McDonald v. Commissioner
United States Tax Court
Petitioner, owner of a dairy and breeding herd, sustained a loss on its operation during each of the years 1942 to 1946, inclusive. Petitioner sold certain cattle from the herd in 1946 on which he realized capital gains.
Read the full summary
Petitioner, owner of a dairy and breeding herd, sustained a loss on its operation during each of the years 1942 to 1946, inclusive. Petitioner sold certain cattle from the herd in 1946 on which he realized capital gains. Respondent determined that only one-half of such capital gains is includible in petitioner's gross income from his dairy and breeding herd, and that petitioner's net income must be recomputed for the year 1946 pursuant to section 130 of the Internal Revenue Code of 1939 to limit the deductible losses from such business to $ 50,000 for that year. The respondent concedes that…
1Opinion of the Court
James M. McDonald, Petitioner, v. Commissioner of Internal Revenue, Respondent
McDonald v. Commissioner
Docket No. 23887
United States Tax Court
23 T.C. 1052; 1955 U.S. Tax Ct. LEXIS 220;
March 23, 1955, Filed
Decision will be entered under Rule 50.
Petitioner, owner of a dairy and breeding herd, sustained a loss on its operation during each of the years 1942 to 1946, inclusive. Petitioner sold certain cattle from the herd in 1946 on which he realized capital gains. Respondent determined that only one-half of such capital gains is includible in petitioner's gross income from his dairy and breeding…
2Cases cited6 opinions
- McDonald v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- United States v. BenedictSupreme Court of the United States · 1950
- American Found. Co. v. CommissionerUnited States Tax Court · 1943
- Commissioner of Internal Revenue v. Central Hanover Bank & Trust Co.Court of Appeals for the Second Circuit · 1947
- Benedict v. United StatesUnited States Court of Claims · 1949
1 more not listed; retrieve them via the Exa API.