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 Rev. Rul. 55-11

1955-1 C.B. 212

Caution: Superseded by Rev. Rul. 79-411

Full Text

Rev. Rul. 55-11

Loam is an earthy material composed of sand and clay and is included in the term "soil in place" for purposes of Revenue Ruling 78, C. B. 1953-1, 18. Therefore, proceeds from the sale of loam constitute ordinary income subject to adjusted basis depletion.