Pope & Talbot, Inc. v. Commissioner
United States Tax Court
Held: In determining the alternative tax under sec. 1201(a) on account of the gain from the cutting of timber by a taxpayer, who has elected to consider such cutting as a sale or exchange pursuant to sec. 631(a), the resulting long-term capital gain is not reduced on account of the excess of expenses and deductions over other income, notwithstanding that such excess may be attributable to the valuation of such timber under sec. 631(a).
1Opinion of the Court
OPINION
Quealt, Judge:
Respondent determined deficiencies in petitioner’s income tax for the taxable year 1966 in the amount of $818,178 and for the taxable year 1967 in the amount of $2,087. The sole question for decision relates to the treatment of the excess so-called “depletion” resulting from an election under section 631(a) in the computation of the alternative tax under section 1201 (a) -1
All of the facts have been stipulated and are found accordingly. The stipulation of facts and exhibits are incorporated herein by this reference.
Pope & Talbot, Inc. (hereinafter referred to as…
2Cases cited9 opinions
- Walter M. Weil and Adele D. Weil v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Chartier Real Estate Co. v. CommissionerUnited States Tax Court · 1969
- Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases)Court of Appeals for the First Circuit · 1970
- Weil v. CommissionerUnited States Tax Court · 1954
- Isabel Collier Read, as of the Estate of Miles Collier, Deceased v. United StatesCourt of Appeals for the Fifth Circuit · 1963
4 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Pesch v. CommissionerUnited States Tax Court · 1982
- Bridges v. CommissionerUnited States Tax Court · 1975
- Pope & Talbot, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
- Willamette Industries, Inc. v. CommissionerUnited States Tax Court · 1987
- Stevenson Co-Ply, Inc. v. CommissionerUnited States Tax Court · 1981
8 more not listed; retrieve them via the Exa API.