$14.99 Buy It Now or Best Offer
free,30-Day Returns
Seller Store collect-a-thon
(24738) 100%,
Location: New York, New York
Ships to: US,
Item: 334406157929
Restocking Fee:No
Return shipping will be paid by:Buyer
All returns accepted:Returns Accepted
Item must be returned within:14 Days
Refund will be given as:Money back or replacement (buyer’s choice)
Country/Region of Manufacture:United States
Type:Specimens Bond Coupons Gold
Circulated/Uncirculated:Uncirculated
Denomination:$25
RARE SPECIMEN BOND COUPONfrom the HEART of PENNSYLVANIA COAL & IRON MINING COUNTRYWORTH $25 in GOLD COIN!!!! This is a large coupon from a very rare $1000 Specimen Bond with serial #0000. The bond issuer was the Jefferson and Clearfield Coal and Iron Company based in Indiana PA. As per the redemption clause on the coupon it was issued in 1896!!!! Each coupon is ornately engraved on both sides by The American Bank Note Co. The reverse displays a guilloche with the coupon number in large numerals. Black and light blue printing on white security paper The coupon redemption dates fall between 1911 and 1923. Additional coupons will be consecutively numbered. The issuing company was the plaintiff against the United States in a landmark Supreme Court case revolving around its 1920 income tax return!! See below. Very rare 1896 Indiana PA mining memorabilia with rare “payable in gold coin” clause!!!WHALEY, Judge.Upon facts which are not in dispute, the question presented in this case is whether, in determining plaintiff’s income and profits tax liability for 1920, the deduction allowable for depletion of its mining properties is to be computed on the cost of such property or on their March 1, 1913, value, where the former exceeds the latter. Plaintiff acquired certain coal properties at a cost which was in excess of their value on March 1, 1913. In accordance with the statute and regulations (section 234(a)(9) of the Revenue Acts of 1918 and 1921 [ 40 Stat. 1077, 42 Stat. 254] and articles 201 and 202 of Regulations 45 and 62), the Commissioner computed a depletion allowance of $30,994.62, based upon the March 1, 1913, value, whereas, if he had used cost, as contended for by plaintiff, the allowance would have been $75,730.19. The governing statute referred to provides, in so far as here material:”(a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions: * * *”(9) In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case, based upon cost including cost of development not otherwise deducted: Provided, That in the case of such properties acquired prior to March 1, 1913, the fair market value of the property (or the taxpayer’s interest therein) on that date shall be taken in lieu of cost up to that date.”The regulations are in conformity with the statute, and plaintiff agrees that the allowance was made by the Commissioner in accordance therewith. What the plaintiff urges is that Congress is without power to base a deduction for depletion on the March 1, 1913, value of mining properties when such value is less than cost, for the reason that such action would result in a tax on capital; that is, would not permit deductions sufficient in amount to return its capital to it tax free. That proposition is fully answered by the principle, now well established, that deductions from gross income are creatures of the statute which may not be taken as a matter of right but wholly because all deductions are matters of legislative grace and that this rule applies to a deduction for exhaustion of wasting assets, depletion, or depreciation, even though the amount as allowed may not be sufficient to return to the taxpayer its capital tax free. Stanton v. Baltic Mining Co., 240 U.S. 103, 36 S.Ct. 278, 60 L.Ed. 546; Von Baumbach v. Sargent Land Co., 242 U.S. 503, 37 S.Ct. 201, 61 L.Ed. 460; United States v. Biwabik Mining Co., 247 U.S. 116, 38 S.Ct. 462, 62 L.Ed. 1017; and Burnet v. Thompson Oil Gas Co., 283 U.S. 301, 51 S.Ct. 418, 75 L.Ed. 1049. These decisions definitely establish that, when deductions are allowed, capital need not be preserved intact or need there be any segregation into capital and income of what comes to a taxpayer in the form of gross income.As shown in the Thompson Case, supra, Congress may allow a deduction for depletion which differs widely — whether more or less — from the depletion sustained as illustrated by the deduction for depreciation provided by the Revenue Act of 1913, section 2G (b), 38 Stat. 173, where the allowance was “5 per centum of the gross value at the mine of the output for the year for which the computation is made,” and that without regard to the fact that it often did not “allow enough to return the capital on exhaustion of the reserve.”Plaintiff relies on curtain decisions (Goodrich v. Edwards, 255 U.S. 527, 41 S.Ct. 390, 65 L.Ed. 758; Walsh v. Brewster, 255 U.S. 536, 41 S.Ct. 392, 65 L.Ed. 762; United States v. Flannery, 268 U.S. 98, 45 S.Ct. 420, 69 L.Ed. 865, and United States v. Ludey, 274 U.S. 295, 47 S.Ct. 608, 71 L.Ed. 1054), wherein the court had for consideration gain or loss on a sale, a totally different question, and applied the principle that under such circumstances cost as well as the March 1, 1913, value must be considered. The court, however, stated specifically in Burnet v. Thompson Oil Gas Co., supra, that a different rule applied, where we are concerned with a deduction for depletion, the question there being “what allowance Congress intended should be made from the gross annual income,” whereas in cases of the character referred to by plaintiff the question is “how much of the capital has already been returned tax-free.”There can be no question of the intent of Congress to allow the depletion allowed by the Commissioner, and no more, and the validity of the acts authorizing such allowance is fully sustained by the authorities heretofore cited.It follows that the petition must be dismissed. It is so ordered.
