Court Opinion

ID: 9461371
Source: CourtListenerOpinion
Date Created: 2023-08-04 22:12:53.014271+00
Date Added: 2024-06-11T17:37:01.354729
License: Public Domain

GEWIN, Circuit Judge
(dissenting):
With deference to the views expressed in the majority opinion, I respectfully dissent. The relevant facts are sufficiently outlined by Judge Gee. It is my view that the facts, when considered in their totality, United States v. Winthrop, 417 F.2d 905 (5th Cir. 1969), compel the conclusion that the lots in question were “held primarily for sale” and that the taxpayer’s activities in connection with the lots was a “trade or business.” Accordingly, the profits from the land sales should be regarded as ordinary income, rather than capital gain.