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UNITED STATES v. BROWN WOOD PRESERVING COMPANY

No. 13803.

275 F.2d 525 (1960)

UNITED STATES of America, Appellant, v. BROWN WOOD PRESERVING COMPANY et al., Appellees.

United States Court of Appeals Sixth Circuit.

March 7, 1960.

Attorney(s) appearing for the Case

John J. Pajak, Dept. of Justice, Washington, D. C. (Charles K. Rice, Lee A. Jackson, Harry Baum and Marvin W. Weinstein, Washington, D. C., J. Leonard Walker and Charles M. Allen, U. S. Attys., Louisville, Ky., on the brief), for appellant.

Bernard H. Barnett, Louisville, Ky. (S. L. Greenebaum, Bernard H. Barnett and Charles F. Wood, of Greenebaum, Barnett, Wood & Doll, Louisville, Ky., on the brief), for appellees.

Before McALLISTER, Chief Judge, and MARTIN and WEICK, Circuit Judges.

WEICK, Circuit Judge.

The sole question in this appeal is whether income received under one year leases granting the right to turpentine timber qualifies for capital gains treatment as received for the "disposal of timber" within the meaning of Section 117(k) (2) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 117(k) (1).1

The District Judge held that it did. He adopted the theory advanced by taxpayers that turpentine...

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