Jordan Creek Placers v. Commissioner
United States Board of Tax Appeals
1. Petitioner, organized as a mining partnership under the laws of Idaho, held to be an association taxable as a corporation. 2. Capital stock tax returns not filed within the statutory period held valid in the absence of prior returns filed either by petitioner or respondent. 3. Certain percentage payments made to the transferors of the option under which petitioner acquired the mining property held payments for the acquisition of a capital asset not deductible as operating…
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1. Petitioner, organized as a mining partnership under the laws of Idaho, held to be an association taxable as a corporation. 2. Capital stock tax returns not filed within the statutory period held valid in the absence of prior returns filed either by petitioner or respondent. 3. Certain percentage payments made to the transferors of the option under which petitioner acquired the mining property held payments for the acquisition of a capital asset not deductible as operating expenditures.
1Opinion of the Court
*134OPINION.
Oppbe:
Petitioner first contends that, having been organized as-a “mining partnership” under Idaho law, it is a partnership, and not an association taxable as a corporation. For this conclusion it relies principally upon Joe Gilovich & Co., 6 B. T. A. 864. It seems to us, however, that the distinction from that case will readily appear from a quotation taken from the opinion at page 867. “Petitioner in this case did not conduct its business upon the methods and forms used by incorporated bodies. It had no capital stock or certificates of interest in its ownership; no officers, trustees…
2Cases cited4 opinions
- Pepper v. LittonSupreme Court of the United States · 1939
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Helvering v. Elbe Oil Land Development Co.Supreme Court of the United States · 1938
- Hawkins v. Spokane Hydraulic Mining Co.Idaho Supreme Court · 1893
3Cited by4 opinions
- Bloomfield Ranch v. CommissionerUnited States Tax Court · 1947
- Grange Trust v. CommissionerUnited States Tax Court · 1945
- Jordan Creek Placers v. CommissionerUnited States Board of Tax Appeals · 1940
- Syndicate v. CommissionerUnited States Tax Court · 1945