Gould v. Department of Revenue

Carlisle B. Roberts, Judge.

The plaintiffs appeal from the Department of Revenue’s Opinion and Order No. I-71-2 which held that, for income tax purposes, the sale of certain timber properties in the first half of the year 1965 was in the ordinary course of plaintiffs’ trade or business or, in the alternative, was property used in plaintiffs’ trade or business, and that the gain from the sale was taxable as ordinary income. Plaintiffs pray that this court set aside the department’s order and give them favorable capital gains treatment on the sales on the ground that the subject properties were…