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PACIFIC CEMENT & AGGREGATES, INC. v. COMMISSIONER

Docket No. 66041.

31 T.C. 136 (1958)

PACIFIC CEMENT & AGGREGATES, INC. (FORMERLY PACIFIC COAST AGGREGATES, INC.), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 23, 1958.

Attorney(s) appearing for the Case

Paul T. Wolf, Esq., for the petitioner.

Nat F. Richardson, Esq., and Edward H. Boyle, Esq., for the respondent.

ARUNDELL, Judge:

The respondent determined deficiencies in income tax for the taxable years ended December 31, 1953 and 1954, in the amounts of $23,190.81 and $23,891.57, respectively.

The only issue remaining for our determination is whether petitioner is entitled to percentage depletion on certain aggregates (rock, sand, and gravel) extracted in 1953 and 1954 from the Fair Oaks property. The issue relating to the deductibility of the California franchise...

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