Fawn Lake Ranch Co. v. Comm'r
United States Tax Court
1. The gains realized by petitioner from the sale of cattle from its breeding herd in the taxable year 1943 are to be considered long-term capital gains, pursuant to the provisions of section 117 (j) of the Internal Revenue Code, as added by the Revenue Act of 1942. 2. I. T. 3666 and I. T. 3712, as applied to the facts here involved, are invalid. Albright v. United States, 173 Fed. (2d) 339, followed.
1Opinion of the Court
OPINION.
Leech, Judge:
The only question presented is whether the respondent erred in determining that the gain realized by petitioner in the taxable year 1943 from the sale of certain cattle from its breeding herd was taxable as ordinary gain. Petitioner contends that the sales from its breeding herd are to be treated as sales of capital assets under the provisions of section 117 (j) of the Internal Revenue Code.1 The respondent relies solely upon two department rulings contained in I. T. 3666 and I. T. 3712, the material parts of which are set forth in the margin.2 While in I. T. 3666 it is…
2Cited by49 opinions
- United States v. CattoSupreme Court of the United States · 1966
- SoRelle v. CommissionerUnited States Tax Court · 1954
- United States v. Bennett (Two Cases). Finch v. Arnold, Acting Collector of Internal Revenue (Two Cases). Birkbeck v. Thomas. Ritchie v. ThomasCourt of Appeals for the Fifth Circuit · 1951
- Frank Scofield, Collector of Internal Revenue v. A. J. Lewis and Grace M. LewisCourt of Appeals for the Fifth Circuit · 1958
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
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