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HOUSTON ENDOWMENT, INC. v. UNITED STATES

No. 77-1680.

606 F.2d 77 (1979)

HOUSTON ENDOWMENT, INC., Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

November 7, 1979.

Attorney(s) appearing for the Case

Gilbert E. Andrews, Act. Chief, App. Section, Dept. of Justice, William A. Friedlander, Asst. Chief, Tax Div., Washington, D. C., M. Carr Ferguson, Asst. Atty. Gen., Robert Bernstein, David Carmack, Michael L. Paup, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Walter P. Zivlev, Fred E. Croshaw, Houston, Tex., for plaintiff-appellee.

Before WISDOM, HILL and VANCE, Circuit Judges.

WISDOM, Circuit Judge:

This case presents the recurring conundrum whether property sold by a taxpayer was held primarily for investment or for sale to customers in the ordinary course of business. The taxpayer, Houston Endowment, Inc. [Houston Endowment], a successor to Bankers Mortgage Company [Bankers], filed suit against the United States for a refund of $218,023.41 of federal income taxes paid for the years 1968, 1969, and 1970, plus interest. Houston Endowment...

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