Dealer In Securities

Dealer In Securities means:
a person who, in the ordinary' course of a trade or business, either (1) regularly buys securities from, or sells them to, customers or (2) closes out positions in securities for customers. A dealer in securities is not eligible for capital gain (or capital loss) treatment.

Beginning in 1994, the inventory of a dealer in securities is included at market value. Other securities not held for investment at year end are deemed sold for their market values on the last day of the year.