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VIRGINIAN LIMESTONE CORPORATION v. COMMISSIONER

Docket No. 51766.

26 T.C. 553 (1956)

VIRGINIAN LIMESTONE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 14, 1956.

Attorney(s) appearing for the Case

John F. Lane, Esq., and Carl M. English, Esq., for the petitioner.

Robert E. Johnson, Esq., for the respondent.

The respondent determined a deficiency in petititoner's income tax for the year 1951 in the amount of $6,622.01.1 He now concedes that such determination should be modified to correct an error in computing the 50 per cent limitation on the allowance for percentage depletion; and he also suggests that it be modified to reflect higher percentage depletion rates for certain portions of petitioner's product, if his contentions respecting construction...

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