Cohn v. Commissioner

OPINION.

HaRkon, Judge:

The narrow question in these proceedings is whether the 69 multiple unit houses sold in 1945 by Security Construction Company, the partnership, were houses that were held primarily for sale to customers in the ordinary course of the partnership’s business, as the Commissioner has determined. If the houses were not so held and were held as “investment” property for more than 6 months before sale, the gain from the sales can be treated as long-term capital gain. Nelson A. Farry, 13 T. C. 8, 13. The applicable statutory provisions are contained in sections 117 (a) (1) and…