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MAULDIN v. COMMISSIONER OF INTERNAL REVENUE

Nos. 4366, 4367.

195 F.2d 714 (1952)

MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (two cases).

United States Court of Appeals Tenth Circuit.

March 19, 1952.

Attorney(s) appearing for the Case

Dorothy Ann Kinney, Amarillo, Tex., for petitioners.

Irving Axelrad, Washington, D. C. (Ellis N. Slack and Fred E. Youngman, Washington, D. C., on the brief), for respondent.

Before HUXMAN, MURRAH and PICKETT, Circuit Judges.

MURRAH, Circuit Judge.

This is an appeal from a decision of the Tax Court, holding that certain lots sold by petitioners during the taxable years 1944 and 1945, where "property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business" within the exclusionary clause of Section 117(a) (1) of the Internal Revenue Code, 26 U.S.C.A. § 117(a) (1). If the gain from the sale of these lots was derived in this manner, it constituted...

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