id	sid	tid	token	lemma	pos
ftr-397	1	1	traders	trader	NOUN
ftr-397	1	2	article	article	NOUN
ftr-397	1	3	syo	syo	PROPN
ftr-397	1	4	final	final	PROPN
ftr-397	1	5	edits	edit	VERB
ftr-397	1	6	7	7	NUM
ftr-397	1	7	-	-	SYM
ftr-397	1	8	22	22	NUM
ftr-397	1	9	-	-	SYM
ftr-397	1	10	08	08	NUM
ftr-397	1	11	florida	florida	PROPN
ftr-397	1	12	tax	tax	NOUN
ftr-397	1	13	review	review	NOUN
ftr-397	1	14	1113	1113	NUM
ftr-397	1	15	_	_	PUNCT
ftr-397	2	1	_	_	PUNCT
ftr-397	3	1	_	_	PUNCT
ftr-397	4	1	_	_	PUNCT
ftr-397	5	1	_	_	PUNCT
ftr-397	6	1	_	_	PUNCT
ftr-397	7	1	_	_	PUNCT
ftr-397	8	1	_	_	PUNCT
ftr-397	9	1	_	_	PUNCT
ftr-397	10	1	_	_	PUNCT
ftr-397	11	1	_	_	PUNCT
ftr-397	12	1	_	_	PUNCT
ftr-397	13	1	_	_	PUNCT
ftr-397	14	1	_	_	PUNCT
ftr-397	15	1	_	_	PUNCT
ftr-397	16	1	_	_	PUNCT
ftr-397	17	1	_	_	PUNCT
ftr-397	18	1	_	_	PUNCT
ftr-397	19	1	_	_	PUNCT
ftr-397	20	1	_	_	PUNCT
ftr-397	21	1	_	_	PUNCT
ftr-397	22	1	_	_	PUNCT
ftr-397	23	1	_	_	PUNCT
ftr-397	24	1	_	_	PUNCT
ftr-397	25	1	_	_	PUNCT
ftr-397	26	1	_	_	PUNCT
ftr-397	27	1	_	_	PUNCT
ftr-397	28	1	_	_	PUNCT
ftr-397	29	1	_	_	PUNCT
ftr-397	30	1	_	_	PUNCT
ftr-397	31	1	_	_	PUNCT
ftr-397	32	1	_	_	PUNCT
ftr-397	33	1	_	_	PUNCT
ftr-397	34	1	_	_	PUNCT
ftr-397	35	1	_	_	PUNCT
ftr-397	36	1	_	_	PUNCT
ftr-397	37	1	_	_	PUNCT
ftr-397	38	1	_	_	PUNCT
ftr-397	39	1	_	_	PUNCT
ftr-397	40	1	_	_	PUNCT
ftr-397	41	1	_	_	PUNCT
ftr-397	42	1	_	_	PUNCT
ftr-397	43	1	_	_	PUNCT
ftr-397	44	1	_	_	PUNCT
ftr-397	45	1	_	_	PUNCT
ftr-397	46	1	_	_	PUNCT
ftr-397	47	1	_	_	PUNCT
ftr-397	48	1	_	_	PUNCT
ftr-397	49	1	_	_	PUNCT
ftr-397	50	1	_	_	PUNCT
ftr-397	51	1	_	_	PUNCT
ftr-397	52	1	_	_	PUNCT
ftr-397	53	1	_	_	PUNCT
ftr-397	54	1	_	_	PUNCT
ftr-397	55	1	_	_	PUNCT
ftr-397	56	1	_	_	PUNCT
ftr-397	57	1	_	_	PUNCT
ftr-397	58	1	_	_	PUNCT
ftr-397	59	1	_	_	PUNCT
ftr-397	60	1	_	_	PUNCT
ftr-397	61	1	volume	volume	NOUN
ftr-397	61	2	8	8	NUM
ftr-397	61	3	2008	2008	NUM
ftr-397	61	4	number	number	NOUN
ftr-397	61	5	10	10	NUM
ftr-397	61	6	a	a	DET
ftr-397	61	7	structural	structural	ADJ
ftr-397	61	8	critique	critique	NOUN
ftr-397	61	9	of	of	ADP
ftr-397	61	10	trader	trader	NOUN
ftr-397	61	11	taxation	taxation	NOUN
ftr-397	61	12	by	by	ADP
ftr-397	61	13	shu	shu	PROPN
ftr-397	61	14	-	-	PUNCT
ftr-397	61	15	yi	yi	PROPN
ftr-397	61	16	oei	oei	PROPN
ftr-397	61	17	*	*	PROPN
ftr-397	61	18	i.	i.	PROPN
ftr-397	61	19	introduction	introduction	NOUN
ftr-397	61	20	...........................................................................	...........................................................................	PUNCT
ftr-397	61	21	1114	1114	NUM
ftr-397	61	22	ii	ii	NOUN
ftr-397	61	23	.	.	PUNCT
ftr-397	62	1	r	r	NOUN
ftr-397	62	2	ules	ule	NOUN
ftr-397	62	3	governing	govern	VERB
ftr-397	62	4	the	the	DET
ftr-397	62	5	taxation	taxation	NOUN
ftr-397	62	6	of	of	ADP
ftr-397	62	7	securities	security	NOUN
ftr-397	62	8	traders	trader	NOUN
ftr-397	62	9	.....................................................................................	.....................................................................................	PUNCT
ftr-397	62	10	1116	1116	NUM
ftr-397	62	11	a.	a.	NOUN
ftr-397	62	12	rules	rule	NOUN
ftr-397	62	13	with	with	ADP
ftr-397	62	14	respect	respect	NOUN
ftr-397	62	15	to	to	ADP
ftr-397	62	16	deductions	deduction	NOUN
ftr-397	62	17	...................................	...................................	PUNCT
ftr-397	62	18	1119	1119	NUM
ftr-397	62	19	b.	b.	PROPN
ftr-397	62	20	rules	rule	NOUN
ftr-397	62	21	with	with	ADP
ftr-397	62	22	respect	respect	NOUN
ftr-397	62	23	to	to	ADP
ftr-397	62	24	character	character	NOUN
ftr-397	62	25	of	of	ADP
ftr-397	62	26	income	income	NOUN
ftr-397	62	27	....................	....................	PUNCT
ftr-397	62	28	1124	1124	NUM
ftr-397	62	29	c.	c.	NOUN
ftr-397	62	30	the	the	DET
ftr-397	62	31	irc	irc	PROPN
ftr-397	62	32	section	section	NOUN
ftr-397	62	33	475(f	475(f	PROPN
ftr-397	62	34	)	)	PUNCT
ftr-397	62	35	mark	mark	NOUN
ftr-397	62	36	-	-	PUNCT
ftr-397	62	37	to	to	ADP
ftr-397	62	38	-	-	PUNCT
ftr-397	62	39	market	market	NOUN
ftr-397	62	40	election	election	NOUN
ftr-397	62	41	..........	..........	PUNCT
ftr-397	62	42	1125	1125	NUM
ftr-397	62	43	d.	d.	PROPN
ftr-397	62	44	summary	summary	PROPN
ftr-397	62	45	.........................................................................	.........................................................................	PROPN
ftr-397	62	46	1126	1126	NUM
ftr-397	62	47	iii	iii	NOUN
ftr-397	62	48	.	.	PUNCT
ftr-397	63	1	“	"	PUNCT
ftr-397	63	2	t	t	PROPN
ftr-397	63	3	rader	rader	PROPN
ftr-397	63	4	”	"	PUNCT
ftr-397	63	5	taxation	taxation	NOUN
ftr-397	63	6	:	:	PUNCT
ftr-397	63	7	a	a	DET
ftr-397	63	8	tale	tale	NOUN
ftr-397	63	9	of	of	ADP
ftr-397	63	10	two	two	NUM
ftr-397	63	11	concepts	concept	NOUN
ftr-397	63	12	...............	...............	PUNCT
ftr-397	63	13	1128	1128	NUM
ftr-397	63	14	a.	a.	NOUN
ftr-397	63	15	the	the	DET
ftr-397	63	16	importance	importance	NOUN
ftr-397	63	17	of	of	ADP
ftr-397	63	18	being	be	AUX
ftr-397	63	19	“	"	PUNCT
ftr-397	63	20	engaged	engage	VERB
ftr-397	63	21	in	in	ADP
ftr-397	63	22	a	a	DET
ftr-397	63	23	trade	trade	NOUN
ftr-397	63	24	or	or	CCONJ
ftr-397	63	25	business”	business”	NOUN
ftr-397	63	26	.....................................................................	.....................................................................	PUNCT
ftr-397	63	27	1129	1129	NUM
ftr-397	63	28	b.	b.	PROPN
ftr-397	63	29	the	the	DET
ftr-397	63	30	“	"	PUNCT
ftr-397	63	31	to	to	ADP
ftr-397	63	32	customers	customer	NOUN
ftr-397	63	33	”	"	PUNCT
ftr-397	63	34	requirement	requirement	NOUN
ftr-397	63	35	and	and	CCONJ
ftr-397	63	36	the	the	DET
ftr-397	63	37	character	character	NOUN
ftr-397	63	38	of	of	ADP
ftr-397	63	39	income	income	NOUN
ftr-397	63	40	…	…	PUNCT
ftr-397	63	41	…	…	PUNCT
