Purdy v. Commissioner
United States Board of Tax Appeals
Where a taxpayer was regularly engaged in the business of buying and selling securities on his own account primarily for the profit to be derived from sales at prices in excess of cost, his securities, even though held for more than two years, were not capital assets, since they were held primarily for sale in the course of his business.
1Opinion of the Court
CHARLES WESLEY PURDY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Purdy v. Commissioner
Docket No. 82421.
United States Board of Tax Appeals
36 B.T.A. 572; 1937 BTA LEXIS 690;
September 28, 1937, Promulgated
Where a taxpayer was regularly engaged in the business of buying and selling securities on his own account primarily for the profit to be derived from sales at prices in excess of cost, his securities, even though held for more than two years, were not capital assets, since they were held primarily for sale in the course of his business.
G. K. Richardson, Esq., for the…
2Cases cited1 opinion
- Purdy v. CommissionerUnited States Board of Tax Appeals · 1937