Legal Opinion
Dr. C. Grenes Cole and Mrs. Hallette B. Cole v. Chester A. Usry, District Director of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided September 8, 1961No. 18713PublishedCited by 21 opinions
1Opinion of the Court
RIVES, Circuit Judge.
This case presents the oft-litigated question of whether subdivision lots should be excluded from “capital assets” as constituting “property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.” 1
The Coles sued for the refund of income taxes for the calendar years 1953, 1954 and 1955, aggregating approximately $23,000.00. The case was tried to a jury which returned a verdict answering “yes” to the interrogatory: “Were the lots in suit held and sold by the taxpayers primarily in the course of their business ? ” On this…
2Cases cited13 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Myers v. Reading Co.Supreme Court of the United States · 1947
- United States v. KaiserSupreme Court of the United States · 1960
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Mrs. Fern W. Reuter v. Eastern Air Lines, Inc.Court of Appeals for the Fifth Circuit · 1955
8 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- United States v. Ada Belle Winthrop, Individually and as Under the Will of Guy L. Winthrop, DeceasedCourt of Appeals for the Fifth Circuit · 1969
- Biedenharn Realty Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- United States v. Gordon Simmons and I. v. Simmons, Executors of the Estate of B. Hill SimmonsCourt of Appeals for the Fifth Circuit · 1965
- Fritz Thompson and Dora M. Thompson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1963
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
16 more not listed; retrieve them via the Exa API.