Morgan v. Commonwealth

Opinion by

President Judge Bowman,

This is a personal income tax appeal from a decision of the Board of Finance and Revenue (Board). The principal issue before us is whether the buying and selling of stocks and bonds by an individual for his personal pecuniary benefit constitutes “operation of a business, profession, or other activity” within the meaning of Section 303(a)(2) of the Tax Reform Code of 1971 (Code), 1 72 P.S. §7303(a)(2). The facts of this case have been stipulated.

Prior to his retirement in November, 1969 at age 65, petitioner was employed by the FMC, Corp. as Chief…