Schafer v. Helvering - 299 U.S. 171 (1936)


U.S. Supreme Court

Schafer v. Helvering, 299 U.S. 171 (1936)

Schafer v. Helvering

No. 24

Argued November 17, 1936

Decided December 7, 1936*

299 U.S. 171

Syllabus

1. Consideration of the case is confined to the issue tendered by the petition for certiorari. P. 299 U. S. 172.

2. A stock broker, in purchasing shares for his own account in expectation of a rise in the market, for resale to any buyer at a profit, is not a "dealer in securities," entitled under Art. 105 of Treasury Regulations 74 to use inventories of securities at market value in computing income for taxation. P. 299 U. S. 173.

65 App.D.C. 292, 83 F.2d 317, affirmed.

Certiorari, 298 U.S. 650, to review the affirmance of a decision of the Board of Tax Appeals, 32 B.T.A. 289, sustaining a deficiency income tax assessment.



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