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Show TAX UPHELD ON MINE PROPERTY Mining companies in Utah were faced with payment of approximately approx-imately $10,000 in additional taxes to the state following a decision dec-ision of the Utah Supreme Court upholding an order of the State Tax Commission. The decision supports the commission com-mission stand that mining companies com-panies are required to deduct federal fed-eral income and excess profits taxes before computing depreciation deprecia-tion allowances against state corporation corp-oration tax levies. It was taken to the court on a writ of review by the New Park Mining Company, and Utah Fuel Company. In writing the unanimous decision, de-cision, Justice James H. Wolfe said deductions for depletion would be "considerably greater" if federal taxes were included in computing depreciation allowances allow-ances and that consequently the state corporation tax collections would be lessened. 1 |