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WILMINGTON TRUST CO. v. U. S.

Nos. 50-73, 51-73 and 130-76.

610 F.2d 703 (1979)

WILMINGTON TRUST CO., Executor of the Estate of W. Sam Carpenter, III, and Murton Dupont Carpenter v. The UNITED STATES. C. Porter and Phyllis Dupont SCHUTT v. The UNITED STATES. Neva S. McMULLAN, Executrix of the Estate of Harry McMullan, Jr., and Neva S. McMullan, Individually v. The UNITED STATES.

United States Court of Claims.

November 14, 1979.

Attorney(s) appearing for the Case

Don V. Harris, Jr., Washington, D. C., attorney of record, for plaintiffs, Wilmington Trust Co. Carolyn T. Seely, Covington & Burling, Washington, D. C., Thomas P. Sweeney, and Richards, Layton & Finger, Wilmington, Del., of counsel.

David C. Hickman, Washington, D. C., with whom was Asst. Atty. Gen. M. Carr Ferguson, Washington, D. C., for defendant, Schutt. Theodore D. Peyser, Washington, D. C., of counsel.

Lee E. Knott, Jr., Washington, N. C., attorney of record, for plaintiff, McMullan. McMullan & Knott, Washington, N. C., of counsel.

Mary M. Abate, U.S. Dept. of Justice, Washington, D. C., with whom was Asst. Atty. Gen. M. Carr Ferguson, Washington, D. C., for defendant, United States. Theodore D. Peyser, Washington, D. C., of counsel.

Before FRIEDMAN, Chief Judge, DAVIS, NICHOLS, KASHIWA, KUNZIG, BENNETT and SMITH, Judges, en banc.

OPINION

FRIEDMAN, Chief Judge:

These three consolidated federal income tax refund suits present two separate issues: (1) whether certain expenses the taxpayers incurred in connection with their timber operations, the gain on which is capital gain, were ordinary business expenses and hence deductible from taxpayers' ordinary income (as taxpayers contend), or were part of the cost of selling the timber and therefore deductible only from the capital gains ...

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