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GRAY v. C. I. R.

No. 79-7253.

642 F.2d 320 (1981)

Arthur J. GRAY and Esther Gray, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided April 16, 1981.

Attorney(s) appearing for the Case

James R. Mayo, Rawles, Hinkle, Finnegan, Carter & Brigham, Ukiah, Cal., for petitioners-appellants.

Stephen Gray, Atty., Washington, D.C., argued for respondent-appellee; M. Carr Ferguson, Asst. Atty. Gen., Washington, D.C. on brief.

Before CHOY and ALARCON, Circuit Judges, and HEMPHILL, District Judge.

CHOY, Circuit Judge:

Arthur J. Gray (taxpayer) received a total of $68,000 at the time certain lease and management contracts were terminated. In 1972 when the payments were made, taxpayer deducted the amounts as ordinary business expenses. In 1973 when taxpayer recovered the amounts, he treated them as long-term capital gains. The Commissioner of Internal Revenue (Commissioner) asserted that the $68,000 received by taxpayer was ordinary income and accordingly determined...

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