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HOLT v. C. I. R.

Nos. 17515 and 17516.

303 F.2d 687 (1962)

Nat HOLT and Blanche Holt, Husband and Wife, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Ninth Circuit.

May 4, 1962.

Attorney(s) appearing for the Case

Thomas E. O'Sullivan, Gerard C. Tracy, Beverly Hills, Cal., for petitioners.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, David O. Walter, William A. Friedlander, Attorneys, Dept. of Justice, Washington, D. C., for respondent.

Before HAMLIN and MERRILL, Circuit Judges, and WALSH, District Judge.

HAMLIN, Circuit Judge.

Petitioners, Nat Holt and Blanche Holt, husband and wife, reported certain income for the years 1953, 1954 and 1955 which they treated as capital gain. The Commissioner of Internal Revenue treating the income as ordinary income assessed deficiencies for taxes due in those years. A petition for redetermination of deficiencies was filed with the Tax Court and the Tax Court upheld the contentions of the Commissioner that the income was to be taxed...

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