Van Suetendael v. Commissioner

3 T.C.M. 987 (1944), aff’d, 152 F.2d 654 (2nd Cir. 1945)

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Nature of the Case

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Facts

Van Suetendael (D) was engaged in the business of buying and selling securities. His income was derived from interest on bonds purchased and from interest on bank deposits. D was listed in several financial publications as a dealer in securities. D also listed offerings to buy and sell securities in the NDQS. D also registered with the SEC, the State of New York, and the Bureau of Internal Revenue as a broker or dealer in securities. D actively solicits individuals, banks, and insurance companies offering securities at stated prices. D took the view that all of the securities sold were noncapital assets. The Commissioner determined that they were capital assets and applied 1211(b). D argues that he was engaged in the business of a dealer in securities.