Vernon Molbreak v. Commissioner of Internal Revenue

This is an appeal from decisions of the United States Tax Court determining deficiencies in income tax for the appel lants for the years 1967 and 1968. Molbreak v. Commissioner of Internal Revenue, 61 T.C. 382 (1973).

The basic issue presented on the appeal is whether the appellants held a parcel of real estate which they sold May 19, 1967 for more than six months within the meaning of 26 U.S.C. § 1223. Taxpayers had treated the profit under section 1223 as long-term capital gain. The Commissioner disagreed on the holding period and assessed the deficiencies and the Tax Court agreed with the…