Fowler v. Commissioner
United States Tax Court
Petitioners are the owners and operators of a racing stable, the primary purpose of which is the racing of horses at public tracks for profit. Some of the horses raced by them have been acquired by purchase and some they raised.
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Petitioners are the owners and operators of a racing stable, the primary purpose of which is the racing of horses at public tracks for profit. Some of the horses raced by them have been acquired by purchase and some they raised. Petitioners and three others, also operators of racing stables, purchased a young stallion with two purposes in mind, first, to race him in stake races for purses, and at an appropriate time thereafter to use him as a sire in their breeding operations. The horse so acquired was sold by the purchasers approximately 11 months after he had been acquired. During the time…
1Opinion of the Court
OPINION.
Turnee, Judge:
In case of the sale or exchange of property used in the trade or business of a taxpayer, the general rule, as prescribed by section 1231(a) of the Internal Eevenue Code of 1954,2 is that the gains and losses therefrom shall be considered as gains and losses from sales or exchanges of capital assets held for more than 6 months, if the recognized gains exceed the recognized losses from such sales or exchanges. If on the other hand such gains do not exceed such losses, the gains and losses shall not be considered as gains and losses from sales or exchanges of capital…
2Cases cited2 opinions
- Jewell v. CommissionerUnited States Tax Court · 1955
- Estate of Collings v. United StatesDistrict Court, W.D. Kentucky · 1955
3Cited by8 opinions
- Gamble v. CommissionerUnited States Tax Court · 1977
- Kirk v. CommissionerUnited States Tax Court · 1966
- McDougal v. CommissionerUnited States Tax Court · 1974
- Greer v. United StatesDistrict Court, E.D. Tennessee · 1967
- Fowler v. CommissionerUnited States Tax Court · 1962
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