Stephen G. Achong v. Commissioner of Internal Revenue

Achong petitions for review of a decision of the Tax Court holding that the proceeds which he received from the sale of lots of a subdivision of his real estate in Honolulu, Hawaii in 1946 and 1947 were ordinary income rather than capital gain under Section 117, Internal Revenue Code of 1939, 26 U.S.C.A. § 117 , and assessing income tax deficiencies against him for $10,799.76 and $1,-105.69 respectively for the two years.

Petitioner’s sole contention is that the facts do not support the court’s finding of fact and conclusion of law that:

There is no dispute concerning the facts. Petitioner is a United States citizen residing in Hawaii, where in 1923 he received title to 11.55 acres of land under a Special Homestead Agreement with the territorial government. He lived on this land for a number of years prior to 1923 and has lived there continuously since then. At various times he has rented parts of it to others for farming. Throughout the period of his residence on the land until 1950 when he retired, petitioner was employed as a cashier in a meat market. He has never owned any real estate except the land, the sale of which has given rise to this case, and has never previously…