Brown v. Commissioner

OPINION

Baum, Judge:

In 1963 petitioner realized an aggregate gain of $71,636.31 in respect of his 1959 assignments of his interests in the Emmons and Anderson properties to his controlled corporation, the Boyce Brown Development Co., and he challenges the Commissioner’s classification of such gain as ordinary income rather than capital gain. The issue is whether such interests are excluded from the term “capital assets” because they represented “property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business” within the meaning of section…