Vaughan v. Commissioner
United States Tax Court
1. Certain petitioners were members of a partnership which had owned and operated a beef cattle ranch. Prior to the taxable years in issue the partnership had sold the ranch and range rights to M who also "leased" the herd of beef cattle. Under the "lease," M agreed to run the herd as an operating cattle unit and sell cattle from it, dividing the proceeds of the sales equally between M and the partnership.
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1. Certain petitioners were members of a partnership which had owned and operated a beef cattle ranch. Prior to the taxable years in issue the partnership had sold the ranch and range rights to M who also "leased" the herd of beef cattle. Under the "lease," M agreed to run the herd as an operating cattle unit and sell cattle from it, dividing the proceeds of the sales equally between M and the partnership. At the close of the agreement, M was to return to the partnership an equal number, by sex and age, of cattle. Held, the income so derived by the partnership constituted the proceeds of…
1Opinion of the Court
F. C. Vaughan and Mattie Vaughan, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Vaughan v. Commissioner
Docket Nos. 57161, 57162, 57163, 57164, 69942, 69943, 69944
United States Tax Court
36 T.C. 350; 1961 U.S. Tax Ct. LEXIS 144;
May 24, 1961, Filed
Decisions will be entered under Rule 50.
1. Certain petitioners were members of a partnership which had owned and operated a beef cattle ranch. Prior to the taxable years in issue the partnership had sold the ranch and range rights to M who also "leased" the herd of beef cattle. Under the "lease," M agreed to run the herd as an…
2Cases cited17 opinions
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- McFeely v. CommissionerSupreme Court of the United States · 1935
- 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
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