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DRESSEN v. COMMISSIONER

Docket No. 32348.

17 T.C. 1443 (1952)

MARTIN DRESSEN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 6, 1952.

Attorney(s) appearing for the Case

Alric Anderson, Esq., for the petitioner.

Thomas A. Steele, Jr., Esq., for the respondent.

The respondent has determined a deficiency in income tax for the year 1947 in the amount of $334. The only question is whether the petitioner held lots primarily for sale to customers in the ordinary course of a business so that the property is properly to be excluded from capital assets under section 117 (a) of the Code. The petitioner contends that the property was held as an investment and that the profit realized upon the sale...

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