Memorandum Opinion
TURNER, Judge:
The respondent has determined a deficiency in income tax of $6,103.78 against the petitioner for the calendar year 1946. The sole question presented is whether the profits from the sale of livestock culled from the petitioner's breeding herd, and replaced by an equal number of heifers, are to be taxed to the petitioner as ordinary income or as capital gain.
[The Facts]
The facts have been stipulated...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