ftr-397	63	42	…	…	PUNCT
ftr-397	63	43	…	…	PUNCT
ftr-397	63	44	…	…	PUNCT
ftr-397	63	45	…	…	PUNCT
ftr-397	63	46	…	…	PUNCT
ftr-397	63	47	…	…	PUNCT
ftr-397	63	48	…	…	PUNCT
ftr-397	63	49	…	…	PUNCT
ftr-397	63	50	…	…	PUNCT
ftr-397	63	51	…	…	PUNCT
ftr-397	63	52	…	…	PUNCT
ftr-397	63	53	…	…	PUNCT
ftr-397	63	54	…	…	PUNCT
ftr-397	63	55	…	…	PUNCT
ftr-397	63	56	…	…	SYM
ftr-397	63	57	…	…	SYM
ftr-397	63	58	.1138	.1138	PROPN
ftr-397	63	59	c.	c.	NOUN
ftr-397	63	60	the	the	DET
ftr-397	63	61	intersection	intersection	NOUN
ftr-397	63	62	of	of	ADP
ftr-397	63	63	disjoint	disjoint	NOUN
ftr-397	63	64	concepts	concept	NOUN
ftr-397	63	65	:	:	PUNCT
ftr-397	63	66	a	a	DET
ftr-397	63	67	structural	structural	ADJ
ftr-397	63	68	look	look	NOUN
ftr-397	63	69	at	at	ADP
ftr-397	63	70	trader	trader	NOUN
ftr-397	63	71	taxation	taxation	NOUN
ftr-397	63	72	..........................................................	..........................................................	PUNCT
ftr-397	63	73	1143	1143	NUM
ftr-397	63	74	iv	iv	NOUN
ftr-397	63	75	.	.	PUNCT
ftr-397	64	1	some	some	DET
ftr-397	64	2	critiques	critique	NOUN
ftr-397	64	3	of	of	ADP
ftr-397	64	4	trader	trader	NOUN
ftr-397	64	5	taxation	taxation	NOUN
ftr-397	64	6	.................................	.................................	PUNCT
ftr-397	65	1	1147	1147	NUM
ftr-397	65	2	a.	a.	NOUN
ftr-397	65	3	non	non	ADJ
ftr-397	65	4	-	-	ADJ
ftr-397	65	5	structural	structural	ADJ
ftr-397	65	6	criticisms	criticism	NOUN
ftr-397	65	7	...............................................	...............................................	PUNCT
ftr-397	65	8	1147	1147	NUM
ftr-397	65	9	b.	b.	PROPN
ftr-397	65	10	structural	structural	ADJ
ftr-397	65	11	criticisms	criticism	NOUN
ftr-397	65	12	.......................................................	.......................................................	PROPN
ftr-397	65	13	1150	1150	NUM
ftr-397	65	14	c.	c.	PROPN
ftr-397	65	15	summary	summary	NOUN
ftr-397	65	16	.........................................................................	.........................................................................	PUNCT
ftr-397	65	17	1156	1156	NUM
ftr-397	65	18	v.	v.	ADP
ftr-397	65	19	structural	structural	ADJ
ftr-397	65	20	remediation	remediation	NOUN
ftr-397	65	21	by	by	ADP
ftr-397	65	22	the	the	DET
ftr-397	65	23	courts	court	NOUN
ftr-397	65	24	and	and	CCONJ
ftr-397	65	25	the	the	DET
ftr-397	65	26	legislature	legislature	NOUN
ftr-397	65	27	......................................................................	......................................................................	PUNCT
ftr-397	66	1	1157	1157	NUM
ftr-397	66	2	a.	a.	NOUN
ftr-397	66	3	court	court	NOUN
ftr-397	66	4	decisions	decision	NOUN
ftr-397	66	5	regarding	regard	VERB
ftr-397	66	6	capital	capital	NOUN
ftr-397	66	7	asset	asset	NOUN
ftr-397	66	8	classification	classification	NOUN
ftr-397	66	9	:	:	PUNCT
ftr-397	66	10	minimizing	minimize	VERB
ftr-397	66	11	the	the	DET
ftr-397	66	12	“	"	PUNCT
ftr-397	66	13	to	to	ADP
ftr-397	66	14	customers	customer	NOUN
ftr-397	66	15	”	"	PUNCT
ftr-397	66	16	requirement	requirement	NOUN
ftr-397	66	17	...............	...............	PUNCT
ftr-397	66	18	1157	1157	NUM
ftr-397	66	19	b.	b.	X
ftr-397	66	20	the	the	DET
ftr-397	66	21	enactment	enactment	NOUN
ftr-397	66	22	of	of	ADP
ftr-397	66	23	irc	irc	PROPN
ftr-397	66	24	section	section	NOUN
ftr-397	66	25	475(f	475(f	PROPN
ftr-397	66	26	)	)	PUNCT
ftr-397	66	27	.............................	.............................	PUNCT
ftr-397	66	28	1162	1162	NUM
ftr-397	66	29	c.	c.	NOUN
ftr-397	66	30	an	an	DET
ftr-397	66	31	argument	argument	NOUN
ftr-397	66	32	for	for	ADP
ftr-397	66	33	change	change	NOUN
ftr-397	66	34	................................................	................................................	PUNCT
ftr-397	66	35	1165	1165	NUM
ftr-397	66	36	vi	vi	NOUN
ftr-397	66	37	.	.	PROPN
ftr-397	66	38	conclusion	conclusion	NOUN
ftr-397	66	39	…	…	PUNCT
ftr-397	66	40	…	…	PUNCT
ftr-397	66	41	…	…	PUNCT
ftr-397	66	42	…	…	PUNCT
ftr-397	66	43	…	…	PUNCT
ftr-397	66	44	…	…	PUNCT
ftr-397	66	45	…	…	PUNCT
ftr-397	66	46	…	…	PUNCT
ftr-397	66	47	…	…	PUNCT
ftr-397	66	48	…	…	PUNCT
ftr-397	66	49	…	…	PUNCT
ftr-397	66	50	…	…	PUNCT
ftr-397	66	51	…	…	PUNCT
ftr-397	66	52	…	…	PUNCT
ftr-397	66	53	…	…	PUNCT
ftr-397	66	54	…	…	PUNCT
ftr-397	66	55	…	…	PUNCT
ftr-397	66	56	…	…	PUNCT
ftr-397	66	57	…	…	PUNCT
ftr-397	66	58	...	...	PUNCT
ftr-397	66	59	1167	1167	NUM
ftr-397	66	60	*	*	PUNCT
ftr-397	66	61	harvard	harvard	PROPN
ftr-397	66	62	law	law	PROPN
ftr-397	66	63	school	school	NOUN
ftr-397	66	64	,	,	PUNCT
ftr-397	66	65	j.d	j.d	PROPN
ftr-397	66	66	.	.	PROPN
ftr-397	66	67	,	,	PUNCT
ftr-397	66	68	2003	2003	NUM
ftr-397	66	69	;	;	PUNCT
ftr-397	66	70	harvard	harvard	PROPN
ftr-397	66	71	divinity	divinity	PROPN
ftr-397	66	72	school	school	NOUN
ftr-397	66	73	,	,	PUNCT
ftr-397	66	74	m.t.s	m.t.s	NOUN
ftr-397	66	75	.	.	PROPN
ftr-397	66	76	,	,	PUNCT
ftr-397	66	77	2003	2003	NUM
ftr-397	66	78	;	;	PUNCT
ftr-397	66	79	brown	brown	ADJ
ftr-397	66	80	university	university	NOUN
ftr-397	66	81	,	,	PUNCT
ftr-397	66	82	a.b	a.b	PROPN
ftr-397	66	83	.	.	PROPN
ftr-397	66	84	,	,	PUNCT
ftr-397	66	85	1999	1999	NUM
ftr-397	66	86	.	.	PUNCT
ftr-397	67	1	associate	associate	NOUN
ftr-397	67	2	,	,	PUNCT
ftr-397	67	3	bingham	bingham	PROPN
ftr-397	67	4	mccutchen	mccutchen	PROPN
ftr-397	67	5	llp	llp	PROPN
ftr-397	67	6	,	,	PUNCT
ftr-397	67	7	boston	boston	PROPN
ftr-397	67	8	,	,	PUNCT
ftr-397	67	9	ma	ma	PROPN
ftr-397	67	10	.	.	PUNCT
ftr-397	68	1	the	the	DET
ftr-397	68	2	views	view	NOUN
ftr-397	68	3	expressed	express	VERB
ftr-397	68	4	in	in	ADP
ftr-397	68	5	this	this	DET
ftr-397	68	6	article	article	NOUN
ftr-397	68	7	are	be	AUX
ftr-397	68	8	solely	solely	ADV
ftr-397	68	9	the	the	DET
ftr-397	68	10	views	view	NOUN
