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BIEDENHARN REALTY COMPANY, INC. v. UNITED STATES

No. 73-3690.

509 F.2d 171 (1975)

BIEDENHARN REALTY COMPANY, INC., Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Granted May 12, 1975.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., William A. Friedlander, Atty., Tax Div., Dept. of Justice, Washington, D. C., Donald E. Walter, U. S. Atty., Shreveport, La., Fleming T. de Graffenried, Tax Div., Dept. of Justice, Dallas, Tex., William A. Whitledge, Atty., Meyer Rothwacks, Chief, Appellate Sec., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Paul K. Kirkpatrick, Jr., John C. Blackman, Nauman S. Scott, III, Monroe, La., for plaintiff-appellee.

Before GEWIN, AINSWORTH and GEE, Circuit Judges.

Rehearing En Banc Granted May 12, 1975.

GEE, Circuit Judge:

Once more we are called on to characterize profit from sales of subdivision lots as ordinary income or capital gain. The facts, pre-eminent in these cases,1 are detailed in the careful opinion below2 and we set out only a précis of them.

Taxpayer is a family investment corporation organized by the paterfamilias in 1923 for advantages...

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