Depletion of Mines: Hearings Before the Joint Committee on Internal Revenue Taxation, Seventy-first Congress, Third Session, December 9, 10, 11 and 12, 1930 |
Common terms and phrases
actually administration adopted allowance for depletion American Mining Congress amount analytic appraisal method applied BACHARACH Bartholow basis believe CALLAHAN CALLBREATH cent CHAIRMAN COLLIER companies reporting computed cost definitely deple depletion allowance depletion based depletion deduction depletion of mines deposits depreciation determining depletion difficulties discovery clause discovery depletion discovery provision discovery value dividends engineers entitled estimated exhausted existing expected fact fair market value Government granted hearing Hoskold Idaho income before depletion income tax income taxation income-tax Indiana limestone joint committee loss March matter measure mineral mining companies mining industry mining property net income nonmetals Number of claims number of units oil and gas operating profits option original capital investment owner percentage depletion percentage method present law principle proposed amendment quarry question RAMSTEDT regulations represent revenue act Revenue Bureau revenue laws sixteenth amendment statement tax free taxpayer testimony tion TREADWAY Treasury Department true valuation witnesses
Popular passages
Page 24 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 56 - Such allowance shall not exceed 50 per centum of the net Income of the taxpayer (computed without allowance for depletion) from the property...
Page 136 - March 1, 1913, and not acquired as the result of purchase of a proven tract or lease, where the fair market value of the property is materially disproportionate to the cost, the depletion allowance shall be based upon the fair market value of the property at the date of the discovery, or within thirty days thereafter; such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of leases...
Page 133 - If the fair market value must be ascertained as of a certain date, analytic appraisal methods will not be used if the fair market value can reasonably be determined by any other method.
Page 153 - But in statutes levying taxes the literal^ meaning of the words employed is most important for such statutes are not to be extended by implication beyond the clear import of the language used.
Page 23 - All losses actually sustained and charged off within the year and not compensated by insurance or otherwise, including a reasonable allowance for the exhaustion, wear and tear of property arising out of its use or employment in the business or trade...
Page 136 - Section 23 (m) provides that there shall be allowed as a deduction in computing net income in the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements.
Page 23 - ... a reasonable allowance for the exhaustion, wear and tear of property arising out of its use or employment in the business, not to exceed, in the case of mines, 5 per centum of the gross value at the mine of the output for the year...
Page 24 - February 28, 1913, the basis for depletion shall be the fair market value of the property at the date of discovery or within thirty days thereafter...
Page 24 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March I, 1913, and not acquired as the result of purchase of a proven tract or lease, where the fair market value of the property is materially disproportionate to the cost, the depletion allowance shall be based upon the fair market value of the property at the date...