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OMER v. UNITED STATES

No. 15423.

329 F.2d 393 (1964)

Jack OMER and Blanche Omer, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals Sixth Circuit.

March 30, 1964.

Attorney(s) appearing for the Case

Marshall P. Eldred, Louisville, Ky., Brown & Eldred, Louisville, Ky., of counsel, for appellants.

Crombie J. D. Garrett, Department of Justice, Washington, D. C., Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Attorneys, Department of Justice, Washington, D. C., on brief; William E. Scent, U. S. Atty., Louisville, Ky., of counsel, for appellee.

Before O'SULLIVAN and PHILLIPS, Circuit Judges, and McALLISTER, Senior Circuit Judge.

PHILLIPS, Circuit Judge.

This appeal involves the single question of whether certain coal royalties received by appellants are entitled to capital gain treatment under Section 631(c) of the Internal Revenue Code of 1954, 26 U.S.C. § 631(c).

Appellants are engaged generally in the business of farming in Webster County, Kentucky. All the coal underlying their farm was conveyed to a coal company in 1905 by a predecessor in title, thereby severing ownership...

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