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MALAT v. RIDDELL

No. 19286.

347 F.2d 23 (1965)

William MALAT and Ethel Malat, Appellants, v. Robert A. RIDDELL, District Director of Internal Revenue, Appellee.

United States Court of Appeals Ninth Circuit.

May 27, 1965.

Attorney(s) appearing for the Case

George T. Altman, Beverly Hills, Cal., for appellants.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Carolyn R. Just, Attys., Dept. of Justice, Washington, D. C., Thomas R. Sheridan, U. S. Atty., Loyal E. Keir, Asst. U. S. Atty., Chief, Tax Sec., James S. Bay, Asst. U. S. Atty., Los Angeles, Cal., for appellee.

Before MERRILL, DUNIWAY and ELY, Circuit Judges.

MERRILL, Circuit Judge.

Profit derived from sales of property held by a taxpayer, primarily for sale to customers in the ordinary course of his trade or business, is, under section 1221 of the Internal Revenue Code of 1954,1 excluded from treatment as capital gain.

This case presents the question whether real estate sold at a profit by one engaged in the business of dealing in real estate had, under the particular circumstances...

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