ftr-397	68	11	of	of	ADP
ftr-397	68	12	the	the	DET
ftr-397	68	13	author	author	NOUN
ftr-397	68	14	and	and	CCONJ
ftr-397	68	15	do	do	AUX
ftr-397	68	16	not	not	PART
ftr-397	68	17	necessarily	necessarily	ADV
ftr-397	68	18	represent	represent	VERB
ftr-397	68	19	the	the	DET
ftr-397	68	20	views	view	NOUN
ftr-397	68	21	of	of	ADP
ftr-397	68	22	the	the	DET
ftr-397	68	23	firm	firm	NOUN
ftr-397	68	24	.	.	PUNCT
ftr-397	69	1	the	the	DET
ftr-397	69	2	author	author	NOUN
ftr-397	69	3	is	be	AUX
ftr-397	69	4	grateful	grateful	ADJ
ftr-397	69	5	to	to	ADP
ftr-397	69	6	jessica	jessica	PROPN
ftr-397	69	7	a.	a.	PROPN
ftr-397	69	8	lapointe	lapointe	PROPN
ftr-397	69	9	for	for	ADP
ftr-397	69	10	her	her	PRON
ftr-397	69	11	comments	comment	NOUN
ftr-397	69	12	on	on	ADP
ftr-397	69	13	prior	prior	ADJ
ftr-397	69	14	drafts	draft	NOUN
ftr-397	69	15	.	.	PUNCT
ftr-397	70	1	1114	1114	NUM
ftr-397	70	2	florida	florida	PROPN
ftr-397	70	3	tax	tax	NOUN
ftr-397	70	4	review	review	NOUN
ftr-397	70	5	[	[	X
ftr-397	70	6	vol	vol	NOUN
ftr-397	70	7	.	.	PUNCT
ftr-397	71	1	8:10	8:10	NUM
ftr-397	71	2	section	section	NOUN
ftr-397	72	1	i	i	PRON
ftr-397	72	2	:	:	PUNCT
ftr-397	72	3	introduction	introduction	NOUN
ftr-397	72	4	taxpayers	taxpayer	NOUN
ftr-397	72	5	who	who	PRON
ftr-397	72	6	are	be	AUX
ftr-397	72	7	securities	security	NOUN
ftr-397	72	8	traders	trader	NOUN
ftr-397	72	9	are	be	AUX
ftr-397	72	10	subject	subject	ADJ
ftr-397	72	11	to	to	ADP
ftr-397	72	12	unusual	unusual	ADJ
ftr-397	72	13	treatment	treatment	NOUN
ftr-397	72	14	under	under	ADP
ftr-397	72	15	the	the	DET
ftr-397	72	16	tax	tax	NOUN
ftr-397	72	17	law.1	law.1	PROPN
ftr-397	72	18	such	such	DET
ftr-397	72	19	a	a	DET
ftr-397	72	20	taxpayer	taxpayer	NOUN
ftr-397	72	21	is	be	AUX
ftr-397	72	22	,	,	PUNCT
ftr-397	72	23	like	like	ADP
ftr-397	72	24	any	any	DET
ftr-397	72	25	other	other	ADJ
ftr-397	72	26	merchant	merchant	NOUN
ftr-397	72	27	or	or	CCONJ
ftr-397	72	28	businessperson	businessperson	NOUN
ftr-397	72	29	,	,	PUNCT
ftr-397	72	30	allowed	allow	VERB
ftr-397	72	31	to	to	PART
ftr-397	72	32	deduct	deduct	VERB
ftr-397	72	33	various	various	ADJ
ftr-397	72	34	expenses	expense	NOUN
ftr-397	72	35	incurred	incur	VERB
ftr-397	72	36	in	in	ADP
ftr-397	72	37	his	his	PRON
ftr-397	72	38	business	business	NOUN
ftr-397	72	39	of	of	ADP
ftr-397	72	40	trading	trading	NOUN
ftr-397	72	41	securities	security	NOUN
ftr-397	72	42	but	but	CCONJ
ftr-397	72	43	,	,	PUNCT
ftr-397	72	44	unlike	unlike	ADP
ftr-397	72	45	any	any	DET
ftr-397	72	46	other	other	ADJ
ftr-397	72	47	merchant	merchant	NOUN
ftr-397	72	48	or	or	CCONJ
ftr-397	72	49	businessperson	businessperson	NOUN
ftr-397	72	50	,	,	PUNCT
ftr-397	72	51	is	be	AUX
ftr-397	72	52	simultaneously	simultaneously	ADV
ftr-397	72	53	allowed	allow	VERB
ftr-397	72	54	to	to	PART
ftr-397	72	55	treat	treat	VERB
ftr-397	72	56	gains	gain	NOUN
ftr-397	72	57	and	and	CCONJ
ftr-397	72	58	losses	loss	NOUN
ftr-397	72	59	from	from	ADP
ftr-397	72	60	the	the	DET
ftr-397	72	61	sale	sale	NOUN
ftr-397	72	62	of	of	ADP
ftr-397	72	63	such	such	ADJ
ftr-397	72	64	securities	security	NOUN
ftr-397	72	65	as	as	ADP
ftr-397	72	66	capital	capital	NOUN
ftr-397	72	67	,	,	PUNCT
ftr-397	72	68	rather	rather	ADV
ftr-397	72	69	than	than	ADP
ftr-397	72	70	ordinary	ordinary	ADJ
ftr-397	72	71	,	,	PUNCT
ftr-397	72	72	gains	gain	NOUN
ftr-397	72	73	and	and	CCONJ
ftr-397	72	74	losses	loss	NOUN
ftr-397	72	75	.	.	PUNCT
ftr-397	73	1	such	such	ADJ
ftr-397	73	2	capital	capital	NOUN
ftr-397	73	3	gains	gain	NOUN
ftr-397	73	4	and	and	CCONJ
ftr-397	73	5	losses	loss	NOUN
ftr-397	73	6	may	may	AUX
ftr-397	73	7	be	be	AUX
ftr-397	73	8	taxed	tax	VERB
ftr-397	73	9	at	at	ADP
ftr-397	73	10	reduced	reduce	VERB
ftr-397	73	11	rates	rate	NOUN
ftr-397	73	12	and	and	CCONJ
ftr-397	73	13	subject	subject	NOUN
ftr-397	73	14	to	to	ADP
ftr-397	73	15	other	other	ADJ
ftr-397	73	16	different	different	ADJ
ftr-397	73	17	tax	tax	NOUN
ftr-397	73	18	treatments.2	treatments.2	ADP
ftr-397	73	19	since	since	SCONJ
ftr-397	73	20	the	the	DET
ftr-397	73	21	enactment	enactment	NOUN
ftr-397	73	22	of	of	ADP
ftr-397	73	23	irc	irc	PROPN
ftr-397	73	24	section	section	NOUN
ftr-397	73	25	475(f	475(f	PROPN
ftr-397	73	26	)	)	PUNCT
ftr-397	73	27	in	in	ADP
ftr-397	73	28	1997	1997	NUM
ftr-397	73	29	,	,	PUNCT
ftr-397	73	30	traders	trader	NOUN
ftr-397	73	31	have	have	AUX
ftr-397	73	32	also	also	ADV
ftr-397	73	33	been	be	AUX
ftr-397	73	34	allowed	allow	VERB
ftr-397	73	35	to	to	PART
ftr-397	73	36	make	make	VERB
ftr-397	73	37	a	a	DET
ftr-397	73	38	special	special	ADJ
ftr-397	73	39	election	election	NOUN
ftr-397	73	40	to	to	PART
ftr-397	73	41	“	"	PUNCT
ftr-397	73	42	mark	mark	VERB
ftr-397	73	43	to	to	ADP
ftr-397	73	44	market	market	NOUN
ftr-397	73	45	”	"	PUNCT
ftr-397	73	46	gains	gain	NOUN
ftr-397	73	47	and	and	CCONJ
ftr-397	73	48	losses	loss	NOUN
ftr-397	73	49	from	from	ADP
ftr-397	73	50	their	their	PRON
ftr-397	73	51	securities	security	NOUN
ftr-397	73	52	-	-	PUNCT
ftr-397	73	53	trading	trade	VERB
ftr-397	73	54	activities.3	activities.3	NOUN
ftr-397	73	55	making	make	VERB
ftr-397	73	56	this	this	DET
ftr-397	73	57	election	election	NOUN
ftr-397	73	58	allows	allow	VERB
ftr-397	73	59	a	a	DET
ftr-397	73	60	trader	trader	NOUN
ftr-397	73	61	to	to	PART
ftr-397	73	62	recognize	recognize	VERB
ftr-397	73	63	gains	gain	NOUN
ftr-397	73	64	and	and	CCONJ
ftr-397	73	65	losses	loss	NOUN
ftr-397	73	66	on	on	ADP
ftr-397	73	67	the	the	DET
ftr-397	73	68	securities	security	NOUN
ftr-397	73	69	he	he	PRON
ftr-397	73	70	holds	hold	VERB
ftr-397	73	71	as	as	SCONJ
ftr-397	73	72	if	if	SCONJ
ftr-397	73	73	those	those	DET
ftr-397	73	74	securities	security	NOUN
ftr-397	73	75	were	be	AUX
ftr-397	73	76	sold	sell	VERB
ftr-397	73	77	at	at	ADP
ftr-397	73	78	fair	fair	ADJ
ftr-397	73	79	market	market	NOUN
