Oil Shares, Inc. v. Commissioner
United States Board of Tax Appeals
INVENTORIES - DEALER IN SECURITIES. - Petitioner was engaged in buying and selling securities through brokers for its own account. It made no purchases or sales of securities for the account of customers.
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INVENTORIES - DEALER IN SECURITIES. - Petitioner was engaged in buying and selling securities through brokers for its own account. It made no purchases or sales of securities for the account of customers. Held, petitioner is not a "dealer in securities" within the definition contained in article 105, Regulations 74, and is not, therefore, entitled to inventory its securities on hand at the close of the taxable year under section 22(c) of the Revenue Act of 1928 at cost or market, whichever is lower.
1Opinion of the Court
OPINION.
Black :
This proceeding is for the redetermination of a deficiency in income tax for the calendar year 1929 in the amount of $279.78. Petitioner contends that, instead of there being a deficiency, a refund is due it of the total taxes paid for that year in the amount of $95,970.25. The only question at issue is whether, under section 22 (c) of the Revenue Act of 1928, petitioner is entitled to have its income for the taxable year computed on the basis of inventorying its securities on hand at the beginning and end of the year at cost or market, whichever is lower.
Petitioner is a…
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