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…
1Dissent
OppeR, J.,
dissents on the last issue on the authority of United States Graphite Co. v. Sawyer, (C. A., D. C. Cir.) 176 F. 2d 868, certiorari denied 339 U. S. 904; and in consonance with the dissenting opinion of Chief Judge Jones in Ohio Power Co. v. United States, (Ct. Cl.) 129 F. Supp. 215.
2Cases cited2 opinions
- United States Graphite Co. v. SawyerCourt of Appeals for the D.C. Circuit · 1949
- Ohio Power Co. v. United StatesUnited States Court of Claims · 1955