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HOME CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4770.

212 F.2d 637 (1954)

HOME CO., Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Tenth Circuit.

May 12, 1954.

Attorney(s) appearing for the Case

Claude L. Rice, Kansas City, Kan. (Dallas Knapp, Coffeyville, Kan., was with him on the brief), for petitioner.

S. Walter Shine (Ellis N. Slack and Dudley J. Godfrey, Jr., Sp. Assts. to Atty. Gen., and H. Brian Holland, Asst. Atty. Gen., were with him on the brief), for respondent.

Before PHILLIPS, Chief Judge, and BRATTON and HUXMAN, United States Circuit Judges.

HUXMAN, Circuit Judge.

This appeal challenges the correctness of a decision of the Tax Court, holding that certain houses sold by appellant taxpayer during 1946 constituted "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), 26 U.S.C.A. of the Internal Revenue Code.

Under Section 117 of the Internal Revenue Code, a taxpayer is entitled

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