Zirker v. Commissioner
United States Tax Court
P's claimed Schedule F losses on their 1981 and 1982 Federal income tax returns from an investment in dairy cattle. The losses were comprised of investment credit and depreciation deductions as well as other claimed operating expenses. R disallowed the claimed losses. Held: That no sale of the cattle occurred for tax purposes. Accordingly, P's are not entitled to the claimed losses.
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P's claimed Schedule F losses on their 1981 and 1982 Federal income tax returns from an investment in dairy cattle. The losses were comprised of investment credit and depreciation deductions as well as other claimed operating expenses. R disallowed the claimed losses. Held: That no sale of the cattle occurred for tax purposes. Accordingly, P's are not entitled to the claimed losses. Held, further, that a valuation overstatement exists within the meaning of sec. 6659, I.R.C. 1954, since petitioners reported an adjusted basis in the cattle of $ 41,500 and the correct adjusted basis in the…
1Opinion of the Court
WHITAKER, Judge:
This case was assigned to and heard by Special Trial Judge Peter J. Panuthos pursuant to the provisions of section 7456 of the Code and Rules 180 and 181.1 The Court agrees with and adopts the Special Trial Judge’s opinion, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
PANUTHOS, Special Trial Judge:
Respondent determined the following deficiencies in petitioners’ Federal income tax:
Year Deficiency
1981. 2$9,412
1982 . 5,915
In his notice of deficiency respondent disallowed claimed losses incurred by petitioners resulting from an investment in dairy cattle. Respondent…
2Cases cited20 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. BrownSupreme Court of the United States · 1965
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
- Grodt & McKay Realty, Inc. v. CommissionerUnited States Tax Court · 1981
15 more not listed; retrieve them via the Exa API.
3Cited by127 opinions
- Rose v. CommissionerUnited States Tax Court · 1987
- Patin v. CommissionerUnited States Tax Court · 1987
- Rybak v. CommissionerUnited States Tax Court · 1988
- Cherin v. CommissionerUnited States Tax Court · 1987
- McCrary v. CommissionerUnited States Tax Court · 1989
122 more not listed; retrieve them via the Exa API.