Vivian SMITH, individually and the Estate of Benjamin Burnet Smith, Deceased, Vivian Smith, Independent Executrix, Petitioners,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent.
United States Court of Appeals Fifth Circuit.https://leagle.com/images/logo.png
April 6, 1956.
April 6, 1956.
Attorney(s) appearing for the Case
Ralph G. Langley, Foster, Lewis, Langley & Goode, Ben F. Foster, San Antonio, Tex., for petitioners.
Harry Marselli, Atty., Dept. of Justice, Washington, D. C., H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Atty., Lee A. Jackson, A. F. Prescott, L. W. Post, John Potts Barnes, Chief Counsel, Int. Rev. Service, John M. Morawski, Sp. Atty., Washington, D. C., for respondent.
Before HUTCHESON, Chief Judge, and RIVES and BROWN, Circuit Judges.
United States Court of Appeals Fifth Circuit.
BROWN, Circuit Judge.
This is another in that flooding stream1 of 117(j) (1) (B) cases, 26 U.S.C. § 117(j) (1) (B), 1946 edition, involving the question whether real property, claimed to have been held as an investment for rental, has, at the time of its sale, become "property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business." If so, the gain is taxable as ordinary income; if not...
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