Dorothy Glenn Coal Mining Co. v. Commissioner
United States Board of Tax Appeals
In its 1933 and 1934 income tax returns petitioner claimed depletion deductions in respect of its coal properties on the basis of cost. The respondent disallowed the deductions on the ground that the lease had no cost basis within the meaning of the statute, a conclusion now conceded by petitioner to be correct. Petitioner claims, however, that it is entitled, under the statute, to depletion deductions for each of the years in question computed on the percentage basis.
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In its 1933 and 1934 income tax returns petitioner claimed depletion deductions in respect of its coal properties on the basis of cost. The respondent disallowed the deductions on the ground that the lease had no cost basis within the meaning of the statute, a conclusion now conceded by petitioner to be correct. Petitioner claims, however, that it is entitled, under the statute, to depletion deductions for each of the years in question computed on the percentage basis. Held, as to 1933, that the petitioner was not required under section 114(b)(4) of the Revenue Act of 1932 to make an election…
1Opinion of the Court
*1156OPINION.
TurneR:
In its 1933 and 1934 income tax returns the petitioner claimed depletion deductions computed on the unit basis. The respondent disallowed the deductions on the ground that the lease had no cost to petitioner within the meaning of the statute. The petitioner now admits that the respondent is correct and that it is not entitled to depletion computed on the unit basis, but contends that its claims for depletion in those returns were made in good faith and under a misap*1157prehension of fact and law, and for that reason it should now be allowed to have a depletion allowance computed on…
2Cases cited2 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. Independent Life InsuranceSupreme Court of the United States · 1934
3Cited by7 opinions
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Repplier Coal Co. v. CommissionerUnited States Tax Court · 1942
- Biggers v. CommissionerUnited States Board of Tax Appeals · 1939
- C. H. Mead Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Dorothy Glenn Coal Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1938
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