Marshall E. Boykin and Jimmie Boykin v. Commissioner of Internal Revenue

JOHN R. BROWN, Circuit Judge.

By this Petition for Review, Taxpayer 1 questions the correctness of the Tax Court’s decision that he had not “held” a purchased farm in excess of six months and therefore could not treat the gain on its sale as a long-term capital gain within the meaning of § 1222 of the Internal Revenue Code. An additional ground, asserted in the Commissioner’s deficiency determination and before this Court as an alternative basis for sustaining the Tax Court’s decision, is that capital gain treatment is barred under § 1221(1) because the farm was held “primarily for sale to…