Stephen Marrin and Jane Marrin v. Commissioner of Internal Revenue

WALKER, Circuit Judge:

This is an appeal from the judgment of the United States Tax Court (Joseph Gale, Judge) affirming the decision of the respondent-appellee Commissioner of Internal Revenue (“Commissioner”) that petitioners-appellants Stephen Marrin (“Marrin”) and Jane Marrin (together, “the Marrins”), husband and wife taxpayers, were not entitled to deduct losses they suffered from trading in securities and futures as ordinary losses because the taxpayers did not trade on behalf of any customers.

The Commissioner issued a notice of deficiency to the Marrins, advising them that they owed…