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The Business of Mines—Consider Your Tax Deductions Now
May 2007 by Mark E. Battersby
Uncle Sam, the not-so-silent partner of every miner, dredger and prospector is willing, using our tax laws, to help reduce out-of-pocket expenditures necessary to acquire business assets and property. In addition to the well-known depreciation deduction, however, the tax laws permit tax write-offs for other, less tangible business assets. The best time to explore and lock-in many of these overlooked and misunderstood deductions is now, well before the end of the tax year.Mining Stock Quotes and Mineral & Metal Prices
The Golden Highway—Nevada County
Highway 49—the “Golden Highway”—heads northeast out of Placer County into a stretch of Nevada County that is almost as busy as it was during the Gold Rush. The neighboring towns of Grass Valley and Nevada City are still booming—a beautiful location to live in the Sierra foothills.
Legislative and Regulatory Update
• BLM blocks Democrats
• PLP has their hands full representing miners
Calcite and Limestone
The other distinguishing feature of calcite has to do with its chemistry. Geologists sometimes take a small bottle of dilute hydrochloric acid out into the field with them because calcite reacts with acids to make a bubbly foam.
The Tonopah Gold and Silver District
The discovery of the Tonopah District by Jim Butler in May, 1900, was by far the most important event of its time, just as the discovery of the Comstock was the most important event in the Nevada’s earlier history.
Exploration, Development and Taxes
Further demonstrating the importance of seeking professional assistance and advice are the tax rules governing the expenses of a mining company. The tax treatment of mine exploration and mine development costs is confusing, complex and often overlooked or ignored—except by the ever-vigilant Internal Revenue Service.
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The Bawl Mill
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• Typhoon Exploration—Junior Mining Company Moves Forward in Quebec
• Kalgoorlie, Australia—Born of Gold
• Colorado Court Rules on Cyanide Ban
• Selling Your Gold—Where To Start
• Exploration, Development and Taxes
• US v. Donald Eno—IBLA Rules in Favor of Miner
• Miners Clean Washington Rivers and Streams
• Melman on Gold & Silver
• Mining Stock Quotes, Mineral & Metal Prices
• Looking Back