ftr-397	73	80	value	value	NOUN
ftr-397	73	81	on	on	ADP
ftr-397	73	82	the	the	DET
ftr-397	73	83	last	last	ADJ
ftr-397	73	84	business	business	NOUN
ftr-397	73	85	day	day	NOUN
ftr-397	73	86	of	of	ADP
ftr-397	73	87	the	the	DET
ftr-397	73	88	trader	trader	NOUN
ftr-397	73	89	’s	’s	PART
ftr-397	73	90	taxable	taxable	ADJ
ftr-397	73	91	year	year	NOUN
ftr-397	73	92	,	,	PUNCT
ftr-397	73	93	and	and	CCONJ
ftr-397	73	94	to	to	PART
ftr-397	73	95	convert	convert	VERB
ftr-397	73	96	such	such	ADJ
ftr-397	73	97	gains	gain	NOUN
ftr-397	73	98	or	or	CCONJ
ftr-397	73	99	losses	loss	NOUN
ftr-397	73	100	to	to	ADP
ftr-397	73	101	ordinary	ordinary	ADJ
ftr-397	73	102	,	,	PUNCT
ftr-397	73	103	rather	rather	ADV
ftr-397	73	104	than	than	ADP
ftr-397	73	105	capital	capital	NOUN
ftr-397	73	106	,	,	PUNCT
ftr-397	73	107	gains	gain	NOUN
ftr-397	73	108	or	or	CCONJ
ftr-397	73	109	losses.4	losses.4	DET
ftr-397	73	110	the	the	DET
ftr-397	73	111	distinctive	distinctive	ADJ
ftr-397	73	112	tax	tax	NOUN
ftr-397	73	113	treatment	treatment	NOUN
ftr-397	73	114	of	of	ADP
ftr-397	73	115	securities	security	NOUN
ftr-397	73	116	traders	trader	NOUN
ftr-397	73	117	has	have	AUX
ftr-397	73	118	been	be	AUX
ftr-397	73	119	frequently	frequently	ADV
ftr-397	73	120	pointed	point	VERB
ftr-397	73	121	out	out	ADP
ftr-397	73	122	,	,	PUNCT
ftr-397	73	123	and	and	CCONJ
ftr-397	73	124	various	various	ADJ
ftr-397	73	125	commentators	commentator	NOUN
ftr-397	73	126	have	have	AUX
ftr-397	73	127	noted	note	VERB
ftr-397	73	128	that	that	SCONJ
ftr-397	73	129	,	,	PUNCT
ftr-397	73	130	although	although	SCONJ
ftr-397	73	131	the	the	DET
ftr-397	73	132	standards	standard	NOUN
ftr-397	73	133	for	for	ADP
ftr-397	73	134	qualifying	qualify	VERB
ftr-397	73	135	for	for	ADP
ftr-397	73	136	trader	trader	NOUN
ftr-397	73	137	treatment	treatment	NOUN
ftr-397	73	138	are	be	AUX
ftr-397	73	139	uncertain	uncertain	ADJ
ftr-397	73	140	,	,	PUNCT
ftr-397	73	141	favorable	favorable	ADJ
ftr-397	73	142	planning	planning	NOUN
ftr-397	73	143	opportunities	opportunity	NOUN
ftr-397	73	144	arise	arise	VERB
ftr-397	73	145	upon	upon	SCONJ
ftr-397	73	146	achieving	achieve	VERB
ftr-397	73	147	such	such	ADJ
ftr-397	73	148	classification.5	classification.5	PROPN
ftr-397	73	149	however	however	ADV
ftr-397	73	150	,	,	PUNCT
ftr-397	73	151	1	1	X
ftr-397	73	152	.	.	X
ftr-397	73	153	harrison	harrison	PROPN
ftr-397	73	154	b.	b.	PROPN
ftr-397	73	155	mccawley	mccawley	PROPN
ftr-397	73	156	,	,	PUNCT
ftr-397	73	157	transactions	transaction	NOUN
ftr-397	73	158	in	in	ADP
ftr-397	73	159	stock	stock	NOUN
ftr-397	73	160	,	,	PUNCT
ftr-397	73	161	securities	security	NOUN
ftr-397	73	162	and	and	CCONJ
ftr-397	73	163	other	other	ADJ
ftr-397	73	164	financial	financial	ADJ
ftr-397	73	165	instruments	instrument	NOUN
ftr-397	73	166	,	,	PUNCT
ftr-397	73	167	184	184	NUM
ftr-397	73	168	-	-	PUNCT
ftr-397	73	169	4th	4th	ADJ
ftr-397	73	170	tax	tax	NOUN
ftr-397	73	171	mgmt	mgmt	NOUN
ftr-397	73	172	.	.	PUNCT
ftr-397	74	1	(	(	PUNCT
ftr-397	74	2	bna	bna	PROPN
ftr-397	74	3	)	)	PUNCT
ftr-397	74	4	a-1	a-1	PROPN
ftr-397	74	5	–	–	PUNCT
ftr-397	74	6	a-4(1	a-4(1	NOUN
ftr-397	74	7	)	)	PUNCT
ftr-397	74	8	;	;	PUNCT
ftr-397	74	9	irs	irs	PROPN
ftr-397	74	10	tax	tax	NOUN
ftr-397	74	11	topic	topic	NOUN
ftr-397	74	12	429	429	NUM
ftr-397	74	13	,	,	PUNCT
ftr-397	74	14	available	available	ADJ
ftr-397	74	15	at	at	ADP
ftr-397	74	16	http://www.irs.gov/taxtopics/tc429.html	http://www.irs.gov/taxtopics/tc429.html	PROPN
ftr-397	74	17	(	(	PUNCT
ftr-397	74	18	last	last	ADV
ftr-397	74	19	visited	visit	VERB
ftr-397	74	20	jan	jan	PROPN
ftr-397	74	21	.	.	PROPN
ftr-397	74	22	26	26	NUM
ftr-397	74	23	,	,	PUNCT
ftr-397	74	24	2008	2008	NUM
ftr-397	74	25	)	)	PUNCT
ftr-397	74	26	.	.	PUNCT
ftr-397	75	1	2	2	X
ftr-397	75	2	.	.	X
ftr-397	75	3	under	under	ADP
ftr-397	75	4	present	present	ADJ
ftr-397	75	5	law	law	NOUN
ftr-397	75	6	,	,	PUNCT
ftr-397	75	7	taxpayers	taxpayer	NOUN
ftr-397	75	8	who	who	PRON
ftr-397	75	9	hold	hold	VERB
ftr-397	75	10	“	"	PUNCT
ftr-397	75	11	capital	capital	NOUN
ftr-397	75	12	assets	asset	NOUN
ftr-397	75	13	”	"	PUNCT
ftr-397	75	14	over	over	ADP
ftr-397	75	15	a	a	DET
ftr-397	75	16	long	long	ADJ
ftr-397	75	17	-	-	PUNCT
ftr-397	75	18	term	term	NOUN
ftr-397	75	19	holding	hold	VERB
ftr-397	75	20	period	period	NOUN
ftr-397	75	21	(	(	PUNCT
ftr-397	75	22	generally	generally	ADV
ftr-397	75	23	,	,	PUNCT
ftr-397	75	24	more	more	ADJ
ftr-397	75	25	than	than	ADP
ftr-397	75	26	12	12	NUM
ftr-397	75	27	months	month	NOUN
ftr-397	75	28	)	)	PUNCT
ftr-397	75	29	will	will	AUX
ftr-397	75	30	be	be	AUX
ftr-397	75	31	subject	subject	ADJ
ftr-397	75	32	to	to	ADP
ftr-397	75	33	reduced	reduce	VERB
ftr-397	75	34	tax	tax	NOUN
ftr-397	75	35	rates	rate	NOUN
ftr-397	75	36	on	on	ADP
ftr-397	75	37	disposition	disposition	NOUN
ftr-397	75	38	of	of	ADP
ftr-397	75	39	that	that	DET
ftr-397	75	40	asset	asset	NOUN
ftr-397	75	41	.	.	PUNCT
ftr-397	76	1	irc	irc	PROPN
ftr-397	76	2	§	§	PROPN
ftr-397	76	3	§	§	PROPN
ftr-397	76	4	1(h)(1	1(h)(1	NUM
ftr-397	76	5	)	)	PUNCT
ftr-397	76	6	,	,	PUNCT
ftr-397	76	7	1222(3	1222(3	NUM
ftr-397	76	8	)	)	PUNCT
ftr-397	76	9	,	,	PUNCT
ftr-397	76	10	1222(4	1222(4	NUM
ftr-397	76	11	)	)	PUNCT
ftr-397	76	12	.	.	PUNCT
ftr-397	77	1	the	the	DET
ftr-397	77	2	history	history	NOUN
ftr-397	77	3	of	of	ADP
ftr-397	77	4	and	and	CCONJ
ftr-397	77	5	reasons	reason	NOUN
ftr-397	77	6	for	for	ADP
ftr-397	77	7	the	the	DET
ftr-397	77	8	differential	differential	ADJ
ftr-397	77	9	tax	tax	NOUN
ftr-397	77	10	treatment	treatment	NOUN
ftr-397	77	11	of	of	ADP
ftr-397	77	12	capital	capital	NOUN
ftr-397	77	13	assets	asset	NOUN
ftr-397	77	14	is	be	AUX
ftr-397	77	15	a	a	DET
ftr-397	77	16	subject	subject	NOUN
ftr-397	77	17	that	that	PRON
ftr-397	77	18	has	have	AUX
ftr-397	77	19	been	be	AUX
ftr-397	77	20	much	much	ADV
