Magee v. Commissioner
United States Tax Court
1. Held, breeding turkeys sold in 1945 were not property held primarily for sale to customers in the ordinary course of trade or business. 2. Held, section 324 of the Revenue Act of 1951 does not exclude breeding turkeys sold in 1945 from "property used in the trade or business" as defined by section 117, I. R. C.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The only issue for decision in these proceedings is stipulated to be whether the turkeys sold by petitioners in 1945 were property held by the taxpayers primarily for sale to customers in the ordinary course of their trade or business as defined by section 11Y (j) of the Internal Revenue Code.1
It is tbe petitioners’ position that the turkeys sold in 1945 were held for breeding, not for sale, having been retained for use as breeders instead of being sold in the fall of 1944. In contending that petitioners’ turkeys were primarily held for sale to customers in the…
2Cases cited10 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
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
- Emerson v. CommissionerUnited States Tax Court · 1949
- Fox v. CommissionerUnited States Tax Court · 1951
5 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Gamble v. CommissionerUnited States Tax Court · 1977
- Sykes v. CommissionerUnited States Tax Court · 1972
- Gamble v. CommissionerUnited States Tax Court · 1977
- Magee v. CommissionerUnited States Tax Court · 1952
- Sykes v. CommissionerUnited States Tax Court · 1972