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CIMARRON TRUST ESTATE v. COMMISSIONER

Docket No. 6555-70.

59 T.C. 195 (1972)

CIMARRON TRUST ESTATE, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 31, 1972.

Attorney(s) appearing for the Case

Earnest L. Langley, for the petitioner.

Kenneth A. Little, for the respondent.

SIMPSON, Judge:

The respondent determined deficiencies in the Federal income tax of the petitioner of $38,971.98 for the year ended May 31, 1967, and of $9,600.64 for the year ended May 31, 1968. The only issues to be decided are (1) whether a debt owed to the petitioner was totally worthless on December 31, 1964, when it was canceled, and (2) whether a taxpayer using the unit-livestock-price method for valuing inventory...

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