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GAULT v. C. I. R.

No. 351, Docket 28539.

332 F.2d 94 (1964)

Howard W. GAULT and Georgiana R. Gault, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided May 25, 1964.

Attorney(s) appearing for the Case

Herbert L. Cohen, Bridgeport, Conn. (Robert J. Ashkins, and Cohen & Wolf, Bridgeport, Conn., on the brief), for petitioners.

Edward B. Greensfelder, Jr., Attorney, Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and David O. Walter, Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before LUMBARD, Chief Judge, SMITH, Circuit Judge and LEVET, District Judge.

J. JOSEPH SMITH, Circuit Judge.

This case presents the frequently recurring issue of whether gains realized from the piecemeal sale of subdivided real estate should be taxed as capital gains or ordinary income. The Commissioner denied capital gains treatment to income derived from petitioner's1 sales of lots and assessed deficiencies of $9,836.51 and $19,447.15 in petitioner's respective 1957 and 1958 income tax returns. The Tax Court...

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