Estate of Samuel Segel, Deceased, Margaret D. Segel, and Margaret D. Segel v. Commissioner of Internal Revenue

SMITH, Circuit Judge:

This is a petition to review a decision of the United States Tax Court, Irene F. Scott, Judge, which held that the proceeds from the sales of two tracts of land were ordinary income, not capital gains. The question for determination is whether the court’s finding that petitioner * held the tracts “primarily for sale to customers in the ordinary course of his trade or business” under § 1221(1) of the Internal Revenue Code of 1954 is “clearly erroneous.” See Yara Engineering Corp. v. Commissioner of Internal Revenue, 344 F.2d 113 (3d Cir. 1965). We hold that it is not and…