United States v. Shapiro

SANBORN, Circuit Judge.

The question for decision is whether, un. dcr the tax laws of the United States, an interest in a partnership is a capital assgt, gain on the transfer of which is to be fca_xed_as capital gain, evenNEougmfS partnership assets include noncapital asJfiElTThe appeal is from a judgment i'n favor of the taxpayer (appellee) in an action to recover an alleged overpayment of income and defense taxes for the year 1940.

The facts are not in dispute. The taxpayer on December 31, 1940, transferred, at a profit, an interest in a partnership known as the Hillside Apartments Company to…