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HITCHCOCK CORPORATION v. TOWNSEND

Civ. No. 847-G.

132 F.Supp. 785 (1955)

The HITCHCOCK CORPORATION, Plaintiff, v. T. L. TOWNSEND, Acting Director of Internal Revenue, Defendant.

United States District Court M. D. North Carolina, Greensboro Division.

July 15, 1955.

Attorney(s) appearing for the Case

Harkins, Van Winkle, Walton & Buck, Frank M. Parker, Asheville, N. C., for plaintiff.

Edwin M. Stanley, U. S. Atty., Greensboro, N. C., H. Brian Holland, Asst. Atty. Gen., for defendant.

HAYES, District Judge.

This case involves the interpretation of 26 U.S.C.A. § 23(m) and 26 U.S.C.A. § 114(b) (4) (A) and (B) (i-iv).1

The controversy here arises over the determination of the gross income of plaintiff from which 15% depletion is to be deducted. Plaintiff computed its gross income from its gross sales of pulverized talc and talc crayons; the Commissioner disallowed...

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