Estate of Peterson v. Commissioner
United States Tax Court
Decedent contracted to deliver to buyer "approximately 3,300" head of calves at 49 cents per pound. Those calves at ranches in Brown County, Nebr., were to be weighed and delivered at a delivery date selected by decedent not later than Nov. 1, 1972. The remaining calves were to be delivered by Dec. 15, 1972. On Nov. 1, 1972, one-third of the Brown County calves were still too young for weaning and, apparently by waiver, the delivery date was deferred.
Read the full summary
Decedent contracted to deliver to buyer "approximately 3,300" head of calves at 49 cents per pound. Those calves at ranches in Brown County, Nebr., were to be weighed and delivered at a delivery date selected by decedent not later than Nov. 1, 1972. The remaining calves were to be delivered by Dec. 15, 1972. On Nov. 1, 1972, one-third of the Brown County calves were still too young for weaning and, apparently by waiver, the delivery date was deferred. The calves gained about one-half pound to 3 pounds per day per animal. Decedent died on Nov. 9, 1972. His estate continued the feeding and care…
1Opinion of the Court
Hall, Judge:
Respondent determined a $225,208.33 deficiency in petitioners’ 1973 taxable year income tax. Due to concessions by petitioners, the sole issue for decision is whether the sale of cattle by the Estate of Charley W. Peterson constituted “income in respect of a decedent” within the meaning of section 691(a)(1).1
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
Charley W. Peterson (hereinafter referred to as the decedent) died testate on November 9, 1972.
Della E. Peterson and Charles R. Peterson, the petitioners herein, are the coexecutors of the Estate…
2Cases cited12 opinions
- Helvering v. Estate of EnrightSupreme Court of the United States · 1941
- Commissioner of Internal Revenue v. LindeCourt of Appeals for the Ninth Circuit · 1954
- O'Daniel's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- Estate of Helen Davison, Deceased, First National Bank of Arizona v. United StatesCourt of Appeals for the First Circuit · 1961
- Frances E. Latendresse v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1957
7 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Rollert Residuary Trust v. CommissionerUnited States Tax Court · 1983
- Estate of Charley W. Peterson, Deceased, Della E. Peterson and Charles R. Peterson, Co-Executors v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1981
- Estate of Frane v. CommissionerUnited States Tax Court · 1992
- Estate of Backemeyer v. Comm'rUnited States Tax Court · 2016
- Estate of Frane v. CommissionerUnited States Tax Court · 1992
3 more not listed; retrieve them via the Exa API.