Legal Opinion
Estate of Smith v. Commissioner
United States Tax Court
Decided January 25, 1955No. Docket Nos. 20717, 40880, 50705PublishedCited by 20 opinions
1Opinion of the Court
OPINION.
Arundell, Judge:
The principal question in this proceeding is whether the petitioners are entitled to treat the sales of certain registered Hereford cattle during the years in issue as property used in their trade or business. If such cattle were held by the petitioners as breeding cattle, then, under the provisions of section 117 (j) (1) of the Internal Eevenue Code of 1939, as retroactively amended by section 324 of the Eevenue Act of 1951, the petitioners are entitled to treat their profits from the sales as gain from the sale of capital assets and not as ordinary income.
The second…
2Cases cited5 opinions
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
- 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
3Cited by20 opinions
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
- McDonald v. CommissionerUnited States Tax Court · 1955
- Gamble v. CommissionerUnited States Tax Court · 1977
- Kirk v. CommissionerUnited States Tax Court · 1966
- Jewell v. CommissionerUnited States Tax Court · 1955
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