Hancock v. Commissioner
United States Tax Court
During 1953 petitioners sold certain cattle which had been held by them for more than 12 but less than 25 months as part of their breeding herd, but which had been culled from that herd because of the development of undesirable characteristics which made them unsuitable for breeding purposes.
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During 1953 petitioners sold certain cattle which had been held by them for more than 12 but less than 25 months as part of their breeding herd, but which had been culled from that herd because of the development of undesirable characteristics which made them unsuitable for breeding purposes. Held, at the time of their sale those cattle were held for breeding purposes within the meaning of section 117(j)(1) of the 1939 Code, thus entitling petitioners to treat the gains realized thereon as long-term capital gains.
1Opinion of the Court
Tietjens, Judge:
This proceeding involves a deficiency in income tax for the calendar year 1953 in the amount of $1,743.62.
The only issue for decision is whether cattle sold by petitioners during the taxable year were held for sale to customers in the ordinary course of business or were held for breeding purposes witbin the meaning of section 117 (j) of the 1939 Internal Revenue Code.
FINDINGS OF FACT.
The stipulated facts are so found, and are incorporated herein by this reference.
During the taxable year, L. D. Hancock (hereinafter referred to as the petitioner) and Elaine Hancock, husband and…
2Cases cited9 opinions
- McDonald v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Fox v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Fox v. CommissionerUnited States Tax Court · 1951
- McDonald v. CommissionerUnited States Tax Court · 1955
- Robert B. Gotfredson and Charlotte B. Gotfredson v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1954
4 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Kirk v. CommissionerUnited States Tax Court · 1966
- Tesche v. CommissionerUnited States Tax Court · 1959
- Hancock v. CommissionerUnited States Tax Court · 1959
- Kirk v. CommissionerUnited States Tax Court · 1966
- Tesche v. CommissionerUnited States Tax Court · 1959