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MOBERG v. C. I. R.

No. 19312.

305 F.2d 800 (1962)

Vern H. MOBERG and Reta N. Moberg, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

August 1, 1962.

Attorney(s) appearing for the Case

Robert Ash, Washington, D. C., Ash, Bauersfeld & Burton, Washington, D. C., of counsel), for petitioners.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Crane C. Hauser, Chief Counsel, John M. Morawski, Atty., I. R. S., Arthur E. Strout, and Harry Baum, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before HUTCHESON, RIVES and BELL, Circuit Judges.

GRIFFIN B. BELL, Circuit Judge.

This appeal presents the issue of whether income received by taxpayers was ordinary income or income from the sale of a capital asset.1 It is from a decision of the Tax Court. Moberg v. Commissioner of Internal Revenue, 1961, 35 T.C. 773.2 The taxable years involved are 1948 and 1949.

Taxpayer and his brother, Theodore Moberg, each owned...

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