Wiener v. Commissioner
United States Tax Court
H & G made payments to R.R. which they allege represented the purchase price of calves and the costs of raising them to maturity. They claim deductions under sec. 1.162-12, Income Tax Regs., for the amounts alleged to constitute raising costs and under sec. 167(a), I.R.C. 1954, for depreciation of the costs of the animals. Held, the transaction was not a sham; on this holding, respondent concedes that H & G are entitled to deductions for depreciation.
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H & G made payments to R.R. which they allege represented the purchase price of calves and the costs of raising them to maturity. They claim deductions under sec. 1.162-12, Income Tax Regs., for the amounts alleged to constitute raising costs and under sec. 167(a), I.R.C. 1954, for depreciation of the costs of the animals. Held, the transaction was not a sham; on this holding, respondent concedes that H & G are entitled to deductions for depreciation. Held, further, under the terms of their agreement with R.R., H & G acquired mature milch cows and, therefore, are not entitled to deduct the…
1Opinion of the Court
FeatheRSTon, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for 1964 and 1965 as follows:
Petitioners 1964 1965
Herbert D. Wiener and Shirley M. Wiener_ $40, 824 $19, 853
George M. Wiener and Barbara E. Wiener_ 42, 736 13, 070
Some issues having been stipulated, the sole remaining issue is whether certain outlays of funds by petitioners during 1964 and 1965 constituted costs of raising calves for subsequent inclusion in a dairy herd within the meaning of section 1.162-12, Income Tax Regs.
FINDINGS OF FACT
Herbert I). Wiener (hereinafter referred to as Herbert) and…
2Cases cited12 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Kapel Goldstein and Tillie Goldstein v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
- United States v. CattoSupreme Court of the United States · 1966
- Goldstein v. CommissionerUnited States Tax Court · 1965
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