Legal Opinion
Foran v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided January 20, 1948No. 11984PublishedCited by 48 opinions
1Opinion of the Court
SIBLEY, Circuit Judge.
Taxes for 1941 on community incomes are in dispute, and the particular question is whether gain realized during that year in selling certain oil producing properties in Texas which were bought in 1938 and 1939 is taxable as long term capital or ordinary gain. The Tax Court held the latter.
This property, owned by the taxpayers for more than eighteen months, is a capital asset unless under the exclusions stated in Internal Revenue Code, § 117, 26 U.S. C.A. Int.Rev.Code, § 117, it was “property held by the taxpayer primarily for sale to customers in the ordinary course of…
2Cases cited3 opinions
- Pennsylvania Railroad v. ChamberlainSupreme Court of the United States · 1933
- Greene v. CommissionerCourt of Appeals for the Fifth Circuit · 1944
- Black v. CommissionerUnited States Board of Tax Appeals · 1941
3Cited by48 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Fred M. Archer and Evie B. Archer v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Grace Bros. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1949
- Arthur W. Smith and Mrs. Arthur W. Smith v. Charles H. Dunn, Formerly Acting Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
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