Kirk v. Commissioner
United States Tax Court
Petitioners' principal business during the years 1960 and 1961 was breeding, raising, and training harness horses for the purpose of racing them.
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Petitioners' principal business during the years 1960 and 1961 was breeding, raising, and training harness horses for the purpose of racing them. Held: Horses culled from the herd and sold because of defects or other inadequacies as potential harness racehorses qualified as property used in petitioners' trade or business of a character subject to the allowance for depreciation as defined in sec. 1231(b), I.R.C. 1954, and gain on the sale thereof is taxable as gain on the sale of capital assets held for more than 6 months under sec. 1231 (a). The horses sold were not held primarily for sale to…
1Opinion of the Court
McKinley Kirk and Doris Kirk, Petitioners v. Commissioner of Internal Revenue, Respondent
Kirk v. Commissioner
Docket No. 5875-64
United States Tax Court
47 T.C. 177; 1966 U.S. Tax Ct. LEXIS 19;
November 21, 1966, Filed
Decision will be entered for the petitioners.
Petitioners' principal business during the years 1960 and 1961 was breeding, raising, and training harness horses for the purpose of racing them. Held: Horses culled from the herd and sold because of defects or other inadequacies as potential harness racehorses qualified as property used in petitioners' trade or business of a character…
2Cases cited16 opinions
- Malat v. RiddellSupreme Court of the United States · 1966
- United States v. Bennett (Two Cases). Finch v. Arnold, Acting Collector of Internal Revenue (Two Cases). Birkbeck v. Thomas. Ritchie v. ThomasCourt of Appeals for the Fifth Circuit · 1951
- McDonald v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Fox v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Fox v. CommissionerUnited States Tax Court · 1951
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