United States Tax Court May 27, 1949, Docket No. 16100 (Emerson v. Commissioner)

lead-opinion

OPINION.

Arundell, Judge:

The sole issue presented is whether the profit realized by petitioner in 1945 and 1946 from the sale of certain animals from his dairy and hog-breeding herds constituted ordinary income or capital gain under the provisions of section 117 (j) (1) of the Internal Revenue Code.