Hemenway v. Peabody Coal Co.

159 F.3d 255 (7th Cir. 1998)

Facts

A mineral lease signed in 1969 requires D to pay a royalty based on the coal's 'sales price.' Congress enacted two excise taxes. The lease defines 'sales price' unhelpfully as the 'average invoice price of coal mined, removed and sold.' Are excise taxes part of the 'average invoice price'?