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INTERNAL PROTOTYPE — NOT LEGAL ADVICE — DO NOT SEND

Vericoals, Inc. v. Revenue Cabinet, 869 S.W.2d 49 (1994)

Citation
Vericoals, Inc. v. Revenue Cabinet, 869 S.W.2d 49 (1994)
Parent Document
Vericoals, Inc. v. Revenue Cabinet, 869 S.W.2d 49 (1994)
Jurisdiction
Kentucky (state)
Effective Date
1994-01-28

Other Sections in This Document (31)

Full Text

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Vericoals’ rights and responsibilities were that it had the right of entry on the premises to mine coal from other seams and to exercise all rights in, on, and to the premises, contrasted with the lease between Williamson Land Co. and Nuclear Dynamics, Veri-coals’ predecessor, in wMch Williamson Land Co. gave the lessee coal company the right of quiet enjoyment, retaining no right to enter on the premises without the permission of the mining company. Vericoals also retained the right to set a minimum price for the coal, and if Unit Coal did not obtain that price, then it could be sold by Vericoals. On its tax return, Vericoals listed the money it received from Unit under gross receipts, rather than under the royalties column. Vericoals was also entitled to take the depletion deduction. Vericoals paid the royalties to the Williamson Land Company.