Court Opinion

ID: 9448182
Source: CourtListenerOpinion
Date Created: 2023-08-03 23:24:59.171221+00
Date Added: 2024-06-11T17:31:19.072748
License: Public Domain

*799RIVES, Circuit Judge
(concurring specially).
As stated in a brief dissent in Commissioner v. Kelley, 5 Cir., 1961, 293 F.2d 904, 914, I hold the opinion that “a substantial part,” as used in Section 117 (m), should be construed to have reference to the part not yet realized. If that is the true construction of Section 117 (m), then it is clear that the decision of the Tax Court in the present case should be affirmed. If, however, the majority opinion in Commissioner v. Kelley, supra, is accepted, then I would still think that the decision of the Tax Court in the present case should be affirmed, but, in that event, for the reasons so well expressed in the opinion in this case by Judge WISDOM. I therefore concur specially.