LEE, Circuit Judge.
This case involves deficiencies in income tax found by the Tax Court to be due by petitioner for the calendar years 1937, 1938, and 1939, respectively. The sole question is whether the net profit to the taxpayer from the sale of lots in the taxable years was capital gain or ordinary income. The applicable statutes and regulations are set forth below.
The taxpayer and her husband owned some 500 acres of unimproved...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.