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PAUL v. COMMISSIONER OF INTERNAL REVENUE

No. 10984.

206 F.2d 763 (1953)

PAUL v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided July 30, 1953.

Attorney(s) appearing for the Case

Leonard Shapiro, Pittsburgh, Pa., for petitioner.

Harry Baum, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before MARIS, STALEY and HASTIE, Circuit Judges.

STALEY, Circuit Judge.

We must decide whether a taxpayer who is in the business of holding rental property for investment purposes and who has a partially completed apartment building in May which is later completed and sold for a gain in November may treat the entire gain or any part thereof as a long-term capital gain under Section 117(j) of the Internal Revenue Code, 26 U.S.C. § 117(j). The Commissioner and the Tax Court have

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