Fox v. Commissioner
United States Tax Court
Portion of cattle sold during the taxable years 1944 to 1946, inclusive, classified as having been a part of a breeding herd and gain on their sale held taxable at capital gains rates. Remainder of cattle sold was property held primarily for sale to customers in the ordinary course of trade or business and gain on the sale held taxable as ordinary income.
1Opinion of the Court
OPINION.
Arundell, Judge;
The factual question before us is whether the cattle petitioners raised and registered and then sold during the years in question were part of their breeding herd or were held primarily for sale to customers .in the ordinary course of business. This question arises from petitioners’ contention that the gain on these sales is taxable at capital gains rates pursuant to section 117 (j) 3 of the Internal Revenue Code.
Section 117 (j) provides for taxing as long term capital gains the net gains on sales of “property used in trade or business” provided, among other things,…
2Cases cited6 opinions
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Carter-Colton Cigar Co. v. CommissionerUnited States Tax Court · 1947
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
- Alamo Broadcasting Co. v. CommissionerUnited States Tax Court · 1950
- Emerson v. CommissionerUnited States Tax Court · 1949
1 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
- McDonald v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Diamond A Cattle Co. v. CommissionerUnited States Tax Court · 1953
- McDonald v. CommissionerUnited States Tax Court · 1955
- Estate of Smith v. CommissionerUnited States Tax Court · 1955
27 more not listed; retrieve them via the Exa API.