Legal Opinion
Cicero I. Murray and Olive B. Murray v. Commissioner of Internal Revenue
Court of Appeals for the Tenth Circuit
Decided October 11, 1956No. 5359_1PublishedCited by 4 opinions
1Opinion of the Court
HUXMAN, Circuit Judge.
The sole question in this ease is whether the gain realized from the sale of platted lots by petitioners during the taxable years of 1948 and 1949 constituted capital gain under Section 117(a) of the Internal Revenue Code of 1939, as amended, 26 U.S.C.A. § 117(a), or ordinary income under the exception set out in that Section. The Section entitles a taxpayer to more favorable treatment when a capital asset is sold but excludes from such preferential treatment sales of property to customers in the ordinary course of a taxpayer’s trade or business.
The facts were stipulated…
2Cases cited3 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Raymond T. Zillmer v. United States of America, John M. Redford v. United StatesCourt of Appeals for the Seventh Circuit · 1956
- Joe Di Lisio and Cristina Di Lisio, Husband and Wife v. Steve P. Vidal, Director of Internal Revenue for the District of New MexicoCourt of Appeals for the Tenth Circuit · 1956
3Cited by4 opinions
- Van Heusden v. CommissionerUnited States Tax Court · 1965
- Ginsburg v. CommissionerUnited States Tax Court · 1974
- Parkside, Inc. v. CommissionerUnited States Tax Court · 1975
- Van Heusden v. CommissionerUnited States Tax Court · 1965