Kem v. Commissioner
United States Tax Court
O, the owner of a herd of breeding cows, leased the cows to X for a term of several years. The lease, in practical effect, required X to restore any loss due to depreciation of the herd as it occurred so that O, at all times, owned a herd of comparable age and quality, in all respects, as that originally leased. Held, O is not entitled to any allowance for depreciation on the herd during the term of the lease.
1Opinion of the Court
Tibtjens, Judge:
The Commissioner determined deficiencies in income tax in these consolidated cases as follows:
Docket No. Taxable year Deficiency
3169-67_ 1962 1963 1964 $1, 518. 80 76, 044. 20 54, 564. 41
173, 340. 97 128, 756. 53 3170-67 CO CO CO 05 05 t — i t-H
The parties have stipulated they are in. agreement with respect to all issues raised in the notice of deficiencies in both dockets, except the issues concerning the depreciation of cattle owned by Circle Bar Cattle Co., a partnership of which petitioners Harry H. Kem, Jr., and Charles E. Miller were partners.
The only question presented…
2Cases cited5 opinions
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Commissioner of Internal Rev. v. Terre Haute Elec. Co.Court of Appeals for the Seventh Circuit · 1933
- Alaska Realty Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1944
- North Carolina Midland Railway Co. v. United StatesUnited States Court of Claims · 1958
- Terminal R.R. Ass'n. v. CommissionerUnited States Board of Tax Appeals · 1936
3Cited by7 opinions
- Park Place, Inc. v. CommissionerUnited States Tax Court · 1972
- Harry H. Kem, Jr., and Diane C. Kem, Charles E. Miller and Mary J. Miller v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Wiener v. CommissionerUnited States Tax Court · 1972
- Kem v. CommissionerUnited States Tax Court · 1968
- Park Place, Inc. v. CommissionerUnited States Tax Court · 1972
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