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period of less than 31 days. The holding periods of the
remaining 2 of the 11 transactions were not available. The
proceeds received on each of the transactions ranged from a high
of $5,739 to a low of $529.
Petitioner also included with his 2002 tax return a Schedule
C, Profit or Loss from Business, reporting that he had a sole
proprietorship named “Cameron Enterprises”, the principal
business of which was “Cameron Trading”. The 2002 Schedule C
reported that the business had received gross income of ($18),
after taking into account $59 for cost of goods sold reported as
a withdrawal for petitioner’s personal use.1 The Schedule C
reported that the business paid $200 for “office expenses”, $28
for “supplies”, and $12,211 for “continuing education”.
Petitioner’s 2002 tax return reported that petitioner was
entitled to deduct the $12,457 business loss (negative $18 of
gross income less the sum of $200, $28, and $12,211) to arrive at
his gross income.
In 2003, all of petitioner’s trading activity was conducted
through Datek/Ameritrade, OptionsXpress, and Trade Station
Securities, Inc. In 2003, petitioner made 109 purchases totaling
$79,409 and 103 sales totaling $89,204. His brokerage account at
the end of 2003 was worth $10,287, and his futures account was
1 With the exception of this $59 withdrawal, the Schedule C
reports no item for cost of goods sold.
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Last modified: November 10, 2007