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BAUSCHARD v. C. I. R.

No. 14042.

279 F.2d 115 (1960)

Raymond BAUSCHARD, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

June 17, 1960.

Attorney(s) appearing for the Case

Roger K. Powell, Columbus, Ohio, for petitioner. D. C. Reed, Columbus, Ohio, on the brief.

Louise Foster, Dept. of Justice, Washington, D. C., for respondent. Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Attys., Dept. of Justice, Washington, D. C., on the brief.

Before MILLER, CECIL and O'SULLIVAN, Circuit Judges.

SHACKELFORD MILLER, JR., Circuit Judge.

The question involved in this appeal is whether, under the circumstances set out, the profit resulting to the taxpayer from the purchase of a 77-acre tract of unimproved farm land, its development as a residential subdivision, and the sale of building lots therein, constituted ordinary income taxable as such, or long-term capital gain under Section 117, Title 26 U.S.C., 1939 Edition, and Section 1221, 26 U.S.C., 1954 Edition...

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