- 74 -
moved the cattle to another piece of property, which according to
his testimony, was only 2 miles from his house.56 Other than the
cattle guard, petitioner presented no evidence of any preparation
of the property for cattle grazing or that the property was even
suitable for grazing. We cannot agree that petitioner’s
testimony alone establishes a change in his holding purpose to
investment. We hold that petitioner has not established his
entitlement to capital gains treatment.
55(...continued)
made me an offer I couldn’t refuse.”
56Petitioner testified in relevant part:
Well, what I had done was I had, in the course of
doing this, I had investigated with him -- I'd known
Mike [Partin] for years -- getting into the cow
business, with just the piece I had. And then I get
tied up with acquiring this other Hagen piece.
Meanwhile, I had already started buying cows from
Mike and we had a piece of property nearby that I moved
the cows to and put them on. Well, they, you know,
same thing, you start buying too many cows and they
start having babies and you're trying to keep them all
as best you can and so I ended up kind of with too
many.
But just about the time I was getting ready to --
I felt like I had enough cows -- to move up to this
piece of property, which was probably ten miles from my
house, where the other piece was probably two miles
from my house, that to get enough cows to put up there
on this piece of property, Mr. Maury Carter came along
and made me an offer I couldn't refuse. And by then I
was probably up to my eyeballs in something else and
was over my head in the cow business -- had more cows
that I could handle.
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