Kem v. Commissioner
United States Tax Court
O, the owner of a herd of breeding cows, leased the cows to X for a term of several years. The lease, in practical effect, required X to restore any loss due to depreciation of the herd as it occurred so that O, at all times, owned a herd of comparable age and quality, in all respects, as that originally leased. Held, O is not entitled to any allowance for depreciation on the herd during the term of the lease.
1Opinion of the Court
Harry H. Kem, Jr., and Diane C. Kem, Petitioners v. Commissioner of Internal Revenue, Respondent; Charles E. Miller and Mary J. Miller, Petitioners v. Commissioner of Internal Revenue, Respondent
Kem v. Commissioner
Docket Nos. 3169-67, 3170-67
United States Tax Court
51 T.C. 455; 1968 U.S. Tax Ct. LEXIS 10;
December 19, 1968, Filed
Decisions will be entered under Rule 50.
O, the owner of a herd of breeding cows, leased the cows to X for a term of several years. The lease, in practical effect, required X to restore any loss due to depreciation of the herd as it occurred so that O, at all times,…
2Cases cited6 opinions
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Commissioner of Internal Rev. v. Terre Haute Elec. Co.Court of Appeals for the Seventh Circuit · 1933
- Alaska Realty Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1944
- North Carolina Midland Railway Co. v. United StatesUnited States Court of Claims · 1958
- Kem v. CommissionerUnited States Tax Court · 1968
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