LONDON-BUTTE GOLD M. CO. v. COMMISSIONER OF INT. REV.

No. 2162.

116 F.2d 478 (1940)

LONDON-BUTTE GOLD MINES CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

December 3, 1940.


Attorney(s) appearing for the Case

T. Raber Taylor, of Denver, Colo. (Lewis A. Dick, of Denver, Colo., on the brief), for petitioner.

Warren F. Wattles, Sp. Asst. to the Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before BRATTON, HUXMAN and MURRAH, Circuit Judges.


BRATTON, Circuit Judge.

This petition to review a decision of the Board of Tax Appeals involves income and excess profits taxes for the calendar year 1935. The facts are not in dispute. Petitioner acquired certain gold mining property situated in Colorado. The property was in the development stage during 1933 and 1934, and passed to the production stage in February, 1935. During 1933 and 1934, petitioner mined and sold ore to two smelters for agreed prices. Another...

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