Albert W. Turner and Therese L. Turner v. Commissioner of Internal Revenue, Albert W. Turner and Therese L. Turner v. Commissioner of Internal Revenue

HAYNSWORTH, Chief Judge:

After having owned a farm for a number of years, the taxpayer sold it to a related development company. On his income tax return he claimed the profit as a capital gain, but the Tax Court held it to be ordinary income, concluding, also, that in earlier real estate transactions he had acted as a dealer. On appeal, the taxpayer does not contest the Tax Court’s conclusions with respect to the earlier transactions, but he does contend that the Tax Court improperly concluded that the 1965 transaction was not the sale of a capital asset. We conclude that the farm was held as…