70.375 Net proceeds occupation tax on mining of metallic minerals; computation.
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70.375 Net proceeds occupation tax on mining of metallic minerals; computation.
(1)Definitions. In ss. 70.37 to 70.3965 :
(ab)“Controlled entity” means a person at least 50 percent of the voting stock of which is owned directly or indirectly by another person who is engaged in mining metalliferous minerals.
(ad)“Controlling entity” is a person who owns directly or indirectly at least 50 percent of the voting stock of another person who is engaged in mining metalliferous minerals.
(ae)“Department” means the department of revenue.
(ag)“Extraction of ores or minerals from the ground” includes the extraction, by owners or operators of mines, of ores or minerals from the waste or residue of prior mining unless the extraction is made by a purchaser of waste or residue or by a purchaser of the rights to extract ores or minerals from the waste or residue.
(ai)“Gross income from mining” means that amount of income which is attributable to the processes of extraction of ores or minerals from the ground and the application of mining processes, including mining transportation and as further defined in 26 CFR section 1.613-4. In this paragraph “income” means the actual amount for which ore or mineral, less trade and cash discounts actually allowed, is sold if the taxpayer sells the ore or mineral after the application of mining processes. If ore or minerals are sold after the application of nonmining processes, gross income from mining shall be computed as provided in 26 CFR section 1.613-4.