ftr-397	77	21	discussed	discuss	VERB
ftr-397	77	22	.	.	PUNCT
ftr-397	78	1	see	see	VERB
ftr-397	78	2	leonard	leonard	PROPN
ftr-397	78	3	e.	e.	PROPN
ftr-397	78	4	burman	burman	PROPN
ftr-397	78	5	,	,	PUNCT
ftr-397	78	6	the	the	DET
ftr-397	78	7	labyrinth	labyrinth	NOUN
ftr-397	78	8	of	of	ADP
ftr-397	78	9	capital	capital	NOUN
ftr-397	78	10	gains	gain	NOUN
ftr-397	78	11	tax	tax	NOUN
ftr-397	78	12	policy	policy	NOUN
ftr-397	78	13	:	:	PUNCT
ftr-397	78	14	a	a	DET
ftr-397	78	15	guide	guide	NOUN
ftr-397	78	16	for	for	ADP
ftr-397	78	17	the	the	DET
ftr-397	78	18	perplexed	perplexed	ADJ
ftr-397	78	19	(	(	PUNCT
ftr-397	78	20	brookings	brookings	PROPN
ftr-397	78	21	instit	instit	PROPN
ftr-397	78	22	.	.	PUNCT
ftr-397	79	1	press	press	PROPN
ftr-397	79	2	1999	1999	NUM
ftr-397	79	3	)	)	PUNCT
ftr-397	79	4	.	.	PUNCT
ftr-397	80	1	3	3	X
ftr-397	80	2	.	.	X
ftr-397	80	3	taxpayer	taxpayer	NOUN
ftr-397	80	4	relief	relief	PROPN
ftr-397	80	5	act	act	NOUN
ftr-397	80	6	of	of	ADP
ftr-397	80	7	1997	1997	NUM
ftr-397	80	8	,	,	PUNCT
ftr-397	80	9	pub	pub	NOUN
ftr-397	80	10	.	.	PUNCT
ftr-397	81	1	l.	l.	PROPN
ftr-397	81	2	no	no	INTJ
ftr-397	81	3	.	.	PROPN
ftr-397	82	1	105	105	NUM
ftr-397	82	2	-	-	SYM
ftr-397	82	3	34	34	NUM
ftr-397	82	4	,	,	PUNCT
ftr-397	82	5	§	§	PROPN
ftr-397	82	6	§	§	PROPN
ftr-397	82	7	1001(b	1001(b	NUM
ftr-397	82	8	)	)	PUNCT
ftr-397	82	9	,	,	PUNCT
ftr-397	82	10	(	(	PUNCT
ftr-397	82	11	d)(4	d)(4	PROPN
ftr-397	82	12	)	)	PUNCT
ftr-397	82	13	,	,	PUNCT
ftr-397	82	14	111	111	NUM
ftr-397	82	15	stat	stat	NOUN
ftr-397	82	16	.	.	PUNCT
ftr-397	83	1	788	788	NUM
ftr-397	83	2	,	,	PUNCT
ftr-397	83	3	906	906	NUM
ftr-397	83	4	-	-	SYM
ftr-397	83	5	08	08	NUM
ftr-397	83	6	(	(	PUNCT
ftr-397	83	7	1997	1997	NUM
ftr-397	83	8	)	)	PUNCT
ftr-397	83	9	.	.	PUNCT
ftr-397	84	1	4	4	X
ftr-397	84	2	.	.	X
ftr-397	84	3	irc	irc	PROPN
ftr-397	84	4	§	§	PROPN
ftr-397	84	5	475(f	475(f	PROPN
ftr-397	84	6	)	)	PUNCT
ftr-397	84	7	.	.	PUNCT
ftr-397	85	1	5	5	X
ftr-397	85	2	.	.	X
ftr-397	85	3	see	see	VERB
ftr-397	85	4	,	,	PUNCT
ftr-397	85	5	e.g.	e.g.	ADV
ftr-397	85	6	,	,	PUNCT
ftr-397	85	7	glenn	glenn	PROPN
ftr-397	85	8	p.	p.	PROPN
ftr-397	85	9	schwartz	schwartz	PROPN
ftr-397	85	10	,	,	PUNCT
ftr-397	85	11	how	how	SCONJ
ftr-397	85	12	many	many	ADJ
ftr-397	85	13	trades	trade	NOUN
ftr-397	85	14	must	must	AUX
ftr-397	85	15	a	a	DET
ftr-397	85	16	trader	trader	NOUN
ftr-397	85	17	make	make	VERB
ftr-397	85	18	to	to	PART
ftr-397	85	19	be	be	AUX
ftr-397	85	20	in	in	ADP
ftr-397	85	21	the	the	DET
ftr-397	85	22	trading	trading	NOUN
ftr-397	85	23	business	business	NOUN
ftr-397	85	24	,	,	PUNCT
ftr-397	85	25	22	22	NUM
ftr-397	85	26	va	va	NOUN
ftr-397	85	27	.	.	PUNCT
ftr-397	86	1	tax	tax	PROPN
ftr-397	86	2	rev	rev	PROPN
ftr-397	86	3	.	.	PROPN
ftr-397	86	4	395	395	NUM
ftr-397	86	5	,	,	PUNCT
ftr-397	86	6	409	409	NUM
ftr-397	86	7	-	-	SYM
ftr-397	86	8	10	10	NUM
ftr-397	86	9	(	(	PUNCT
ftr-397	86	10	2003	2003	NUM
ftr-397	86	11	)	)	PUNCT
ftr-397	86	12	;	;	PUNCT
ftr-397	87	1	burgess	burgess	PROPN
ftr-397	87	2	j.w	j.w	PROPN
ftr-397	87	3	.	.	PROPN
ftr-397	87	4	raby	raby	PROPN
ftr-397	87	5	&	&	CCONJ
ftr-397	87	6	william	william	PROPN
ftr-397	87	7	l.	l.	PROPN
ftr-397	87	8	raby	raby	PROPN
ftr-397	87	9	,	,	PUNCT
ftr-397	87	10	effect	effect	NOUN
ftr-397	87	11	of	of	ADP
ftr-397	87	12	“	"	PUNCT
ftr-397	87	13	sporadic	sporadic	ADJ
ftr-397	87	14	”	"	PUNCT
ftr-397	87	15	activity	activity	NOUN
ftr-397	87	16	on	on	ADP
ftr-397	87	17	securities	security	NOUN
ftr-397	87	18	trader	trader	NOUN
ftr-397	87	19	status	status	NOUN
ftr-397	87	20	,	,	PUNCT
ftr-397	87	21	103	103	NUM
ftr-397	87	22	tax	tax	NOUN
ftr-397	87	23	notes	note	NOUN
ftr-397	87	24	1375	1375	NUM
ftr-397	87	25	(	(	PUNCT
ftr-397	87	26	june	june	PROPN
ftr-397	87	27	14	14	NUM
ftr-397	87	28	,	,	PUNCT
ftr-397	87	29	2004	2004	NUM
ftr-397	87	30	)	)	PUNCT
ftr-397	88	1	[	[	X
ftr-397	88	2	hereinafter	hereinafter	NOUN
ftr-397	88	3	raby	raby	NOUN
ftr-397	88	4	,	,	PUNCT
ftr-397	88	5	effect	effect	NOUN
ftr-397	88	6	of	of	ADP
ftr-397	88	7	“	"	PUNCT
ftr-397	88	8	sporadic	sporadic	ADJ
ftr-397	88	9	”	"	PUNCT
ftr-397	88	10	activity	activity	NOUN
ftr-397	88	11	]	]	PUNCT
ftr-397	88	12	;	;	PUNCT
ftr-397	88	13	burgess	burgess	PROPN
ftr-397	88	14	j.w	j.w	PROPN
ftr-397	88	15	.	.	PROPN
ftr-397	88	16	raby	raby	PROPN
ftr-397	88	17	&	&	CCONJ
ftr-397	88	18	william	william	PROPN
ftr-397	88	19	l.	l.	PROPN
ftr-397	88	20	raby	raby	PROPN
ftr-397	88	21	,	,	PUNCT
ftr-397	88	22	nondealer	nondealer	NOUN
ftr-397	88	23	security	security	NOUN
ftr-397	88	24	losses	loss	NOUN
ftr-397	88	25	:	:	PUNCT
ftr-397	88	26	capital	capital	NOUN
ftr-397	88	27	or	or	CCONJ
ftr-397	88	28	ordinary	ordinary	ADJ
ftr-397	88	29	?	?	PUNCT
ftr-397	89	1	115	115	NUM
ftr-397	89	2	tax	tax	NOUN
ftr-397	89	3	notes	note	NOUN
ftr-397	89	4	45	45	NUM
ftr-397	89	5	,	,	PUNCT
ftr-397	89	6	46	46	NUM
ftr-397	89	7	(	(	PUNCT
ftr-397	89	8	apr	apr	PROPN
ftr-397	89	9	.	.	PROPN
ftr-397	89	10	2	2	NUM
ftr-397	89	11	,	,	PUNCT
ftr-397	89	12	2007	2007	NUM
ftr-397	89	13	)	)	PUNCT
ftr-397	90	1	[	[	X
ftr-397	90	2	hereinafter	hereinafter	NOUN
ftr-397	90	3	raby	raby	NOUN
ftr-397	90	4	,	,	PUNCT
ftr-397	90	5	nondealer	nondealer	NOUN
ftr-397	90	6	security	security	NOUN
ftr-397	90	7	losses	loss	NOUN
ftr-397	90	8	]	]	PUNCT
ftr-397	90	9	;	;	PUNCT
ftr-397	90	10	lee	lee	PROPN
ftr-397	90	11	a.	a.	PROPN
ftr-397	90	12	sheppard	sheppard	PROPN
ftr-397	90	13	,	,	PUNCT
ftr-397	90	14	news	news	NOUN
ftr-397	90	15	analysis	analysis	NOUN
ftr-397	90	16	:	:	PUNCT
ftr-397	90	17	making	make	VERB
ftr-397	90	18	traders	trader	NOUN
ftr-397	90	19	mark	mark	VERB
ftr-397	90	20	to	to	ADP
ftr-397	90	21	market	market	NOUN
ftr-397	90	22	,	,	PUNCT
ftr-397	90	23	76	76	NUM
ftr-397	90	24	tax	tax	NOUN
ftr-397	90	25	notes	note	NOUN
ftr-397	90	26	721	721	NUM
