Show NO revaluation OF SILVER MINES internal revenue Commissio blair has decided against a revaluation of silver mines for tax purposes reports the american mining congress congre ss information service from washington revaluation had bad been proposed by A botn bials of the engineering division of the bureau on t the he ground grom and too fa lavor apie high that the original valuations were too 6 valuation valuation atio to the silver industry they proposed a lower rev re which would have yielded the government additional advocated denue dating back to 1919 one of the proposals ed se was the use of 57 cents per ounce as the estimated estimate employed loed j price of silver instead of 65 cents which has been emp the by in the original valuations silver interests aided y on american opposed the revalue w mining congress deter the ground that the original values were properly proper basis basi 0 mined and taxes paid for prior years on that aine the july 13 and 14 last the silver interests led by product 5 can mining congress and the american silver association made against reva if a strong protest detary orlof sec bacr hearing before commissioner blair assistant P evenue the treasury moss and solicitor of internal gregg gre reached by 1 result it can be k oe r f I am convinced that a correct resti factors the use of a 65 cent price of silver if the other othe rier blair commissio valuation are relatively correct says general in in deciding the matter consequently no t 0 abage tion of silver properties should be made in in order the 65 cent price of silver mau ir lein in i q ogle w were ere ivelich mr blair says however that errors I 1 ri of the original valuations because of tile the haste mas data the be some of them were made and of the limited 65 aj acet pt arl P cc of fore the department he says the use of a requires es a P silver which anticipates a future increase atil ons s P air cost higher than that shown by operatis oper inal v albl e 5 vert to march 1 1913 the date on which the oria original fo based atrice 4 he decides that cases in which 65 cents per where re COM 0 but w silver was used in the original valuation 1 s were based upon ope operations operatic ratio ns prior to march be corrected and the costs adjusted on the basis of an anticipated increase over prior costs he says that errors in determination of valuation should be corrected in the following instances ore reserves grade of reserves recovery expected plant additions plant equipment and development on basic dates life of mine and risk rate in corrections of these valuations and other valuation factors the 65 cents per ounce price will be considered and the corrected value will apply to all tax years which are not barred by the statute of limitations in cases of revaluation along these lines authority to revalue must be obtained by the metals and non metals section of the engineering division from the commission |