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McCONKEY v. UNITED STATES

No. 487-53.

130 F.Supp. 621 (1955)

James G. McCONKEY and Claudine W. McConkey, v. The UNITED STATES.

United States Court of Claims.

May 3, 1955.

Attorney(s) appearing for the Case

Charles H. Burton, Washington, D. C., Robert Ash, Washington, D. C., on the briefs, for plaintiffs.

Edmund C. Grainger, Jr., Tuckahoe, N. Y., H. Brian Holland, Asst. Atty. Gen., Andrew D. Sharpe, Washington, D. C., on the brief, for defendant.

Before JONES, Chief Judge, and LITTLETON, WHITAKER, MADDEN and LARAMORE, Judges.

WHITAKER, Judge.

The issue presented in this case is whether or not the profits derived from the sale by plaintiffs in the years of 1947 and 1949 of certain lots in the Williamson Groves and Lincoln Court subdivisions are taxable as capital gains, or taxable as ordinary income as gains derived by the taxpayers "in the ordinary course of [their] trade or business."

Capital assets are defined by section 117 of the Internal Revenue Code of 1939, 26 U.S.C.A. ...

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