United States Tax Court February 20, 1958, Docket Nos. 58979, 64889 (Pennroad Corp. v. Commissioner)

lead-opinion

OPINION.

Turner, Judge:

It is the position of the petitioner that the parcels of real estate sold by Canton during the taxable years were capital assets, within the meaning of section 117 (a) of the Internal Revenue Code of 1939,7 or assets used in Canton’s trade or business within the meaning of section 117 (j),8 the gains from the sale of both of which are entitled to capital gains