1.

One of the tax partners at your firm asks you to find Revenue Ruling 66-368 and let her know what type of animal the ruling addresses. What do you tell her?

b. Sterile llamas.

c. Race horses.

d. Breeding cows.

e. Pet gerbils.

2.Your client owns over 200 acres of chestnut groves and is in the business of raising piglets. During autumn, the piglets live solely on the fallen chestnuts, as well as their mothers milk. During the year, 90% of the chestnut trees were destroyed by blight. As a result, piglet production has rapidly declined, as well as profits. Your client wants to know if he will be able to take a loss related to the death of the chestnut trees. Find a 1973 case directly on point to your clients facts. What is the first name of the taxpayer in the case you find?

a. Siminelli.

b. Ferdinand.

c. Charles.

d. Tommie.

e. Hank