Goldfield Consolidated Mines Co. v. Scott

Citations

• 247 U.S. 126
• 38 S. Ct. 465
• 62 L. Ed. 1022
• 1918 U.S. LEXIS 1963
• 3 A.F.T.R. (P-H) 2977

Syllabus

<p>In computing its excise under the Corporation Tax Act of August S, 1909, a mining corporation is not entitled to deduct from its gross income any amount whatever on account of depletion or exhaustion of ore bodies, caused by its operations for the year for which the tax is assessed. ^</p> <p>It cannot deduct the cost value of the ore in the ground before it was mined, ascertained in compliance with the Treasury Regulations of February 14, 1911.</p>