United States Tax Court October 1, 1963, Docket No. 85810 (Municipal Bond Corp. v. Commissioner)

OPINION

The question here in issue is whether petitioner’s gains on the sale of real estate are taxable as capital gains or as ordinary income. It is respondent’s contention that petitioner purchased and held the real properties primarily for sale to customers in the ordinary course of its business and that such properties are therefore excluded from capital assets under the provisions of section