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VIRGILIA MINING CORPORATION v. COMMISSIONER

Docket No. 8053.

7 T.C. 385 (1946)

VIRGILIA MINING CORPORATION, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 23, 1946.

Attorney(s) appearing for the Case

Theodore H. Roche, Esq., for the petitioner.

W. J. McFarland, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $7,047.31 in income tax for 1941. The only issue is whether he erred in not allowing a deduction for depletion based upon cost in computing a net loss carry-over from 1940. The facts have been stipulated.

The petitioner is a California corporation which filed its income tax return for 1941 with the collector of internal revenue for the first district of California. It was...

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