US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 28
                         TAXATION OF PROFITS OF MINES
    63-2802.  NET PROFITS DEFINED. The term "net profits," as employed in this
chapter, means the amount of money received from the mining of said metals or
minerals from said mine or mining claim, after the deduction of the actual
expenditure of money and labor in and about extracting the metals and minerals
from the mine or mining claim, and transporting the same to the mill,
concentrator or reduction works, and the reduction thereof, and the conversion
of the same into money, or its equivalent, and also the deduction of all
moneys expended for necessary labor, machinery and supplies needed and used in
the mining operations, for the improvements necessary in and about the mine or
mining claim, for reducing ores, for the construction of the mills and
reduction works used and operated in connection with the mine or mining claim,
for transporting the ore, and for extracting the metals and minerals
therefrom; but the money invested in the mine, or improvements made during any
year except the year immediately preceding such statement, must not be
included therein. Such expenditures do not include the salaries, or any
portion thereof, of any person or officers not actually engaged in the working
of the mine, or personally superintending the management thereof.