People ex rel. Whitney v. Loughman

The question is whether the relator, a non-resident, was, in 1922, 1923 and 1924, “ doing business ” as a “•trader ” in securities in Wall Street and is thus entitled to deductions for losses incurred and for interest paid, in calculating his income tax. (Tax Law, §§ 351, 360, subd. 4.)

The relator is and has been a resident of New Jersey. Since 1912 he has been a member of the Stock Exchange and since 1916' a member of Richard Whitney & Co., a bond brokerage firm doing business in New York city. Entirely apart from his business and interest in the firm he claims to have done during the years…