United States Board of Tax Appeals August 23, 1933, Docket Nos. 42734, 42747, 43904, 44567, 51646, 52023. (Pope v. Commissioner)

lead-opinion

*1258OPINION.

Marquette :

The petitioners seek to have so much of their income as was derived from the sale of the lands belonging to the syndicate taxed under the provisions of section 208 of the Revenue Act of 1926 and section 101 of the Revenue Act of 1928. The only issue is whether these lands constituted “ capital assets ” within the meaning of these sections.