United States v. Fred D. Temple

COLEMAN, Circuit Judge:

In this appeal we are concerned with a controversy between the Government and the Taxpayer as to whether the profits from certain real estate transactions were taxable as capital gains or as ordinary income derived from the sale of property held primarily for sale to customers in the ordinary course of business. After full hearing, the District Court found and held that the aforesaid profits should be treated as capital gains.

*68The Government seeks to overturn that judgment on the ground that it “lacks a reasonable basis in the facts of record, is contrary to the whole…