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PITTSTON-DURYEA COAL CO. v. COMMISSIONER OF INT. REV.

No. 7476.

117 F.2d 436 (1941)

PITTSTON-DURYEA COAL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

January 24, 1941.

Attorney(s) appearing for the Case

Leo W. White, of Pittston, Pa., and Robert S. Pasley, Jr., of New York City (Leo W. White, of Pittston, Pa., and Robert S. Pasley, Jr., of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and J. Louis Monarch and Lee A. Jackson, Sp. Assts. to Atty. Gen., for respondent.

Before BIGGS, MARIS, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

This appeal from a decision of the Board of Tax Appeals raises the question of the proper interpretation of section 114 (b) (4) of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 702.1

In 1934 the Pittston-Duryea Coal Company, the taxpayer, acquired leases of certain coal mining property in Pennsylvania without any original cost. These properties were mined...

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