Jones & Laughlin Steel Inc. v. United States

OPINION

ZIEGLER, District Judge.

This is a civil action for the recovery of corporate income taxes for the taxable years 1961 through 1967 and for the period January 1 through May 15, 1967 in the amount of $1,849,868.12, plus interest from the dates of payment. Plaintiff, Jones and Laughlin Steel Incorporated, seeks to recover corporate income taxes which were assessed and collected following an adjustment by the Commissioner of Internal Revenue that reduced plaintiff’s iron ore depletion deductions for the years at issue. Relying on a regulation of the Department of Treasury, the Commissioner…