REAL ESTATE CORPORATION v. C. I. R.

No. 6824.

301 F.2d 423 (1962)

REAL ESTATE CORPORATION, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Tenth Circuit.

As Corrected on Denial of Rehearing April 23, 1962.


Attorney(s) appearing for the Case

N. E. Snyder, Kansas City, Kan., for petitioner.

Thomas H. McPeters, Washington, D. C. (John B. Jones, Jr., Acting Atty. Gen., Lee A. Jackson and Harold C. Wilkenfeld, Dept. of Justice, Washington, D. C., were with him on the brief), for respondent.

Before HUXMAN and LEWIS, Circuit Judges, and RICE, District Judge.


HUXMAN, Circuit Judge.

This is an appeal from the decision of the Tax Court, holding first, that with respect to the income involved for the years in question petitioner was engaged in the business of buying and selling real estate in the ordinary course of business and not for investment purposes, and therefore, the income was taxable as ordinary income under Sections 117(a) (1) (A) and 117(j) (1) of the Internal Revenue Code of 1939, 26 U.S. C.A. § 117(a) ...

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