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LIGHT AGGREGATES, INC. v. UNITED STATES

Civ. No. 876.

225 F.Supp. 253 (1963)

LIGHT AGGREGATES, INC., Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court D. South Dakota, W. D.

December 21, 1963.

Attorney(s) appearing for the Case

Bangs, McCullen, Butler & Foye, by George A. Bangs, Rapid City, S. D., for plaintiff.

Harold C. Doyle, U. S. Atty., and Travis Lewin, Asst. U. S. Atty., Sioux Falls, S. D., for defendant.

BECK, District Judge.

Light Aggregates, Inc., Rapid City, South Dakota, (taxpayer) raises two questions, one grounded on the claim that its $27,000 in debentures, worthless in fiscal 1960, should have been treated as an ordinary loss, and not as the Director of Internal Revenue (Director) concluded, a capital loss against taxable income, and the other, that depletion costs on mined shale, Int.Rev.Code of 1954, Secs. 611(a), 613(a), (b) (5) (A), (c) (1) (2) (4) (C...

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