Emerson v. Commissioner
United States Tax Court
Petitioner, a farmer, in 1945 and 1946 sold certain stock from his dairy and hog-breeding herds. These animals had been held by him primarily for dairy or breeding purposes and, with the exception of two sows, had been held for a period longer than six months.
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Petitioner, a farmer, in 1945 and 1946 sold certain stock from his dairy and hog-breeding herds. These animals had been held by him primarily for dairy or breeding purposes and, with the exception of two sows, had been held for a period longer than six months. Held, that the livestock sold by petitioner in 1945 and 1946 from his dairy and hog-breeding herds, with the exception of the two sows sold in 1945 which had not been held for a period of six months, were capital assets within the meaning of section 117 (j) of the Internal Revenue Code, and the profits realized from such sales are…
1Opinion of the Court
OPINION.
Arundell, Judge:
The sole issue presented is whether the profit realized by petitioner in 1945 and 1946 from the sale of certain animals from his dairy and hog-breeding herds constituted ordinary income or capital gain under the provisions of section 117 (j) (1) of the Internal Revenue Code.1
The precise question here presented was recently decided by the Court of Appeals for the Eighth Circuit in Albright v. United States, 173 Fed. (2d) 339. The facts in that case were, except for minor details, identical with those presented in the present proceedings. There the taxpayer in 1945 and…
2Cited by36 opinions
- 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
- Frank Scofield, Collector of Internal Revenue v. A. J. Lewis and Grace M. LewisCourt of Appeals for the Fifth Circuit · 1958
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
- Watson v. CommissionerUnited States Tax Court · 1950
- Fox v. CommissionerUnited States Tax Court · 1951
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