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CRESSON CONSOLIDATED GOLD MINING & MILLING COMPANY v. COMMISSIONER

Docket No. 11529.

11 T.C. 192 (1948)

THE CRESSON CONSOLIDATED GOLD MINING & MILLING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 23, 1948.

Attorney(s) appearing for the Case

Thomas M. Burgess, Esq., for the petitioner.

George E. Gibson, Esq., for the respondent.

OPINION.

TYSON, Judge:

The Commissioner determined deficiencies of $5,771.37 in income tax and $1,425.67 in excess profits tax for the calendar year 1940. The deficiencies are due to the disallowance of $24,047.36 of the amount claimed by the petitioner as a deduction for percentage depletion.

All of the facts have been stipulated and the stipulation of facts and attached exhibits are hereby adopted as our findings of fact.

The petitioner...

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