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
Cimarron Trust Estate, Petitioner v. Commissioner of Internal Revenue, Respondent
Cimarron Trust Estate v. Commissioner
Docket No. 6555-70
United States Tax Court
59 T.C. 195; 1972 U.S. Tax Ct. LEXIS 31;
October 31, 1972, Filed
Decision will be entered for the respondent.
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.
Earnest L. Langley, for the petitioner.
Kenneth A. Little, for the…
2Cases cited12 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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