CRISP v. COMMISSIONER

Docket No. 11785-88.

58 T.C.M. 1011 (1989)

T.C. Memo. 1989-668

David R. Crisp, Jr. and Gloria J. Crisp v. Commissioner.

United States Tax Court.

Filed December 26, 1989.


Attorney(s) appearing for the Case

Carl Barnhart, for the petitioners. John S. Repsis, for the respondent.


Memorandum Findings of Fact and Opinion

KÖRNER, Judge:

Respondent determined a deficiency in petitioners' 1984 Federal income tax of $46,203 and an addition to that tax under section 66611 of $11,551. The issues for decision are: (1) whether petitioners improperly included a prepaid feed expense in the adjusted basis of cattle sold in 1984; alternatively, (2) whether petitioners were entitled to deduct that expense in 1984...

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