Fritz THOMPSON and Dora M. Thompson, Petitioners,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent.
United States Court of Appeals Fifth Circuit.https://leagle.com/images/logo.png
August 20, 1963.
Rehearing Denied September 26, 1963.
Attorney(s) appearing for the Case
Robert Edwin Davis, Wentworth T. Durant, Dallas, Tex., for petitioners.
Michael I. Smith, Atty., Dept. of Justice, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Crane C. Hauser, Chief Counsel, Rollin H. Transue, Atty., I.R.S., Washington, D. C., for respondent.
Before HUTCHESON, Circuit Judge, LUMBARD, Chief Judge, and BROWN, Circuit Judge.
United States Court of Appeals Fifth Circuit.
JOHN R. BROWN, Circuit Judge.
On Taxpayer's1 appeal from an adverse judgment of the Tax Court, two questions are presented. The first is the old, familiar, recurring, vexing and ofttimes elusive2 problem of the treatment of proceeds of sales of subdivided lots as capital gains or ordinary income. Second, a completely novel problem never before presented and unlikely ever to arise again has to do with the treatment...
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