McMurtry v. Commissioner
United States Tax Court
1. Section 117 (j), I. R. C. 1939, limits capital asset treatment regarding breeding cattle to those held for 12 months or more. 2. Reasonable cause not a defense to penalty of section 294 (d) (2), I. R. C. 1939.
1Opinion of the Court
OPINION.
FoRRestee, Judge:
The Commissioner has determined a deficiency in petitioners’ income tax for the calendar year 1951 in the amount of $2,522.64 and addition to tax for substantial underestimation of tax under section 294 (d) (2) in the amount of $151.36. Petitioners have conceded one other issue by stipulation. The facts have been wholly stipulated and are included herein by reference.
Petitioners R. L. McMurtry and Mary P. McMurtry are husband and wife and reside in Amarillo, Texas. They filed a joint income tax return for the calendar year 1951 with the then collector of internal…
2Cases cited4 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
- Smith v. CommissionerUnited States Tax Court · 1953
- Hays v. CommissionerUnited States Tax Court · 1956
3Cited by8 opinions
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
- King v. CommissionerUnited States Tax Court · 1958
- Meisgeier v. CommissionerUnited States Tax Court · 1970
- Collins v. CommissionerUnited States Tax Court · 1959
- King v. CommissionerUnited States Tax Court · 1958
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