where taxpayer was an “active trader” and made “many short sales,” gave “active attention to all purchases and sales,” most of which she directed herself, “spent time at the brokers’ offices” and phoned her agents daily, her activities comprised a “trade or business”
How later courts described this case
- where taxpayer was an “active trader” and made “many short sales,” gave “active attention to all purchases and sales,” most of which she directed herself, “spent time at the brokers’ offices” and phoned her agents daily, her activities comprised a “trade or business”
Written by the judges who cited it.
The opinion
MtjRdock,
concurring: The petitioner’s brokerage accounts were combined in such a way that the sales involved in the first issue were not accounted for as short sales. Those sales were not made as short sales have to be made on the Exchange. It follows that they were not short sales. It is immaterial here that they were partially accounted for in an account called a short account.
Mellott concurs in the above.