Depletion and Valuation Problems of the Mining Industry as Related to Federal and State Income Taxes

TAXES in general are onerous and are not a pleas- ant subject for discourse. There are, however, some very cogent reasons why we should dedicate a part of our thoughts and services to the solution of our taxation problems: The happiness of every individual in the United States depends on the maintenance of a stable government. The collection of taxes is an indispensable function of a stable government, and the power to collect taxes depends in part on the question whether taxes are fair and equitable. As representatives of the mining industry it is our duty to .protect it from tax burdens that are discriminatory or- unjust, As citizens we find that taxation is incessantly endeavouring to unravel the knots in our purse-strings. Many members of the Institute may be consulted .by clients on taxation problems, especially the phases which re- late to depletion and valuation. It is the hope of the writer that the discussion of some of the current depletion and valuation problems will stimulate interest in the problems, and as a consequence of this new interest facts will be ventilated, opinions rendered and services performed, which will be a means of solving the problems to the satisfaction of all parties interested.