Frequently Asked Questions About JEFFERSON CLEARFIELD COAL IRON CO. SPECIMEN BOND COUPON “$25 in GOLD COIN” RARE! in My Website
biesalab.org is the best online shopping platform where you can buy JEFFERSON CLEARFIELD COAL IRON CO. SPECIMEN BOND COUPON “$25 in GOLD COIN” RARE! from renowned brand(s). biesalab.org delivers the most unique and largest selection of products from across the world especially from the US, UK and India at best prices and the fastest delivery time.
What are the best-selling JEFFERSON CLEARFIELD COAL IRON CO. SPECIMEN BOND COUPON “$25 in GOLD COIN” RARE! on biesalab.org?
biesalab.org helps you to shop online and delivers We11done to your doorstep. The best-selling We11done on biesalab.org are: Weldon WE11DONE 2021 BLACK WOOL SILK SLIT DETAIL LONG DRESS HALTER NECK XS Used 58mm Espresso Tamper and Distributor Dual-Head for 58mm Portafilter – Adjusta… Handheld Vacuum, 13000Pa Cordless Handheld Vacuum, 120W High Power Wet and Dr… Handheld Vacuum, 13000Pa Cordless Handheld Vacuum, 120W High Power Wet and Dr… We11done Women Black Swimsuit Cover Up M WE11DONE Logo T-shirt Size L WE11DONE Logo T-shirt Size L WE11DONE Logo T-shirt Size S WE11DONE Logo T-shirt Size L We11done Cardigan Size L Brown/Beige. Perfect condition. WE11DONE Logo T-shirt Size L We11done Women Pink Pullover Hoodie S Handheld Vacuum, 13000Pa Cordless Handheld Vacuum, 120W High Power Wet and Dr… We11done Cream Sweater Print Text Washed Ivory EUC Pullover Casual Size Large WE11DONE Blue Oversized Logo Hoodie Cotton Sweatshirt Adult Size Small WE11DONE Logo T-shirt Size S WE11DONE Logo T-shirt Size L WE11DONE Logo T-shirt Size L WE11DONE Logo T-shirt Size S WE11DONE Logo T-shirt Size L WE11DONE Logo T-shirt Size S WE11DONE Logo T-shirt Size L WE11DONE Cream Yellow Boucle Pile Knit Wool Blend Oversized Sweater Unisex Small We11done Brown Coat SizeS Oversized ，Embossed logo on back We11done Jean Jacket，Dark Wash Graffiti Spell Out Logo We11done Coat. Size S. Navy Color. Perfect Condition. Authentic. We11done Lime Green Women’s Corduroy Oversized Jacket Size XS WE11DONE WASHED LOGO TEE – AUTHENTIC – NEW WITH TAGS we11done Circle Logo Embroidered Cropped Cotton Hoodie in Baby Blue One Size WE11DONE Black PF20 Collection Sweater – Size S We11done Orange Big Logo All Over Hoodie Medium oversized streetwear We11done Ivory Logo-Print Cotton T-shirt – Size S WE11 DONE Pink Cotton Sweatshirt We11done Women Pink Corduroy Jacket M WE11 DONE Maglieria WE11 DONE Maglieria We11done Women Black Long Sleeve Top S Welldone We11done Monogram Buttoned Wool Cardigan WE11 DONE Navy Blue Satin Mini Skirt XS We11Done Well Done Oversize Football 70-0411-3 WE11 DONE Logoed Baseball Cap WE11 DONE Pants M [Japan Used Fashion] Weldon We11Done 22Aw Wave Line Logo Print Hoodie Long Sleev WE11DONE/Sleeve buckle gathered belt oversize shirt/L/Polyester/BLK WE11 DONE Maglieria M WE11 DONE Maglieria M WE11 DONE Jeans WE11 DONE Black Denim Jacket S WE11 DONE Jeans WE11 DONE Jeans M WE11 DONE Jeans M WE11 DONE Short S WE11 DONE Pants M WE11 DONE Jeans Handheld Vacuum, 13000Pa Cordless Handheld Vacuum, 120W High Power Wet and Dr… Handheld Vacuum 13000Pa Cordless Handheld Vacuum 120W High Power Wet and Dry … Mens Pullover Fleece Hoodie