Skip to content Skip to sidebar Skip to footer

(Download) "Ross Lewis Trust v. Commissioner of Internal Revenue." by United States Court of Appeals for the Tenth Circuit # eBook PDF Kindle ePub Free

Ross Lewis Trust v. Commissioner of Internal Revenue.

๐Ÿ“˜ Read Now     ๐Ÿ“ฅ Download


eBook details

  • Title: Ross Lewis Trust v. Commissioner of Internal Revenue.
  • Author : United States Court of Appeals for the Tenth Circuit
  • Release Date : January 26, 1940
  • Genre: Law,Books,Professional & Technical,
  • Pages : * pages
  • Size : 66 KB

Description

This petition to review a decision of the Board of Tax Appeals involves a deficiency in income and excess profits taxes for the years 1934, 1935 and 1936. Petitioner owned certain mining property in Colorado described as the Commodore Mine. Operation of the mine was abandoned in 1912 for lack of profitable ore. The original cost of the property had been fully recovered through depletion sustained in operation prior to March 1, 1913, and on that date such property was without any fair market value. Operations were resumed in 1924 and were conducted without interruption to and including 1930; no operations were conducted during 1931, 1932 and 1933; but they were resumed in January, 1934, and were continued without interruption throughout the taxable years in question. In September, 1924, the lessee operating the mine discovered a new vein of silver ore which was entirely different, separate and distinct from the old mother-lode theretofore operated. In March, 1927, a valuation report was made by representatives of the Commissioner of Internal Revenue in which petitioner was allowed a discovery value of $194,346 as of the date of discovery; and on January 1, 1934, the remaining undepleted discovery value was $66,203.70. In its income tax returns for the years 1924 to 1930, and 1934 to 1936, both inclusive, petitioner claimed deductions for depletion based upon discovery value as fixed in such report. The return for 1934 failed to contain any statement of election as to whether depletion should be computed with or without regard to percentage depletion. The Commissioner disallowed the claimed deductions for the years 1934, 1935 and 1936, and determined a resulting deficiency. The Board of Tax Appeals sustained that action, 40 B.T.A. 347.


PDF Books Download "Ross Lewis Trust v. Commissioner of Internal Revenue." Online ePub Kindle