CLuck v. Commissioner
United States Tax Court
Deductions -- Net Operating Loss -- Termination of Part [ILLEGIBLE WORD] Business -- Sec. 122 (d) (5), I. R. C. 1939. -- The loss sustained on the sale of a herd of breeding cattle which had contracted Bang's disease was not a net operating loss "attributable to the operation of a trade or business regularly carried on" since breeding operations were thereby terminated.
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Deductions -- Net Operating Loss -- Termination of Part [ILLEGIBLE WORD] Business -- Sec. 122 (d) (5), I. R. C. 1939. -- The loss sustained on the sale of a herd of breeding cattle which had contracted Bang's disease was not a net operating loss "attributable to the operation of a trade or business regularly carried on" since breeding operations were thereby terminated. The loss sustained on the sale of a combine was a net operating loss since it did not result in any substantial diminution of the farming business in which it had been used and was made in the ordinary course of the operation…
1DissentFisher, J.
Petitioner, during 1951 and part of 1952, had a breeding herd which he maintained as a separate function of his business, the other functions being farming and the purchase and sale of so-called commercial cattle. Bang’s disease was diagnosed in his breeding herd. It then became futile for petitioner either to attempt to continue the herd as a breeding herd, or to replace it as such, because he knew that the disease would remain in the grass or pasture from 8 to 10 years. No doubt petitioner could have liquidated by sale, substantially as a group, the animals which had comprised the breeding…
2Cases cited11 opinions
- Albright v. United StatesCourt of Appeals for the Eighth Circuit · 1949
- Fawn Lake Ranch Co. v. Comm'rUnited States Tax Court · 1949
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
- Pettit v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
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