Herbert A. Nieman & Co. v. Commissioner
United States Tax Court
1. Held, gains realized by petitioner upon the sale of pelts taken from foxes held for breeding purposes are to be considered as gains from the sale or exchange of property used in the trade or business within the meaning of section 117(j), I.R.C. 1939. 2. Held, petitioner is not entitled to deductions for depreciation on breeder foxes for any of the years 1942 through 1945. 3. Held, no gain or loss is recognizable to petitioner upon the liquidation of Ozaukee Fur Farms…
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1. Held, gains realized by petitioner upon the sale of pelts taken from foxes held for breeding purposes are to be considered as gains from the sale or exchange of property used in the trade or business within the meaning of section 117(j), I.R.C. 1939. 2. Held, petitioner is not entitled to deductions for depreciation on breeder foxes for any of the years 1942 through 1945. 3. Held, no gain or loss is recognizable to petitioner upon the liquidation of Ozaukee Fur Farms Company. Sec. 112(b)(6), I.R.C. 1939. 4. Held: On December 31, 1941, Ozaukee Fur Farms Company canceled petitioner's note…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The respondent determined deficiencies in petitioner’s income tax for the year 1941, declared value excess-profits tax for the year 1942, and excess profits tax for the years 1942 through 1945, as follows:
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The petitioner timely claimed overpayment in income tax for the years 1941 and 1945, and in excess profits tax for the years 1941 through 1945, as follows:
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Several matters, including, inter alia, questions of interest expense, inventory cost, and a net operating loss carryback, have been resolved by stipulation of the parties. The…
2Cases cited17 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Weiss v. WeinerSupreme Court of the United States · 1929
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- SoRelle v. CommissionerUnited States Tax Court · 1954
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
12 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
- Fowler Hosiery Co. v. CommissionerUnited States Tax Court · 1961
- Visintainer v. AllanDistrict Court, D. Colorado · 1961
- Garrison v. CommissionerUnited States Tax Court · 1969
- Cedarburg Fox Farms, Inc. v. United States of America, Cedarburg Fox Farms, Inc. v. United StatesCourt of Appeals for the Seventh Circuit · 1960
4 more not listed; retrieve them via the Exa API.