Cimarron Trust Estate v. Commissioner
United States Tax Court
Held: (1) P has failed to show that a debt owed to it by the holders of all of its certificates of beneficial interest was totally worthless when canceled; and (2) a taxpayer using the unit-livestock-price method for valuing inventory must include unweaned calves.
1Opinion of the Court
Simpson, Judge:
The respondent determined deficiencies in the Federal income tax of the petitioner of $38,971.98 for the year ended May 31, 1967, and of $9,600.64 for the year ended May 31, 1968. The only issues to be decided are (1) whether a debt owed to the petitioner was totally worthless on December 31,1964, when it was canceled, and (2) whether a taxpayer using the unit-livestock-price method for valuing inventory must include unweaned calves.
BINDINGS OP PACT
Some of the facts were stipulated, and those facts are so found.
The petitioner, Cimarron Trust Estate (Cimarron), is an Oklahoma…
2Cases cited11 opinions
- Lucas v. Kansas City Structural Steel Co.Supreme Court of the United States · 1930
- United States v. CattoSupreme Court of the United States · 1966
- Higginbotham-Bailey-Logan Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
- Andrew v. CommissionerUnited States Tax Court · 1970
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3Cited by17 opinions
- Crown v. CommissionerUnited States Tax Court · 1981
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- Hunt v. CommissionerUnited States Tax Court · 1989
- Barrett v. CommissionerUnited States Tax Court · 1996
- Crosson v. Comm'rUnited States Tax Court · 2003
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