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UNITED STATES POTASH CO. v. COMMISSIONER

Docket No. 61532.

29 T.C. 1071 (1958)

UNITED STATES POTASH COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 28, 1958.

Attorney(s) appearing for the Case

George A. Wood, Esq., and Samuel N. Allen, Esq., for the petitioner.

William M. Fay, Esq., and John F. Walsh, Esq., for the respondent.

The Commissioner determined a deficiency of $23,607.51 in the income tax of the petitioner for 1952. He disallowed $32,619.21 of the depletion deduction claimed by the petitioner and explained:

(a) It is held that charitable contributions in the amount of $103,842.00 are proper deductions in determining "net income from the property" for purposes of computing percentage depletion allowable under Section 114 (b) (4) (A) (iii...

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