Legal Opinion
Harry H. Kem, Jr., and Diane C. Kem, Charles E. Miller and Mary J. Miller v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided December 10, 1970No. 24151_1PublishedCited by 11 opinions
1Opinion of the Court
EUGENE A. WRIGHT, Circuit Judge:
At issue in this case is whether a depreciation deduction is available to an owner of breeding cattle who leases them to another under conditions so strict as to protect the lessor against any real economic loss. We hold it is not and affirm the ruling of the Tax Court.
Cattle breeding, the business involved here, presents a classical example of how to derive income from capital within the meaning of Eisner v. Macomber, 252 U.S. 189, 40 S.Ct. 189, 64 L.Ed. 521 (1920). The breeder’s capital is his herd, and the annual calf crop his income. According to the…
2Cases cited19 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Eisner, Internal Revenue Collector v. MacOmberSupreme Court of the United States · 1919
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Commissioner of Internal Revenue v. Moore. Moore v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Atlantic Coast Line R. Co. v. Commissioner of Int. Rev.Court of Appeals for the Fourth Circuit · 1936
14 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Park Place, Inc. v. CommissionerUnited States Tax Court · 1972
- Gary Everson and Mary Everson v. United StatesCourt of Appeals for the Ninth Circuit · 1997
- Royal St. Louis, Inc. And Chateau Louisiane, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1978
- Hibernia National Bank v. United StatesCourt of Appeals for the Fifth Circuit · 1984
- Watson Land Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1986
6 more not listed; retrieve them via the Exa API.