Donander Co. v. Commissioner
United States Board of Tax Appeals
A corporation whose principal or only business is the buying and selling of securities for profit through stock exchanges is not a "dealer in securities" within the meaning of that term as used in section 118 of the Revenue Act of 1928.
1Opinion of the Court
OPINION.
Smith :
This proceeding involves a deficiency in petitioner’s income tax for the calendar year 1929 in the amount of $6,866.60. The sole question at issue is whether the petitioner is entitled to the deduction under section 23 (f) of the Revenue Act of 1928 of losses sustained upon the sales of shares of stock, or whether under the provisions of section 118 of the Revenue Act of 1928 the losses are not allowable as deductions because within 30 days before or after the dates of sale it purchased identical shares. The pertinent facts which are not in dispute are as follows:
The petitioner…
2Cases cited1 opinion
- Adirondack Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by11 opinions
- Hall v. CommissionerUnited States Board of Tax Appeals · 1934
- Oil Shares, Inc. v. CommissionerUnited States Board of Tax Appeals · 1934
- Hamill v. CommissionerUnited States Board of Tax Appeals · 1934
- Lowell v. CommissionerUnited States Board of Tax Appeals · 1934
- Dennett v. CommissionerUnited States Board of Tax Appeals · 1934
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