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GIBBS v. COMMISSIONER

Docket Nos. 64535, 64536.

33 T.C. 27 (1959)

J. CLIFFORD GIBBS AND MARION W. GIBBS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. ESTATE OF FRANK W. GIBBS, DECEASED, IDA IRENE GIBBS AND J. CLIFFORD GIBBS, EXECUTORS, AND IRENE B. GIBBS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 12, 1959.

Attorney(s) appearing for the Case

Hugh C. Spernow, Esq., for the petitioners.

Sheldon Seevak, Esq., for the respondent.

OPINION.

RAUM, Judge:

Respondent determined deficiencies in income taxes for the year 1953, as follows:

J. Clifford Gibbs and Marion W. Gibbs ---------------   $423.30
Frank W. Gibbs and Irene B. Gibbs -------------------    523.84

The sole issue is whether dairy farmers, who elected to make their returns upon an inventory basis valuing their dairy animals according to the "farm price method,"1

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