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ESTATE OF SEGEL v. C. I. R.

No. 8, Docket 30387.

370 F.2d 107 (1966)

ESTATE of Samuel SEGEL, Deceased, Margaret D. Segel, Executrix and Margaret D. Segel, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided December 20, 1966.

Attorney(s) appearing for the Case

Gerard R. Gemmette, Schenectady, N. Y. (Louis Lombardi, Schenectady, N. Y., on the brief), for petitioners.

Marco S. Sonnenschein, Atty., Dept. of Justice, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson and Gilbert E. Andrews, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before LUMBARD, Chief Judge, FRIENDLY and SMITH, Circuit Judges.

SMITH, Circuit Judge:

This is a petition to review a decision of the United States Tax Court, Irene F. Scott, Judge, which held that the proceeds from the sales of two tracts of land were ordinary income, not capital gains. The question for determination is whether the court's finding that petitioner* held the tracts "primarily for sale to customers in the ordinary course of his trade or business" under § 1221(1) of the Internal Revenue...

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