26 U.S.C. § 612
Basis for cost depletion
Except as otherwise provided in this subchapter, the basis on which depletion is to be allowed in respect of any property shall be the adjusted basis provided in section 1011 for the purpose of determining the gain upon the sale or other disposition of such property.
Notes of Decisions
Cited in 5
cases, 1937–1994 · leading case: Commissioner v. Engle
Commissioner v. Engle (1984)
“2 See 26 U. S. C. § 612 . The annual cost depletion deduction generally is calculated by multiplying the cost of the mineral interest by the ratio of the units sold in a taxable year to the total estimated recoverable reserves.”
Snell Isle, Inc. v. Commissioner of Internal Revenue (1937)
“This was true as to a finding of fraud by the Commissioner, prior to the adoption of the Revenue Act of 1924, § 907, continued in subsequent acts ( 26 U.S.C.A. § 612 ) which puts the burden of proving fraud upon the Commissioner.”
The Beal Foundation v. United States (1977)
“26 U.S.C. § 612 . Basis for cost depletion.”
Weyerhaeuser Co. v. United States (1994)
“” 26 U.S.C. § 612 . As we have already seen, supra, the basis for determining gain upon sale or other disposition is the greater of adjusted cost or fair market value at March 1,1913.”
Kehoe v. Commissioner of Internal Revenue (1939)
“” The Commissioner at the hearing on the appeal before the Tax Board assumed the burden.”
Annotations are extracted automatically from the opinions in the
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treatment. Dots show Syfertize treatment of the citing case itself.