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
OIL SHARES, INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Oil Shares, Inc. v. Commissioner
Docket No. 62828.
United States Board of Tax Appeals
29 B.T.A. 664; 1934 BTA LEXIS 1494;
January 5, 1934, Promulgated
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…
2Cases cited10 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Murphy Oil Co. v. BurnetSupreme Court of the United States · 1932
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- United States v. Cerecedo Hermanos Y CompañiaSupreme Court of the United States · 1908
- United States v. G. Falk & BrotherSupreme Court of the United States · 1907
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