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LOS ANGELES EXTENSION COMPANY v. UNITED STATES

Nos. 17991, 17992.

315 F.2d 1 (1963)

LOS ANGELES EXTENSION COMPANY, Appellant, v. UNITED STATES of America, Appellee. SECURITY FIRST NATIONAL BANK, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals Ninth Circuit.

March 19, 1963.

Attorney(s) appearing for the Case

Mackay, McGregor & Bennion, A. Calder Mackay, Adam Y. Bennion, and Robert M. L. Baker, Los Angeles, Cal., for appellants.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Alan D. Pekelner and Michael I. Smith, Attys., Dept. of Justice, Washington, D. C., Francis C. Whelan, U. S. Atty., Walter S. Weiss, Asst. U. S. Atty., and Loyal E. Keir, Asst. U. S. Atty., Los Angeles, Cal., for appellee.

Before JERTBERG and BROWNING, Circuit Judges, and FOLEY, Jr., District Judge.

JERTBERG, Circuit Judge.

The basic issue presented on these appeals is whether gains realized by appellant, Los Angeles Extension Company, hereafter taxpayer, from sales in 1953 of four parcels of real property are taxable as ordinary income or as long-term capital gains.

In its federal income tax return for 1953, taxpayer reported such gains as having been realized from the sale of capital assets taxable as long-term...

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