HOLMES, Circuit Judge.
This case involves petitioners' income tax liability in 1938 and 1939 arising from profits earned upon 37 sales of interests in oil and gas leases. In his returns for each year the taxpayer treated his profits as gains resulting from the disposition of capital assets; the Commissioner, asserting that the properties were not capital assets but were held primarily for sale to customers in the ordinary course of business, treated the profits as...
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.
