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ROSS v. COMMISSIONER OF INTERNAL REVENUE

No. 15509.

227 F.2d 265 (1955)

Julian E. ROSS and Gertrude A. Ross, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

November 18, 1955.

Attorney(s) appearing for the Case

Julian E. Ross, Fort Lauderdale Fla., Robert C. Claiborne, Miami, Fla., Julian L. Williams, Fort Lauderdale, Fla., for petitioners.

Carolyn R. Just, Atty. Dept. of Justice, Washington, D. C., H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Sp. Asst. to Atty. Gen., R. P. Hertzog, Acting Chief Counsel, Int. Rev. Service, Charles E. Lowery, Sp. Atty., Grant W. Wiprud, Atty. Dept. of Justice, Washington, D. C., for respondent.

Before HUTCHESON, Chief Judge, and BORAH and CAMERON, Circuit Judges.

CAMERON, Circuit Judge.

The problem here is whether profits accruing to petitioners during the years 1948 and 1949 from the sale of certain lands should be taxed as ordinary income or as income derived from the sale of capital assets within the meaning of Section 117(a) and (j) of the Internal Revenue Code of 1939, 26 U.S.C.A. 1946 Ed.1 Its resolution will depend on whether the lands were held primarily for sale to customers of petitioners...

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