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GOULD v. DEPARTMENT OF REVENUE

501 P.2d 801 (1972)

Glae C. GOULD and Evelyn Gould, Appellants, v. DEPARTMENT OF REVENUE, Respondent.

Supreme Court of Oregon.

Decided October 9, 1972.

Attorney(s) appearing for the Case

Paul L. Roess, Coos Bay, argued the cause for appellants. With him on the briefs were McKeown, Newhouse & Johansen, Coos Bay.

Alfred B. Thomas, Asst. Atty. Gen., Salem, argued the cause for respondent. With him on the brief was Lee Johnson, Atty. Gen., Salem.

Before O'CONNELL, C.J., and DENECKE, HOLMAN, TONGUE, HOWELL and BRYSON, JJ.

PER CURIAM.

Plaintiffs claim that certain timber and timberlands which they sold in April and May, 1965, were entitled to capital gains treatment under the Oregon taxing statutes. At the time of the sale ORS 316.408 was in effect and defined capital assets as "property held by the taxpayer (whether or not connected with his trade or business)" but excluded:

"(1) Stock in trade of the taxpayer or other property of a kind which would properly be included in...

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