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
Deennen, Judge:
Respondent determined deficiencies in petitioners’ income tax for the taxable years 1960 and 1961in the amounts of $5,059.93 and $4,456.32, respectively.
Tlie issue for our consideration is whether petitioners are entitled to treat the gains realized from the sale of horses in the taxable years 1960 and 1961 as long-term capital gams under section 1231(a), I.R.C. 1954.1
FINDINGS OF FACT
Some of the facts are stipulated and the stipulated facts are incorporated herein by this reference.
Petitioners McKinley and Doris Kirk are husband and wife, with their principal address at Box…
2Cases cited15 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
- McDonald v. CommissionerUnited States Tax Court · 1955
10 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Hollywood Baseball Association v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Hollywood Baseball Asso. v. CommissionerUnited States Tax Court · 1968
- Gamble v. CommissionerUnited States Tax Court · 1977
- Gamble v. CommissionerUnited States Tax Court · 1977
5 more not listed; retrieve them via the Exa API.