ftr-397	90	27	(	(	PUNCT
ftr-397	90	28	aug	aug	PROPN
ftr-397	90	29	.	.	PROPN
ftr-397	90	30	11	11	NUM
ftr-397	90	31	,	,	PUNCT
ftr-397	90	32	1997	1997	NUM
ftr-397	90	33	)	)	PUNCT
ftr-397	90	34	;	;	PUNCT
ftr-397	90	35	burgess	burgess	PROPN
ftr-397	90	36	j.w	j.w	PROPN
ftr-397	90	37	.	.	PROPN
ftr-397	90	38	raby	raby	PROPN
ftr-397	90	39	&	&	CCONJ
ftr-397	90	40	william	william	PROPN
ftr-397	90	41	l.	l.	PROPN
ftr-397	90	42	raby	raby	PROPN
ftr-397	90	43	,	,	PUNCT
ftr-397	90	44	ordinary	ordinary	ADJ
ftr-397	90	45	deductions	deduction	NOUN
ftr-397	90	46	,	,	PUNCT
ftr-397	90	47	but	but	CCONJ
ftr-397	90	48	capital	capital	NOUN
ftr-397	90	49	losses	loss	NOUN
ftr-397	90	50	for	for	ADP
ftr-397	90	51	securities	security	NOUN
ftr-397	90	52	traders	trader	NOUN
ftr-397	90	53	,	,	PUNCT
ftr-397	90	54	74	74	NUM
ftr-397	90	55	tax	tax	NOUN
ftr-397	90	56	notes	note	NOUN
ftr-397	90	57	611	611	NUM
ftr-397	90	58	(	(	PUNCT
ftr-397	90	59	feb	feb	X
ftr-397	90	60	.	.	PROPN
ftr-397	90	61	3	3	NUM
ftr-397	90	62	,	,	PUNCT
ftr-397	90	63	1997	1997	NUM
ftr-397	90	64	)	)	PUNCT
ftr-397	91	1	[	[	X
ftr-397	91	2	hereinafter	hereinafter	NOUN
ftr-397	91	3	raby	raby	NOUN
ftr-397	91	4	,	,	PUNCT
ftr-397	91	5	ordinary	ordinary	ADJ
ftr-397	91	6	deductions	deduction	NOUN
ftr-397	91	7	but	but	CCONJ
ftr-397	91	8	capital	capital	NOUN
ftr-397	91	9	losses	loss	NOUN
ftr-397	91	10	]	]	PUNCT
ftr-397	91	11	(	(	PUNCT
ftr-397	91	12	referring	refer	VERB
ftr-397	91	13	to	to	ADP
ftr-397	91	14	trader	trader	NOUN
ftr-397	91	15	status	status	NOUN
ftr-397	91	16	as	as	ADP
ftr-397	91	17	a	a	DET
ftr-397	91	18	“	"	PUNCT
ftr-397	91	19	tax	tax	NOUN
ftr-397	91	20	oddity	oddity	NOUN
ftr-397	91	21	”	"	PUNCT
ftr-397	91	22	)	)	PUNCT
ftr-397	91	23	;	;	PUNCT
ftr-397	91	24	burgess	burgess	PROPN
ftr-397	91	25	j.w	j.w	PROPN
ftr-397	91	26	.	.	PROPN
ftr-397	91	27	raby	raby	PROPN
ftr-397	91	28	&	&	CCONJ
ftr-397	91	29	william	william	PROPN
ftr-397	91	30	l.	l.	PROPN
ftr-397	91	31	raby	raby	PROPN
ftr-397	91	32	,	,	PUNCT
ftr-397	91	33	trader	trader	NOUN
ftr-397	91	34	,	,	PUNCT
ftr-397	91	35	gambler	gambler	NOUN
ftr-397	91	36	,	,	PUNCT
ftr-397	91	37	or	or	CCONJ
ftr-397	91	38	investor	investor	NOUN
ftr-397	91	39	,	,	PUNCT
ftr-397	91	40	&	&	CCONJ
ftr-397	91	41	tax	tax	NOUN
ftr-397	91	42	consequences	consequence	NOUN
ftr-397	91	43	thereof	thereof	ADV
ftr-397	91	44	,	,	PUNCT
ftr-397	91	45	85	85	NUM
ftr-397	91	46	tax	tax	NOUN
ftr-397	91	47	notes	note	NOUN
ftr-397	91	48	1665	1665	NUM
ftr-397	91	49	(	(	PUNCT
ftr-397	91	50	dec	dec	PROPN
ftr-397	91	51	.	.	PROPN
ftr-397	91	52	27	27	NUM
ftr-397	91	53	,	,	PUNCT
ftr-397	91	54	2008	2008	NUM
ftr-397	91	55	]	]	PUNCT
ftr-397	91	56	a	a	DET
ftr-397	91	57	structural	structural	ADJ
ftr-397	91	58	critique	critique	NOUN
ftr-397	91	59	of	of	ADP
ftr-397	91	60	trader	trader	NOUN
ftr-397	91	61	taxation	taxation	NOUN
ftr-397	91	62	1115	1115	NUM
ftr-397	91	63	the	the	DET
ftr-397	91	64	structural	structural	ADJ
ftr-397	91	65	elements	element	NOUN
ftr-397	91	66	of	of	ADP
ftr-397	91	67	the	the	DET
ftr-397	91	68	tax	tax	NOUN
ftr-397	91	69	law	law	NOUN
ftr-397	91	70	underlying	underlie	VERB
ftr-397	91	71	trader	trader	NOUN
ftr-397	91	72	tax	tax	NOUN
ftr-397	91	73	treatment	treatment	NOUN
ftr-397	91	74	and	and	CCONJ
ftr-397	91	75	the	the	DET
ftr-397	91	76	problems	problem	NOUN
ftr-397	91	77	created	create	VERB
ftr-397	91	78	by	by	ADP
ftr-397	91	79	this	this	DET
ftr-397	91	80	statutory	statutory	ADJ
ftr-397	91	81	structure	structure	NOUN
ftr-397	91	82	have	have	AUX
ftr-397	91	83	somewhat	somewhat	ADV
ftr-397	91	84	escaped	escape	VERB
ftr-397	91	85	scrutiny	scrutiny	NOUN
ftr-397	91	86	.	.	PUNCT
ftr-397	92	1	this	this	DET
ftr-397	92	2	article	article	NOUN
ftr-397	92	3	approaches	approach	VERB
ftr-397	92	4	the	the	DET
ftr-397	92	5	unusual	unusual	ADJ
ftr-397	92	6	treatment	treatment	NOUN
ftr-397	92	7	of	of	ADP
ftr-397	92	8	traders	trader	NOUN
ftr-397	92	9	through	through	ADP
ftr-397	92	10	a	a	DET
ftr-397	92	11	structural	structural	ADJ
ftr-397	92	12	lens	len	NOUN
ftr-397	92	13	.	.	PUNCT
ftr-397	93	1	by	by	ADP
ftr-397	93	2	focusing	focus	VERB
ftr-397	93	3	on	on	ADP
ftr-397	93	4	the	the	DET
ftr-397	93	5	structure	structure	NOUN
ftr-397	93	6	of	of	ADP
ftr-397	93	7	the	the	DET
ftr-397	93	8	statutory	statutory	ADJ
ftr-397	93	9	tax	tax	NOUN
ftr-397	93	10	rules	rule	NOUN
ftr-397	93	11	that	that	PRON
ftr-397	93	12	apply	apply	VERB
ftr-397	93	13	to	to	ADP
ftr-397	93	14	securities	security	NOUN
ftr-397	93	15	traders	trader	NOUN
ftr-397	93	16	,	,	PUNCT
ftr-397	93	17	this	this	DET
ftr-397	93	18	article	article	NOUN
ftr-397	93	19	explains	explain	VERB
ftr-397	93	20	at	at	ADP
ftr-397	93	21	the	the	DET
ftr-397	93	22	outset	outset	NOUN
ftr-397	93	23	how	how	SCONJ
ftr-397	93	24	the	the	DET
ftr-397	93	25	unusual	unusual	ADJ
ftr-397	93	26	treatment	treatment	NOUN
ftr-397	93	27	of	of	ADP
ftr-397	93	28	securities	security	NOUN
ftr-397	93	29	traders	trader	NOUN
ftr-397	93	30	today	today	NOUN
ftr-397	93	31	has	have	AUX
ftr-397	93	32	occurred	occur	VERB
ftr-397	93	33	due	due	ADP
ftr-397	93	34	to	to	ADP
ftr-397	93	35	a	a	DET
ftr-397	93	36	long	long	ADV
ftr-397	93	37	-	-	PUNCT
ftr-397	93	38	standing	standing	NOUN
ftr-397	93	39	,	,	PUNCT
ftr-397	93	40	legislatively	legislatively	ADV
ftr-397	93	41	created	create	VERB
ftr-397	93	42	structural	structural	ADJ
ftr-397	93	43	disjuncture	disjuncture	NOUN
ftr-397	93	44	at	at	ADP
ftr-397	93	45	the	the	DET
ftr-397	93	46	point	point	NOUN
ftr-397	93	47	where	where	SCONJ
ftr-397	93	48	the	the	DET
ftr-397	93	49	capital	capital	NOUN
ftr-397	93	50	asset	asset	NOUN
ftr-397	93	51	rules	rule	NOUN
ftr-397	93	52	and	and	CCONJ
ftr-397	93	53	the	the	DET
ftr-397	93	54	“	"	PUNCT
ftr-397	93	55	trade	trade	NOUN
ftr-397	93	56	or	or	CCONJ
ftr-397	93	57	business	business	NOUN
ftr-397	93	58	”	"	PUNCT
