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Rutherford v. Commissioner

United States Tax Court

T.C. Memo. 1978-505

Facts

Bennie Rutherford (plaintiff) was a farmer who raised cattle. Rutherford entered into an agreement with Wardlow. Wardlow would give 12 half-blood cows to Rutherford, and in exchange, Rutherford would breed the cows with a registered bull and give Wardlow the first 12 three-quarter-blood cows. Wardlow delivered the 12 half-blood cows to Rutherford, and Rutherford delivered the 12 three-quarter-blood cows to Wardlow over the course of three years. Rutherford deducted the cost of producing the cows as expenses on his income-tax returns for those three years and argued that his basis was the fair market value of the half-blood cows. The Commissioner of Internal Revenue (the Commissioner) (defendant) argued that Rutherford had no basis in the half-blood cows because they were paid for through the exchange of property under § 1031 of the Internal Revenue Code. Rutherford petitioned the United States Tax Court for a redetermination.

Rule of Law

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Issue

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Holding and Reasoning (Tannenwald, J.)

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