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Mother Lode Coalition Mines Co. v. Commissioner, 317 U.S. 222 (1942)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Mother Lode Coalition Mines Co. v. Commissioner, 317 U.S. 222 (1942)
Mother Lode Coalition Mines Co. v. Commissioner No. 94 Argued November 19, 1942 Decided December 7, 1942 317 U.S. 222
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. An income tax return for the year 1934, in which the taxpayer had items of gross income (and related deductions) from a mining property, was the "first return . . . in respect of" the property within the meaning of § 114(b)(4) of the Revenue Act of 1934, and the taxpayer’s failure in that return to state whether it elected to have the depletion allowance for such property computed on the percentage basis foreclosed a claim of a percentage depletion allowance in its return for 1935 -- notwithstanding that, in 1934, the taxpayer had no net income and no basis for a depletion allowance. P. 223.
2. This construction of § 114(b)(4) is in accord with the administrative interpretation evidenced by Article 23(m)-5 of Treasury Regulations 86, which is consistent with the statute and supported also by practical considerations. P. 224.
125 F.2d 657 affirmed.
Certiorari, 316 U.S. 660, to review the affirmance of a decision of the Board of Tax Appeals, 42 B.T.A. 596, sustaining t;he Commissioner’s disallowance of a deduction for depletion in the computation of petitioner’s income tax.
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Chicago: U.S. Supreme Court, "Syllabus," Mother Lode Coalition Mines Co. v. Commissioner, 317 U.S. 222 (1942) in 317 U.S. 222 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=XW1PYGLQBFIPDFB.
MLA: U.S. Supreme Court. "Syllabus." Mother Lode Coalition Mines Co. v. Commissioner, 317 U.S. 222 (1942), in 317 U.S. 222, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=XW1PYGLQBFIPDFB.
Harvard: U.S. Supreme Court, 'Syllabus' in Mother Lode Coalition Mines Co. v. Commissioner, 317 U.S. 222 (1942). cited in 1942, 317 U.S. 222. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=XW1PYGLQBFIPDFB.
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