Herbert A. Nieman & Co. v. Commissioner
United States Tax Court
1. Held, gains realized by petitioner upon the sale of pelts taken from foxes held for breeding purposes are to be considered as gains from the sale or exchange of property used in the trade or business within the meaning of section 117(j), I.R.C. 1939. 2. Held, petitioner is not entitled to deductions for depreciation on breeder foxes for any of the years 1942 through 1945. 3. Held, no gain or loss is recognizable to petitioner upon the liquidation of Ozaukee Fur Farms…
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1. Held, gains realized by petitioner upon the sale of pelts taken from foxes held for breeding purposes are to be considered as gains from the sale or exchange of property used in the trade or business within the meaning of section 117(j), I.R.C. 1939. 2. Held, petitioner is not entitled to deductions for depreciation on breeder foxes for any of the years 1942 through 1945. 3. Held, no gain or loss is recognizable to petitioner upon the liquidation of Ozaukee Fur Farms Company. Sec. 112(b)(6), I.R.C. 1939. 4. Held: On December 31, 1941, Ozaukee Fur Farms Company canceled petitioner's note…
1Opinion of the Court
Herbert A. Nieman & Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Herbert A. Nieman & Co. v. Commissioner
Docket No. 56932
United States Tax Court
33 T.C. 451; 1959 U.S. Tax Ct. LEXIS 16;
December 9, 1959, Filed
Decision will be entered under Rule 50.
1. Held, gains realized by petitioner upon the sale of pelts taken from foxes held for breeding purposes are to be considered as gains from the sale or exchange of property used in the trade or business within the meaning of section 117(j), I.R.C. 1939.
2. Held, petitioner is not entitled to deductions for depreciation on breeder…
2Cases cited18 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Weiss v. WeinerSupreme Court of the United States · 1929
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- SoRelle v. CommissionerUnited States Tax Court · 1954
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
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