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Byram v. United States

United States Court of Appeals for the Fifth Circuit
705 F.2d 1418 (1983)


Facts

From 1971 to 1973, John Byram (plaintiff) sold 22 pieces of realty. Byram sold seven pieces of realty for a profit of $2.5 million in 1973. Byram was not a licensed realtor and did not advertise or solicit these sales, which were initiated by the purchasers. Byram had owned the seven pieces of realty for longer than the time required for the profit to qualify as a long-term capital gain. Byram included the profit on his 1973 tax return as capital gain. A tax deficiency was assessed against Byram by the United States government (government) (defendant). After paying the deficiency, Byram filed suit against the government in federal district court for a refund. The district court applied a seven-factor test and held that Byram’s profit was a capital gain, not ordinary income. The government appealed.

Rule of Law

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Issue

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Holding and Reasoning (Gee, J.)

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  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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