McMurtry v. Commissioner
United States Tax Court
1. Section 117 (j), I. R. C. 1939, limits capital asset treatment regarding breeding cattle to those held for 12 months or more. 2. Reasonable cause not a defense to penalty of section 294 (d) (2), I. R. C. 1939.
1Opinion of the Court
R. L. McMurtry, Mary P. McMurtry, Petitioners, v. Commissioner of Internal Revenue, Respondent
McMurtry v. Commissioner
Docket No. 58094
United States Tax Court
29 T.C. 1091; 1958 U.S. Tax Ct. LEXIS 246;
February 28, 1958, Filed
Decision will be entered for the respondent.
1. Section 117 (j), I. R. C. 1939, limits capital asset treatment regarding breeding cattle to those held for 12 months or more.
2. Reasonable cause not a defense to penalty of section 294 (d) (2), I. R. C. 1939.
Arthur Glover, Esq., for the petitioners.
David E. Mills, Esq., for the respondent.
Forrester, Judge.
FORRESTER
OPINION.
The…
2Cases cited5 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
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Smith v. CommissionerUnited States Tax Court · 1953
- McMurtry v. CommissionerUnited States Tax Court · 1958
- Hays v. CommissionerUnited States Tax Court · 1956