Tax Law Commons^™

Income Taxation--Basis For Depletion Allowance, Ward Day Stone Jr.

West Virginia Law Review

No abstract provided.

Taxation-Federal Income Tax-Transfers Of Mineral Rights In Soil Deposits As Lease Or Sale, Philip Sotiroff

Michigan Law Review

Petitioner executed a written agreement with a contractor in 1954 whereby the contractor acquired the right to enter petitioner's land and extract sand and gravel for a fixed amount per cubic yard. This agreement was terminated in 1955 when the excavations had reached the desired level of street access. Petitioner had entered into a previous oral agreement in 1949 with a different party for the sale of the gravel on the same land down to the same elevation, but that party had not fully exploited the agreement. Petitioner claimed that the agreements were sales of sand and gravel in place …

P. G. Lake-Its Effect On A Conveyance By The Lessor Of A Lease Bonus With A Retained Royalty

Indiana Law Journal

No abstract provided.

Taxation - Income Tax -Gross Income From Mining As The Basis For Computing Percentage Depletion Allowances, John Niehuss

Michigan Law Review

Respondent, a miner of raw fire clay and a manufacturer of such clay into vitrified products, claimed a percentage depletion deduction based upon the gross income from the sale of its finished goods, contending that because its crude minerals could not be sold profitably in a local market, these final products were the first to meet the statutory standard of "commercially marketable mineral product." The district court and the Court of Appeals for the Seventh Circuit accepted respondent's contention. On certiorari to the United States Supreme Court, held, reversed, one Justice concurring. The fact that a taxpayer himself cannot …

Income Tax--Loss Incident To "Sale" Involving Oil And Gas Production Payment--Deduction Allowed, C. H. H. Ii

West Virginia Law Review

No abstract provided.

Taxation-Percentage Depletion Allowance On Income Received From The Reworking Of Dumps And Tailings Deposits, Charles Horning

Michigan Law Review

A dump of waste material and low-grade ore resulted from mining operations by a lessee in the American Mine. London Extension owned an undivided one-half interest in the claims which made up the mine. In 1940 London acquired the lease on the property. Chicago Mines, a wholly-owned subsidiary of London, then took a lease on the dump, agreeing to pay to London a royalty of twenty per cent of the net smelter returns. Chicago worked the dump for a few months, after which it was worked by London. In filing its income tax return for the year, Chicago claimed a …

Taxation-Percentage Depletion Allowance On Income Received From The Reworking Of Dumps And Tailings Deposits, Charles Horning

Michigan Law Review

A dump of waste material and low-grade ore resulted from mining operations by a lessee in the American Mine. London Extension owned an undivided one-half interest in the claims which made up the mine. In 1940 London acquired the lease on the property. Chicago Mines, a wholly-owned subsidiary of London, then took a lease on the dump, agreeing to pay to London a royalty of twenty per cent of the net smelter returns. Chicago worked the dump for a few months, after which it was worked by London. In filing its income tax return for the year, Chicago claimed a …

Taxation-Income Tax-Depletion-Lessor's Share In Net Income As Subject To Depletion, William H. Buchanan S.Ed.

Michigan Law Review

Taxpayer which owned certain lands leased the same to companies for production of oil and other minerals for a cash bonus, a royalty in the usual form, and an agreement that lessor should receive a percentage of the net money profits realized by the lessees from their operation under the lease. Lessor claimed a right to deduct depletion allowance from the receipts which were a percentage of the net income arising from operating the properties. Held, lessor had a right to depletion deduction in respect to the percentage of net income because it had an "economic interest" in the …

1941 Law Institute, Michigan Law Review

Michigan Law Review

Following its successful Law Institutes of the past two years, the University of Michigan Law School has arranged for a third annual institute to be held in the Law Quadrangle on Monday and Tuesday, June 23 and 24. As in the other Institutes, the time will be spent in earnest exposition and study of recent developments in certain phases of the law of prime interest to practicing lawyers.

Depletion Of Oil And Gas Properties For Income Tax Purposes, John W. Beveridge

Michigan Law Review

The Revenue Act of 1936 provides that in computing net income from oil and gas properties there shall be allowed as a deduction from gross income a reasonable allowance for depletion, according to the peculiar conditions in each case. The allowance is made under regulations prescribed by the Commissioner of Internal Revenue.

The first problem is to fix the amount the taxpayer is entitled to recover before he is considered as earning income which is not in essence a mere return of his capital investment. The difficulty of clearly defining the difference between a return of capital and of income …

Taxation - Exemption Of Federal Instrumentality From State Gasoline Tax

Michigan Law Review

An Alabama statute provided that "Every distributor, refiner, retail dealer or storer of gasoline . . . shall pay an excise tax . . . upon the selling, distributing, storing or withdrawing from storage in this State for any use, gasoline . . . ." The plaintiff, a private corporation, sold gasoline to the United States for use in performing governmental functions without reporting it for taxation. When the state demanded payment, the plaintiff brought this suit to restrain collection. Held (Justices Cardozo and Brandeis dissenting), the operation of the statute violates the constitutional principle safeguarding the federal government against …

Taxation Of Oil And Gas Interests (Continued), Charles Gustav Haglund

Kentucky Law Journal

No abstract provided.

Landlord And Tenant--Taxation On Improvements, William Callahan

West Virginia Law Review

No abstract provided.

Taxation-Exemption Of Sovereign Instrumentality-Effect Of Imposing Tax

Michigan Law Review

Plaintiff corporation brought suit against the collector of internal revenue for federal income taxes paid under protest. The taxes were assessed upon the net income derived from the sale of oil and gas produced on lands which the plaintiff held under lease from the state of Texas. A legislative act provided for the leasing of the lands to further the development of their natural resources, the lessees paying a royalty on oil and gas. The statutory leases had been previously held to constitute a sale of the minerals. Theisen v. Robison, 117 Tex. 489, 8 S.W. (2d) 646. The statute …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Carriers of Passengers - Duty to Stop at Station to Permit Passenger to Alight-Contributory Negligence of Passenger Plaintiff's intestate was riding in the front end of a crowded vestibule car in the coach next to the tender of the eengine. When the train stopped at his station he tried to leave by the front end, but found the door from the vestibule closed. As he did not know how to open it, or was unwilling to be carried by his station, he stepped from his platform to the bumper of the tender and tried to follow it to the side …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Bankruptcy--General Assignment--Liens Acquired by Assignee; Bills and Notes--Contract of Wife--bona Fide Purchasers; Bills and Notes--Non-Existing Payee--Negotiable Instruments Law; Constitutional Law--Jurisdiction of Federal Courts--suits Against A State; Contracts--Agreement in Restraint of Trade if Severable and Reasonable as to Part is Valid; Corporations--Taxation--Franchise Tax; Elections--Primary Elections--Use of Emblem on Ballots; Evidence--Competency of Witness--Transaction With Agent, Since Deceased; Evidence--Judicial Notice of "Football Season"; Evidence--Public Records of Another State; Guaranty--Change in Principal Contract--Discharge of Guarantor; Injunction--Vendee's Fraud Vitiates Right to Use Patented Machine; Insurance--Mutual Life Insurance--Invalid By-Law--Waiver of Breach; Interstate Commerce--Power of Courts to Enjoin Enforcement of Rates; Judgment--Of Foreign Country--Conclusiveness; Judgment--Power of Court …