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RIVERTON LIME AND STONE CO. v. COMMISSIONER

Docket No. 55005.

28 T.C. 446 (1957)

RIVERTON LIME AND STONE COMPANY, INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 24, 1957.

Attorney(s) appearing for the Case

H. Brice Graves, Esq., and H. Merrill Pasco, Esq., for the petitioner.

Charles R. Hembree, Esq., for the respondent.

This proceeding involves deficiencies in income and excess profits taxes for the years 1951 and 1952 of $34,706.31 and $37,884.09, respectively.

The issues to be decided are: (1) Whether hydrated hydraulic lime was the first commercially marketable product mined by petitioner within the meaning of section 114 (b) (4), for purposes of computing allowable depletion based on the gross income from such product; and (2) the amount of gross income realized by petitioner...

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