United States v. The Wagner Quarries Company

By stipulations of the parties earlier in the proceedings and concessions later made in the petitioner’s brief, the single question presented here is whether the taxpayer shall be allowed a ten percent or a fifteen percent depletion allowance on its product in its Federal tax return for the calendar year 1951. The Commissioner now asserts that a ten percent depletion only should be allowed. The taxpayer has claimed, and still does, that it is entitled to a fifteen percent depletion allowance. The District Judge upheld the taxapayer’s contention by memorandum opinion and by findings and…