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ASMUSSEN v. UNITED STATES

Civ. No. 82-3015.

603 F.Supp. 60 (1984)

W.J. ASMUSSEN and Alice Asmussen, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court, D. South Dakota, C.D.

November 2, 1984.

Attorney(s) appearing for the Case

Joe H. Neumayr, Gettysburg, S.D., David L. Knudson, Davenport, Evans, Hurwitz & Smith, Sioux Falls, S.D., for plaintiffs.

Philip N. Hogen, U.S. Atty., Sioux Falls, S.D., Lawrence E. Meuwissen, Trial Atty., Tax Div., Dept. of Justice, Washington, D.C., for defendant.

MEMORANDUM OPINION

DONALD J. PORTER, District Judge.

W.J. and Alice Asmussen, plaintiff taxpayers, seek to recover $43,368.65 plus interest paid as federal income tax for calendar year 1976. The central issue in this action is whether a gain recognized by the taxpayers on the sale of rye in 1976 is long-term capital gain or ordinary income. The rye was originally produced by taxpayers on their South Dakota grain farm, then pledged to the Commodity Credit...

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