Goldfield Consol. Mines Co. v. Scott
247 U.S. 126 (1918)

Annotate this Case

U.S. Supreme Court

Goldfield Consol. Mines Co. v. Scott, 247 U.S. 126 (1918)

Goldfield Consolidated Mines Company v. Scott

No. 334

Argued March 4, 5, 6, 1918

Decided May 20, 1918

247 U.S. 126

Syllabus

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.

Page 247 U. S. 127

The case is stated in the opinion.

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