Gamble v. Commissioner (1977) Overview | LSData Case Brief Video Summary

The case involves Launce E. Gamble's sale of a yearling colt and determining whether it qualifies as ordinary income or capital gain. Gamble bought a mare for $60,000 for his racing business, insured it, and later sold the colt for $125,000. The Commissioner issued a notice of deficiency, and the court had to analyze sections 1221 and 1231 of the Internal Revenue Code of 1954 to decide.

Gamble v. Commissioner (1977)
United States Tax Court
68 T.C. 800

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