EHRMAN v. COMMISSIONER OF INTERNAL REVENUE

No. 9723.

120 F.2d 607 (1941)

EHRMAN v. COMMISSIONER OF INTERNAL REVENUE. HELLER v. SAME. HELLMAN et al. v. SAME.

Circuit Court of Appeals, Ninth Circuit.

June 6, 1941.


Attorney(s) appearing for the Case

Sidney M. Ehrman, Lloyd W. Dinkelspiel, and Heller, Ehrman, White & McAuliff, all of San Francisco, Cal., for petitioners.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Benjamin M. Brodsky, and Warner W. Gardner, Sp. Assts. to Atty. Gen., for respondent.

Before GARRECHT, HANEY, and STEPHENS, Circuit Judges.


STEPHENS, Circuit Judge.

The question for determination is whether the United States Board of Tax Appeals erred in concluding that certain gains realized by petitioners from the sales of lots in a subdivision are taxable under the Revenue Act of 1934 as ordinary gains instead of as capital gains as contended for by petitioners. The applicable section of the statute, Sec. 117, Revenue Act of 1934, c. 277, 48 Stat. 680, 26 U.S.C.A. Int.Rev.Acts, page 707, reads,

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