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CAMP v. MURRAY

No. 7078.

226 F.2d 931 (1955)

Hugh D. CAMP and Ada C. Camp, Appellants, v. Hoke MURRAY, District Director of Internal Revenue, formerly Director of Internal Revenue, of the United States of America for the District of Virginia, at Richmond, Appellee.

United States Court of Appeals Fourth Circuit.

Decided November 7, 1955.

Attorney(s) appearing for the Case

Lewis F. Powell, Jr., Richmond, Va. (H. Brice Graves and Hunton, Williams, Gay, Moore & Powell, Richmond, Va., on brief), for appellants.

Louise Foster, Atty., Department of Justice, Washington, D. C., (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack, Atty., Department of Justice, Washington, D. C., on brief), for appellee.

Before PARKER, Chief Judge, and SOPER and DOBIE, Circuit Judges.

SOPER, Circuit Judge.

The question in this case is whether certain gains derived by the taxpayer in 1950 from sales of land in Franklin, Virginia, should be classified under § 117 of the Internal Revenue Code of 1939, 26 U.S.C.A. § 117, as capital gains or as profits earned in the ordinary course of a trade or business. The Commissioner of Internal Revenue determined that the gain was taxable as ordinary income and assessed a deficiency which the taxpayer...

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