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WHITAKER v. COMMISSIONER OF INTERNAL REVENUE

No. 16896.

259 F.2d 379 (1958)

Estate of B. F. WHITAKER, Deceased, First National Bank in Dallas and Lanham Croley, Co-executors of the estate of B. F. Whitaker, Deceased, and Florence D. Whitaker, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

September 16, 1958.

Attorney(s) appearing for the Case

Llewellyn A. Luce, Washington, D. C., Lanham Croley, Dallas, Tex., for petitioners.

David O. Walter, Fred E. Youngman, Harry Baum, Lee A. Jackson, Attys., Dept. of Justice, Washington, D. C., Charles K. Rice, Asst. Atty. Gen., John N. Stull, Acting Atty. Gen., Nelson P. Rose, Chief Counsel, Charles P. Dugan, Sp. Atty., Internal Revenue Service, Washington, D. C., for respondent.

Before HUTCHESON, Chief Judge, and BROWN, and WISDOM, Circuit Judges.

WISDOM, Circuit Judge.

This case concerns some of the tax problems of a racehorse owner. Two tax principles are involved: "claim of right" and "accelerated depreciation". The appeal presents these questions:

I. As to the horse Requested: When a breeding contract guarantees a live foal, are stud fees income in the year the fees are received, under the claim of right doctrine, or in the following year in which...

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