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ESTATE OF FINDER v. COMMISSIONER

Docket Nos. 74592, 74593.

37 T.C. 411 (1961)

ESTATE OF PETER FINDER, DECEASED, NATHAN FINDER, COEXECUTOR, AND FRIEDA FINDER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. NATHAN FINDER AND LILLIAN FINDER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 4, 1961.

Attorney(s) appearing for the Case

Jackson L. Boughner, Esq., for the petitioners.

Arthur N. Nasser, Esq., for the respondent.

ATKINS, Judge:

Respondent determined deficiencies in income tax of petitioners in Docket Nos. 74592 and 74593 in the respective amounts of $651.70 and $3,037.92 for the taxable year 1954. The issues are: (1) Whether gain upon the sale of real estate lots constituted long-term capital gain, as contended by the petitioners, or ordinary income from sale of property held primarily for sale to customers in the ordinary course of trade or business, as determined...

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