Gilmore v. United States

Laramore, Judge,

delivered tbe opinion of tbe court:

Plaintiffs in this action seeks to recover income taxes in tbe amount of $142,740.75 for tbe years 1952,1953, and 1954 on the theory that amounts received by them in these years for logging certain timber were capital gains rather than ordinary income.

The sole question presented is whether the plaintiffs are entitled to the benefits of the capital gains provisions of section 117 (k) (1) of the Internal Eevenue Code of 1939, *5626 U.S.C. § 117 (1952 Ed.), and section 631(a) of the Internal Eevenue Code of 1954, 26 U.S.C. § 631 (1952 Ed.) Supp. II.

Se…