HOLMES v. COMMISSIONER OF INTERNAL REVENUE

No. 9.

99 F.2d 822 (1938)

HOLMES v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

November 7, 1938.


Attorney(s) appearing for the Case

Randolph E. Paul and Charles B. McInnis, both of New York City (Valentine B. Havens and Neilson Olcott, both of New York City, of counsel), for petitioner.

James W. Morris, Asst. Atty. Gen., and Sewall Key and L. W. Post, Sp. Assts. to Atty. Gen., for respondent.

Before MANTON, AUGUSTUS N. HAND, and CHASE, Circuit Judges.


MANTON, Circuit Judge.

Petitioner entered in the business of buying and selling securities in 1925 and until the year 1930 bought and sold a considerable volume. Some of these were listed on the exchange and many were unlisted securities. The Board found he was a dealer in securities.

On January 3, 1927, he purchased 33,834 shares of stock of the Domestic Electric Refrigerator Corp., a company which had been formed to take over some patents. Petitioner understood...

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