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COLE v. USRY

No. 18713.

294 F.2d 426 (1961)

Dr. C. Grenes COLE and Mrs. Hallette B. Cole, Appellants, v. Chester A. USRY, District Director of Internal Revenue, Appellee.

United States Court of Appeals Fifth Circuit.

September 8, 1961.

Attorney(s) appearing for the Case

Elton A. Darsey, Houma, La., St. Clair Adams, Jr., New Orleans, La., Adams & Reese, New Orleans, La., for appellants.

Charles K. Rice, Lee A. Jackson, Washington, D. C., M. Hepburn Many, Nicholas J. Gagliano, New Orleans, La., Burt J. Abrams, Washington, D. C., Louis F. Oberdorfer, Asst. Atty. Gen., A. F. Prescott, Atty., Dept. of Justice, Washington, D. C., for appellee.

Before RIVES, CAMERON and WISDOM, Circuit Judges.

RIVES, Circuit Judge.

This case presents the oft-litigated question of whether subdivision lots should be excluded from "capital assets" as constituting "property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business."1

The Coles sued for the refund of income taxes for the calendar years 1953, 1954 and 1955, aggregating approximately $23,000.00. The case was tried to a jury which returned...

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