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ISLAND CREEK COAL COMPANY v. C. I. R.

No. 10028.

382 F.2d 35 (1967)

ISLAND CREEK COAL COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

August 21, 1967.

Attorney(s) appearing for the Case

David B. Buerger, Pittsburgh, Pa. (William Y. Rodewald and Buchanan, Ingersoll, Rodewald, Kyle & Buerger, Pittsburgh, Pa., on brief), for petitioner.

Crombie J. D. Garrett, Atty., Dept. of Justice (John B. Jones, Jr., Acting Asst. Atty. Gen., and Lee A. Jackson and Melva M. Graney, Attys., Dept. of Justice, on brief), for respondent.

Before HAYNSWORTH, Chief Judge, and SOBELOFF and BOREMAN, Circuit Judges.

HAYNSWORTH, Chief Judge:

For purposes of computing the maximum limitation upon an allowance for depletion to an operator of coal mines, we hold that an expenditure is not deductible in computing "taxable income from the property" when the taxable income generated by the expenditure is not includible in "gross income from the property."

In addition to ordinary fire insurance on its treatment plants, Island Creek Coal Company purchased business interruption...

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