Adirondack Sec. Corp. v. Commissioner

*63OPINION.

Van Fossan:

The first issue for consideration is whether or not the petitioner is entitled to deduct from income for the year 1925 a loss of $18,499 on 3,700 shares of the common stock of the Saranac Pulp & Paper Company. The petitioner purchased this stock in May, 1925, and claims that at the end of that year it had no market value and was worthless. The. petitioner, therefore, inventoried the stock at a value of $1 as of December 31, 1925, and contends that as a dealer in securities it had the right under the statute and regulations to deduct the difference between this inventory…