McDonald v. Commissioner
United States Tax Court
Held, on the basis of the facts of record, cattle raised by petitioner and sold when they were between the ages of 6 and 24 months were "held * * * for * * * breeding, or dairy purposes" within the meaning of section 117 (j) (1) of the 1939 Code and the gains arising from those sales were, therefore, capital gains. McDonald v. Commissioner, (C. A. 2) 214 F. 2d 341, reversing 17 T. C. 210, followed.
1Opinion of the Court
OPINION.
Black, Judge:
Respondent, in his brief, concedes that the sales during 1944 and 1945 of all cattle purchased by petitioner and held by him for more than 6 months are entitled to capital gains treatment under the provisions of section 117 (j) of the Internal Revenue Code of 1939.3 The only question for our consideration, therefore, is whether respondent erred in determining that the cattle raised by petitioner and sold during 1944 and 1945, after being held for more than 6 months but prior to their reaching 24 months of age, were held “primarily for sale to customers in the ordinary…
2Cases cited8 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
- McDonald v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Rowan v. CommissionerUnited States Tax Court · 1954
- Fox v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Fox v. CommissionerUnited States Tax Court · 1951
3 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Lawrence v. CommissionerUnited States Tax Court · 1957
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Gamble v. CommissionerUnited States Tax Court · 1977
- Kirk v. CommissionerUnited States Tax Court · 1966
- Jewell v. CommissionerUnited States Tax Court · 1955
19 more not listed; retrieve them via the Exa API.