HUXMAN, Circuit Judge.
The sole question in this case is whether the gain realized from the sale of platted lots by petitioners during the taxable years of 1948 and 1949 constituted capital gain under Section 117(a) of the Internal Revenue Code of 1939, as amended, 26 U.S.C.A. § 117(a), or ordinary income under the exception set out in that Section. The Section entitles a taxpayer to more favorable treatment when a capital asset is sold but excludes from such...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.