United States Tax Court August 30, 1977, Docket No. 1617-76 (Gamble v. Commissioner)

lead-opinion

Raum, Judge:

The Commissioner determined a deficiency of $62,256.60 in petitioners’ 1971 income tax. At issue are first, whether petitioners realized ordinary income or capital gain from the sale of a yearling colt, and second, the proper cost basis of the colt.