Goldfield Consol. Mines Co. v. Scott - 247 U.S. 126 (1918)
U.S. Supreme Court
Goldfield Consol. Mines Co. v. Scott, 247 U.S. 126 (1918)
Goldfield Consolidated Mines Company v. Scott
Argued March 4, 5, 6, 1918
Decided May 20, 1918
247 U.S. 126
In computing its excise under the Corporation Tax Act of August 5, 1909, a mining corporation is not entitled to deduct from it 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.
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.
The case is stated in the opinion.