 miles apart on the same river, owned and used a parcel of riparian land at each location which gave it exclusive physical and economic control of the dredging of sand and gravel in the riverbed within an area of approximately 1 1/2 miles upstream and 1 1/2 miles downstream from each parcel of land.
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The petitioner, engaged in the business of dredging, processing, and selling sand and gravel at two locations 4 miles apart on the same river, owned and used a parcel of riparian land at each location which gave it exclusive physical and economic control of the dredging of sand and gravel in the riverbed within an area of approximately 1 1/2 miles upstream and 1 1/2 miles downstream from each parcel of land. The use of the parcels of land was indispensable to the dredging and removal of sand and gravel at the respective locations. Held, that the petitioner had an economic interest in the sand…
1Opinion of the Court
Wxthet, Judge:
The respondent has determined deficiencies in the income and excess profits taxes of the petitioner of $12,501.01 and $9,974.40 for 1952 and 1953, respectively. The single issue is whether the respondent erred in disallowing deductions taken by petitioner for the taxable years 1951 (in computing an unused excess profits credit carryover to 1952), and 1952 and 1953 for percentage depletion of sand and gravel.
FINDINGS OF FACT.
Some of the facts have been stipulated and are found accordingly.
The petitioner is a Pennsylvania corporation organized in 1925, and has its principal office…
2Cases cited7 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- Commissioner v. Southwest Exploration Co.Supreme Court of the United States · 1956
- Black v. American International Corp.Supreme Court of Pennsylvania · 1919
- Post v. Wilkes-Barre Connecting R. R.Supreme Court of Pennsylvania · 1926
- United States v. Pennsylvania Salt Mfg. Co.District Court, E.D. Pennsylvania · 1926
2 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Weaver v. CommissionerUnited States Tax Court · 1979
- Victory Sand & Concrete, Inc. v. CommissionerUnited States Tax Court · 1974
- Missouri Pacific Corp. v. United StatesUnited States Court of Claims · 1984
- Missouri River Sand Co. v. CommissionerUnited States Tax Court · 1984
- Missouri River Sand Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1985
4 more not listed; retrieve them via the Exa API.