DRENNEN, Judge:
Respondent determined a deficiency in petitioner's income tax for the taxable year 1964 in the amount of $22,829.63.
Due to concessions by petitioner, the only issue presented for our decision is whether a tract of real estate sold by petitioner in 1964 was held "primarily for sale to customers in the ordinary course of his [petitioner's] trade or business" so as to be excluded under section 1221, I.R.C. 1954, from capital gains treatment...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.