Davis v. United States

589 F.2d 446 79-1 USTC P 9142 Alan S. DAVIS, M. L. Randolph, Fred E. Trotter and H. C. Eichelberger, Trustees under the Will of the Estate of James Campbell, Deceased, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant. No. 76-3433. United States Court of Appeals, Ninth Circuit. Jan. 2, 1979. Clinton R. Ashford, Wayne P. Nasser, argued, Honolulu, Hawaii, for plaintiffs-appellees. Gilbert E. Andrews, Atty., Gary R. Allen, argued, Washington, D. C., for the U. S. Appeal from the United States District Court for the District of Hawaii. Before CHAMBERS, WALLACE and ANDERSON, Circuit Judges. WALLACE, Circuit Judge: 1 The government appeals the district court's judgment granting relief under the nonrecognition provisions of section 1033 of the Internal Revenue Code of 1954 and awarding an income tax refund. Although we rest our decision on a ground different from that relied upon by the district court, we affirm the judgment. 2 * The trustees of the estate of James Campbell (taxpayer) have been in the business of leasing trust owned land since 1901. Taxpayer's holdings included both industrial property being developed for lease, and improved agricultural land leased…