ftr-397	93	59	concept	concept	NOUN
ftr-397	93	60	intersect	intersect	ADJ
ftr-397	93	61	.	.	PUNCT
ftr-397	94	1	this	this	DET
ftr-397	94	2	disjuncture	disjuncture	NOUN
ftr-397	94	3	was	be	AUX
ftr-397	94	4	created	create	VERB
ftr-397	94	5	by	by	ADP
ftr-397	94	6	the	the	DET
ftr-397	94	7	1934	1934	NUM
ftr-397	94	8	introduction	introduction	NOUN
ftr-397	94	9	of	of	ADP
ftr-397	94	10	the	the	DET
ftr-397	94	11	“	"	PUNCT
ftr-397	94	12	to	to	ADP
ftr-397	94	13	customers	customer	NOUN
ftr-397	94	14	”	"	PUNCT
ftr-397	94	15	requirement	requirement	NOUN
ftr-397	94	16	into	into	ADP
ftr-397	94	17	the	the	DET
ftr-397	94	18	capital	capital	NOUN
ftr-397	94	19	asset	asset	NOUN
ftr-397	94	20	statute	statute	NOUN
ftr-397	94	21	,	,	PUNCT
ftr-397	94	22	that	that	ADV
ftr-397	94	23	is	is	ADV
ftr-397	94	24	,	,	PUNCT
ftr-397	94	25	the	the	DET
ftr-397	94	26	requirement	requirement	NOUN
ftr-397	94	27	that	that	SCONJ
ftr-397	94	28	property	property	NOUN
ftr-397	94	29	otherwise	otherwise	ADV
ftr-397	94	30	held	hold	VERB
ftr-397	94	31	for	for	ADP
ftr-397	94	32	sale	sale	NOUN
ftr-397	94	33	in	in	ADP
ftr-397	94	34	the	the	DET
ftr-397	94	35	ordinary	ordinary	ADJ
ftr-397	94	36	course	course	NOUN
ftr-397	94	37	of	of	ADP
ftr-397	94	38	the	the	DET
ftr-397	94	39	taxpayer	taxpayer	NOUN
ftr-397	94	40	’s	’s	PART
ftr-397	94	41	trade	trade	NOUN
ftr-397	94	42	or	or	CCONJ
ftr-397	94	43	business	business	NOUN
ftr-397	94	44	must	must	AUX
ftr-397	94	45	also	also	ADV
ftr-397	94	46	be	be	AUX
ftr-397	94	47	held	hold	VERB
ftr-397	94	48	for	for	ADP
ftr-397	94	49	sale	sale	NOUN
ftr-397	94	50	“	"	PUNCT
ftr-397	94	51	to	to	ADP
ftr-397	94	52	customers	customer	NOUN
ftr-397	94	53	”	"	PUNCT
ftr-397	94	54	in	in	ADP
ftr-397	94	55	order	order	NOUN
ftr-397	94	56	to	to	PART
ftr-397	94	57	escape	escape	VERB
ftr-397	94	58	being	be	AUX
ftr-397	94	59	treated	treat	VERB
ftr-397	94	60	as	as	ADP
ftr-397	94	61	a	a	DET
ftr-397	94	62	capital	capital	NOUN
ftr-397	94	63	asset.6	asset.6	NOUN
ftr-397	94	64	prior	prior	ADV
ftr-397	94	65	to	to	ADP
ftr-397	94	66	the	the	DET
ftr-397	94	67	1934	1934	NUM
ftr-397	94	68	introduction	introduction	NOUN
ftr-397	94	69	of	of	ADP
ftr-397	94	70	the	the	DET
ftr-397	94	71	“	"	PUNCT
ftr-397	94	72	to	to	ADP
ftr-397	94	73	customers	customer	NOUN
ftr-397	94	74	”	"	PUNCT
ftr-397	94	75	requirement	requirement	NOUN
ftr-397	94	76	,	,	PUNCT
ftr-397	94	77	the	the	DET
ftr-397	94	78	statute	statute	NOUN
ftr-397	94	79	was	be	AUX
ftr-397	94	80	essentially	essentially	ADV
ftr-397	94	81	symmetrical	symmetrical	ADJ
ftr-397	94	82	in	in	ADP
ftr-397	94	83	the	the	DET
ftr-397	94	84	sense	sense	NOUN
ftr-397	94	85	that	that	SCONJ
ftr-397	94	86	whether	whether	SCONJ
ftr-397	94	87	or	or	CCONJ
ftr-397	94	88	not	not	PART
ftr-397	94	89	a	a	DET
ftr-397	94	90	trader	trader	NOUN
ftr-397	94	91	–	–	PUNCT
ftr-397	94	92	taxpayer	taxpayer	NOUN
ftr-397	94	93	was	be	AUX
ftr-397	94	94	in	in	ADP
ftr-397	94	95	a	a	DET
ftr-397	94	96	“	"	PUNCT
ftr-397	94	97	trade	trade	NOUN
ftr-397	94	98	or	or	CCONJ
ftr-397	94	99	business	business	NOUN
ftr-397	94	100	”	"	PUNCT
ftr-397	94	101	led	lead	VERB
ftr-397	94	102	to	to	ADP
ftr-397	94	103	basically	basically	ADV
ftr-397	94	104	all	all	PRON
ftr-397	94	105	of	of	ADP
ftr-397	94	106	the	the	DET
ftr-397	94	107	tax	tax	NOUN
ftr-397	94	108	consequences	consequence	NOUN
ftr-397	94	109	to	to	ADP
ftr-397	94	110	that	that	DET
ftr-397	94	111	taxpayer	taxpayer	NOUN
ftr-397	94	112	.	.	PUNCT
ftr-397	95	1	the	the	DET
ftr-397	95	2	introduction	introduction	NOUN
ftr-397	95	3	of	of	ADP
ftr-397	95	4	the	the	DET
ftr-397	95	5	“	"	PUNCT
ftr-397	95	6	to	to	ADP
ftr-397	95	7	customers	customer	NOUN
ftr-397	95	8	”	"	PUNCT
ftr-397	95	9	requirement	requirement	NOUN
ftr-397	95	10	has	have	AUX
ftr-397	95	11	led	lead	VERB
ftr-397	95	12	to	to	ADP
ftr-397	95	13	a	a	DET
ftr-397	95	14	statutory	statutory	ADJ
ftr-397	95	15	scheme	scheme	NOUN
ftr-397	95	16	in	in	ADP
ftr-397	95	17	which	which	PRON
ftr-397	95	18	one	one	NUM
ftr-397	95	19	standard	standard	NOUN
ftr-397	95	20	determines	determine	VERB
ftr-397	95	21	the	the	DET
ftr-397	95	22	character	character	NOUN
ftr-397	95	23	of	of	ADP
ftr-397	95	24	the	the	DET
ftr-397	95	25	gain	gain	NOUN
ftr-397	95	26	or	or	CCONJ
ftr-397	95	27	loss	loss	NOUN
ftr-397	95	28	from	from	ADP
ftr-397	95	29	the	the	DET
ftr-397	95	30	sale	sale	NOUN
ftr-397	95	31	of	of	ADP
ftr-397	95	32	securities	security	NOUN
ftr-397	95	33	of	of	ADP
ftr-397	95	34	the	the	DET
ftr-397	95	35	trader	trader	NOUN
ftr-397	95	36	–	–	PUNCT
ftr-397	95	37	taxpayer	taxpayer	NOUN
ftr-397	95	38	,	,	PUNCT
ftr-397	95	39	but	but	CCONJ
ftr-397	95	40	a	a	DET
ftr-397	95	41	completely	completely	ADV
ftr-397	95	42	different	different	ADJ
ftr-397	95	43	standard	standard	NOUN
ftr-397	95	44	(	(	PUNCT
ftr-397	95	45	the	the	DET
ftr-397	95	46	trade	trade	NOUN
ftr-397	95	47	or	or	CCONJ
ftr-397	95	48	business	business	NOUN
ftr-397	95	49	requirement	requirement	NOUN
ftr-397	95	50	)	)	PUNCT
ftr-397	95	51	gives	give	VERB
ftr-397	95	52	rise	rise	NOUN
ftr-397	95	53	to	to	ADP
ftr-397	95	54	almost	almost	ADV
ftr-397	95	55	all	all	PRON
ftr-397	95	56	of	of	ADP
ftr-397	95	57	the	the	DET
ftr-397	95	58	other	other	ADJ
ftr-397	95	59	consequences	consequence	NOUN
ftr-397	95	60	with	with	ADP
ftr-397	95	61	respect	respect	NOUN
ftr-397	95	62	to	to	ADP
ftr-397	95	63	deductions	deduction	NOUN
ftr-397	95	64	from	from	ADP
ftr-397	95	65	gross	gross	ADJ
ftr-397	95	66	income	income	NOUN
ftr-397	95	67	that	that	PRON
ftr-397	95	68	apply	apply	VERB
ftr-397	95	69	to	to	ADP
ftr-397	95	70	a	a	DET
ftr-397	95	71	trader	trader	NOUN
ftr-397	95	72	.	.	PUNCT
ftr-397	96	1	this	this	DET
ftr-397	96	2	article	article	NOUN
ftr-397	96	3	explores	explore	VERB
ftr-397	96	4	some	some	PRON
ftr-397	96	5	of	of	ADP
ftr-397	96	6	the	the	DET
