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CONSOLIDATED NAVAL STORES COMPANY v. FAHS

No. 15416.

227 F.2d 923 (1955)

CONSOLIDATED NAVAL STORES COMPANY, Appellant, v. John L. FAHS, Collector of Internal Revenue in the State of Florida, Appellee.

United States Court of Appeals Fifth Circuit.

December 13, 1955.

Attorney(s) appearing for the Case

E. D. Treadwell, Jr., Treadwell & Treadwell, Arcadia, Fla., for appellant.

H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Sp. Asst. to the Atty. Gen., James L. Guilmartin, U. S. Atty., Miami, Fla., Karl Schmeidler, Atty., Dept. of Justice, Washington, D. C., Robert N. Anderson, Walter Akerman, Jr., Sp. Assts. to the Atty. Gen., for appellee.

Before RIVES, TUTTLE and JONES, Circuit Judges.

JONES, Circuit Judge.

Again a question is presented as to whether profits resulting from the sale of land are to be regarded and subjected to Federal income taxation as ordinary income, or be given preferential capital gains treatment. Involved is Section 117(j) of the Internal Revenue Code of 1939, as amended, the pertinent portion of which is:

"(1) Definition of property used in the trade or business. For the purposes...

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