[Download] "Delsing v. United States." by Fifth Circuit United States Court Of Appeals # Book PDF Kindle ePub Free
eBook details
- Title: Delsing v. United States.
- Author : Fifth Circuit United States Court Of Appeals
- Release Date : January 05, 1951
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 53 KB
Description
In this suit to enforce refund of income taxes, in the District Court the parties by stipulation submitted as the sole issue, whether the profit from the sale of Twelve and one-half duplex dwelling units should be treated as capital gain under the provisions of Section 117 (j) (1) (B) of the Internal Revenue Code, 26 U.S.C.A., or ordinary income, with determination of this in turn restricted to whether such property was or was not held "primarily for sale to customers in the ordinary course" of the plaintiff taxpayers "trade or business." Upon evidence presented by stipulation, and by the oral testimony of the taxpayer, the trial Court found "the facts to be as stipulated by the parties plus the fact that these properties were originally constructed for sale, or, rental, and, that that course of sale was in the regular course of business when they were sold," and entered judgment for the government. Thus the sole question here presented is whether the finding is supported by the evidence, or whether it should be set aside as clearly erroneous.