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UNITED STATES v. CATTO

No. 21351.

344 F.2d 227 (1965)

UNITED STATES of America, Appellant, v. John CATTO, Jr., and Roxana Catto, his wife, Appellees.

United States Court of Appeals Fifth Circuit.

April 8, 1965.

Attorney(s) appearing for the Case

Robert J. Golten, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., Ernest Morgan, U. S. Atty., San Antonio, Tex., Melva M. Graney, Atty., Dept. of Justice, Washington, D. C., Harry Lee Hudspeth, Asst. U. S. Atty., of counsel, for appellant.

Gordon G. Hawn, Ralph G. Langley, San Antonio, Tex., Foster, Lewis, Langley, Gardner & Hawn, San Antonio, Tex., for appellees.

Before GEWIN and BELL, Circuit Judges, and McRAE, District Judge.

PER CURIAM.

This appeal raises once again the problem of the tax and accounting treatment to be accorded raised breeding cattle which are sold by an accrual basis taxpayer.1 The appellees, who are owners and operators of two cattle ranches in West Texas, keep their books on the accrual basis and file their tax returns accordingly.

Taxpayers, in conformity with Treasury regulations,2 have chosen to value...

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