Spreckels v. Commissioner - 315 U.S. 626 (1942)


U.S. Supreme Court

Spreckels v. Commissioner, 315 U.S. 626 (1942)

Spreckels v. Commissioner of Internal Revenue

Nos. 581 and 582

Argued March 4, 5, 1942

Decided March 16, 1942

315 U.S. 626

Syllabus

Sales commission paid by a taxpayer engaged in the business of buying and selling securities on his own account are not deductible as ordinary and necessary expenses, under § 23(a) of the Revenue Act of 1934, but are to be treated a offsets against selling price relevant only to the determination of capital loses or gains. P. 315 U. S. 627.

In Art. 282 of T.R. 77, under the Revenue Act of 1932, and Art. 22 of T.R. 86, under the Revenue Act of 1934, providing that commissions paid in selling securities are an offset against the selling price "when such commissions are not an ordinary and necessary business expense," the qualifying clause is controlling only in the case of dealers in securities.

119 F.2d 667 affirmed.

Certiorari, 314 U.S. 600, to review the reversal of a ruling of the Board of Tax Appeals, 41 B.T.A. 1204.



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