Thomas v. Commissioner

OPINION.

Turner, Judge:

The primary question is whether or not petitioner’s interests in the lands comprising the Homeland Assembly were property held by him “primarily for sale to customers in the ordinary course of his trade or business,” under the provisions of section 117 (a) of the Internal Revenue Code of 1939.5 If they were not so held, the gains realized by him on their sale in the taxable year were properly reported as long-term capital gain, and the respondent was in error in determining otherwise.

On the evidence of record, we have set out in our Findings of Fact a fairly detailed…