The Diamond a Cattle Company v. Commissioner of Internal Revenue

HUXMAN, Circuit Judge.

This case is here on petition for review of a decision of the Tax Court, under Sections 1141 and 1142 of the Internal Revenue Code of 1939 (now Internal Revenue Code of 1954, §§ 7482 and 7483, 26 U.S.C.A. §§ 7482, 7483). The taxpayer is a corporation which until mid-1945 was engaged in an extensive livestock business, with some farming incidental to the livestock operation. It and its predecessor had engaged in this business as a corporation since 1906, owning or leasing nearly one million acres of land in New Mexico and South Dakota. All of the stock of the company was…