“ These difficulties persuaded petitioner and another of the joint venturers of the desirability of terminating the venture; accordingly, they sold out their interests in the remaining property. Petitioner contends that he is entitled to treat the profits from this last sale as capital gains; the respondent takes the position that this was 'property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business,' [2] and thus subject to taxation as ordinary income. ”

“ The venturers realized that they had made a good purchase price-wise and, if they were unable to obtain acceptable construction financing or rezoning * * * which would be prerequisite to commercial development, they would sell the property in bulk so they wouldn't get hurt. ”