KING v. COMMISSIONER OF INTERNAL REVENUE

No. 13401.

189 F.2d 122 (1951)

KING et al. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

Rehearing Denied June 29, 1951.


Attorney(s) appearing for the Case

Homer L. Bruce, Robert K. Jewett, Houston, Tex., for petitioner.

Carolyn R. Just, Ellis N. Slack, Robert N. Anderson, Carlton Fox, Sp. Assts. to Atty. Gen., Theron Lamar Caudle, Asst. Atty. Gen., Charles Oliphant, Chief Counsel, W. Herman Schwatka, Sp. Atty., Bureau of Internal Revenue, Washington, D. C., for respondent.

Before HUTCHESON, Chief Judge, and BORAH and RUSSELL, Circuit Judges.


RUSSELL, Circuit Judge.

This petition for review of a decision of the Tax Court requires a determination of whether the income from sales of property should be treated as ordinary income or as arising from the sale or disposition of capital assets. The Tax Court determined, adversely to the contentions of the taxpayer, that at the time the sales in question were made the property sold was "held by taxpayer primarily for sale to customers in the ordinary course of...

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