Haley v. Commissioner of Internal Revenue

RIVES, Circuit Judge.

Petitioners seek review of a decision of the, Tax Court assessing them with deficiencies in Federal income taxes for the calendar years 1944 and 1945. The opinion of the Tax Court is reported at 16 T.C. 1509.

Petitioner, D. G. Haley, and his wife, Anne M. Haley, filed joint returns for the tax years involved on the cash receipts and disbursements basis. In March, 1943, petitioner agreed with one William Greve to purchase and develop certain lands, for the production and sale of gladioli spikes. Lands were accordingly purchased and developed prior to October 1943 for that…