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COMMISSIONER OF INTERNAL REVENUE v. STEVENS

No. 382.

78 F.2d 713 (1935)

COMMISSIONER OF INTERNAL REVENUE v. STEVENS.

Circuit Court of Appeals, Second Circuit.

June 24, 1935.

Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Carlton Fox, Sp. Assts. to Atty. Gen., for petitioner.

J. Nelson Anderson, of Washington, D. C., for respondent.

Lawrence R. Condon, of New York City, for executors Walters and Warshauer.

Before MANTON, SWAN, and CHASE, Circuit Judges.

MANTON, Circuit Judge.

The respondent was a member of the stock brokerage firm of Stevens & Legg. There were seven partners, six of whom were members of the stock exchange. Respondent claimed, and the Board of Tax Appeals agreed, that they were dealers in securities, and, as such, were permitted to inventory, at market value, their unsold securities on hand for the calendar years 1929 and 1930 in computing their net income for those years. Revenue Act of 1928...

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