ftr-397	96	7	problems	problem	NOUN
ftr-397	96	8	created	create	VERB
ftr-397	96	9	by	by	ADP
ftr-397	96	10	this	this	DET
ftr-397	96	11	disjuncture	disjuncture	NOUN
ftr-397	96	12	in	in	ADP
ftr-397	96	13	the	the	DET
ftr-397	96	14	structure	structure	NOUN
ftr-397	96	15	of	of	ADP
ftr-397	96	16	the	the	DET
ftr-397	96	17	current	current	ADJ
ftr-397	96	18	tax	tax	NOUN
ftr-397	96	19	rules	rule	NOUN
ftr-397	96	20	that	that	PRON
ftr-397	96	21	apply	apply	VERB
ftr-397	96	22	to	to	ADP
ftr-397	96	23	traders	trader	NOUN
ftr-397	96	24	,	,	PUNCT
ftr-397	96	25	and	and	CCONJ
ftr-397	96	26	argues	argue	VERB
ftr-397	96	27	that	that	SCONJ
ftr-397	96	28	the	the	DET
ftr-397	96	29	effects	effect	NOUN
ftr-397	96	30	of	of	ADP
ftr-397	96	31	this	this	DET
ftr-397	96	32	structural	structural	ADJ
ftr-397	96	33	disjuncture	disjuncture	NOUN
ftr-397	96	34	would	would	AUX
ftr-397	96	35	be	be	AUX
ftr-397	96	36	even	even	ADV
ftr-397	96	37	more	more	ADV
ftr-397	96	38	pronounced	pronounced	ADJ
ftr-397	96	39	if	if	SCONJ
ftr-397	96	40	not	not	PART
ftr-397	96	41	for	for	ADP
ftr-397	96	42	the	the	DET
ftr-397	96	43	interventions	intervention	NOUN
ftr-397	96	44	of	of	ADP
ftr-397	96	45	the	the	DET
ftr-397	96	46	courts	court	NOUN
ftr-397	96	47	and	and	CCONJ
ftr-397	96	48	the	the	DET
ftr-397	96	49	legislature	legislature	NOUN
ftr-397	96	50	,	,	PUNCT
ftr-397	96	51	which	which	PRON
ftr-397	96	52	,	,	PUNCT
ftr-397	96	53	from	from	ADP
ftr-397	96	54	a	a	DET
ftr-397	96	55	structural	structural	ADJ
ftr-397	96	56	standpoint	standpoint	NOUN
ftr-397	96	57	,	,	PUNCT
ftr-397	96	58	have	have	AUX
ftr-397	96	59	served	serve	VERB
ftr-397	96	60	to	to	PART
ftr-397	96	61	minimize	minimize	VERB
ftr-397	96	62	the	the	DET
ftr-397	96	63	impact	impact	NOUN
ftr-397	96	64	of	of	ADP
ftr-397	96	65	this	this	DET
ftr-397	96	66	disjuncture	disjuncture	NOUN
ftr-397	96	67	without	without	ADP
ftr-397	96	68	eliminating	eliminate	VERB
ftr-397	96	69	it	it	PRON
ftr-397	96	70	altogether	altogether	ADV
ftr-397	96	71	.	.	PUNCT
ftr-397	97	1	given	give	VERB
ftr-397	97	2	the	the	DET
ftr-397	97	3	volatility	volatility	NOUN
ftr-397	97	4	inherent	inherent	ADJ
ftr-397	97	5	in	in	ADP
ftr-397	97	6	the	the	DET
ftr-397	97	7	statutory	statutory	ADJ
ftr-397	97	8	structure	structure	NOUN
ftr-397	97	9	of	of	ADP
ftr-397	97	10	the	the	DET
ftr-397	97	11	trader	trader	NOUN
ftr-397	97	12	tax	tax	NOUN
ftr-397	97	13	rules	rule	NOUN
ftr-397	97	14	,	,	PUNCT
ftr-397	97	15	and	and	CCONJ
ftr-397	97	16	given	give	VERB
ftr-397	97	17	that	that	SCONJ
ftr-397	97	18	the	the	DET
ftr-397	97	19	courts	court	NOUN
ftr-397	97	20	and	and	CCONJ
ftr-397	97	21	the	the	DET
ftr-397	97	22	legislature	legislature	NOUN
ftr-397	97	23	have	have	AUX
ftr-397	97	24	already	already	ADV
ftr-397	97	25	taken	take	VERB
ftr-397	97	26	steps	step	NOUN
ftr-397	97	27	to	to	PART
ftr-397	97	28	minimize	minimize	VERB
ftr-397	97	29	the	the	DET
ftr-397	97	30	impact	impact	NOUN
ftr-397	97	31	of	of	ADP
ftr-397	97	32	the	the	DET
ftr-397	97	33	disjoint	disjoint	ADJ
ftr-397	97	34	statutory	statutory	ADJ
ftr-397	97	35	structure	structure	NOUN
ftr-397	97	36	,	,	PUNCT
ftr-397	97	37	it	it	PRON
ftr-397	97	38	is	be	AUX
ftr-397	97	39	the	the	DET
ftr-397	97	40	position	position	NOUN
ftr-397	97	41	of	of	ADP
ftr-397	97	42	this	this	DET
ftr-397	97	43	article	article	NOUN
ftr-397	97	44	that	that	SCONJ
ftr-397	97	45	a	a	DET
ftr-397	97	46	different	different	ADJ
ftr-397	97	47	approach	approach	NOUN
ftr-397	97	48	needs	need	VERB
ftr-397	97	49	to	to	PART
ftr-397	97	50	be	be	AUX
ftr-397	97	51	taken	take	VERB
ftr-397	97	52	in	in	ADP
ftr-397	97	53	taxing	tax	VERB
ftr-397	97	54	traders	trader	NOUN
ftr-397	97	55	.	.	PUNCT
ftr-397	98	1	specifically	specifically	ADV
ftr-397	98	2	,	,	PUNCT
ftr-397	98	3	the	the	DET
ftr-397	98	4	“	"	PUNCT
ftr-397	98	5	to	to	ADP
ftr-397	98	6	customers	customer	NOUN
ftr-397	98	7	”	"	PUNCT
ftr-397	98	8	requirement	requirement	NOUN
ftr-397	98	9	should	should	AUX
ftr-397	98	10	be	be	AUX
ftr-397	98	11	eliminated	eliminate	VERB
ftr-397	98	12	altogether	altogether	ADV
ftr-397	98	13	,	,	PUNCT
ftr-397	98	14	traders	trader	NOUN
ftr-397	98	15	should	should	AUX
ftr-397	98	16	be	be	AUX
ftr-397	98	17	taxed	tax	VERB
ftr-397	98	18	like	like	ADP
ftr-397	98	19	dealers	dealer	NOUN
ftr-397	98	20	(	(	PUNCT
ftr-397	98	21	including	include	VERB
ftr-397	98	22	with	with	ADP
ftr-397	98	23	respect	respect	NOUN
ftr-397	98	24	to	to	ADP
ftr-397	98	25	the	the	DET
ftr-397	98	26	accounting	accounting	NOUN
ftr-397	98	27	method	method	NOUN
ftr-397	98	28	required	require	VERB
ftr-397	98	29	)	)	PUNCT
ftr-397	98	30	,	,	PUNCT
ftr-397	98	31	and	and	CCONJ
ftr-397	98	32	the	the	DET
ftr-397	98	33	irs	irs	PROPN
ftr-397	98	34	should	should	AUX
ftr-397	98	35	supplement	supplement	VERB
ftr-397	98	36	court	court	NOUN
ftr-397	98	37	decisions	decision	NOUN
ftr-397	98	38	,	,	PUNCT
ftr-397	98	39	which	which	PRON
ftr-397	98	40	make	make	VERB
ftr-397	98	41	trader	trader	NOUN
ftr-397	98	42	status	status	NOUN
ftr-397	98	43	difficult	difficult	ADJ
ftr-397	98	44	to	to	PART
ftr-397	98	45	attain	attain	VERB
ftr-397	98	46	,	,	PUNCT
ftr-397	98	47	with	with	ADP
ftr-397	98	48	stringent	stringent	NOUN
ftr-397	98	49	and	and	CCONJ
ftr-397	98	50	concrete	concrete	ADJ
ftr-397	98	51	guidance	guidance	NOUN
ftr-397	98	52	of	of	ADP
ftr-397	98	53	its	its	PRON
ftr-397	98	54	own	own	ADJ
ftr-397	98	55	.	.	PUNCT
ftr-397	99	1	such	such	DET
ftr-397	99	2	an	an	DET
ftr-397	99	3	approach	approach	NOUN
ftr-397	99	4	would	would	AUX
ftr-397	99	5	reduce	reduce	VERB
ftr-397	99	6	complexity	complexity	NOUN
ftr-397	99	7	and	and	CCONJ
ftr-397	99	8	add	add	VERB
ftr-397	99	9	a	a	DET
ftr-397	99	10	degree	degree	NOUN
ftr-397	99	11	of	of	ADP
ftr-397	99	12	rationality	rationality	NOUN
ftr-397	99	13	to	to	ADP
ftr-397	99	14	the	the	DET
ftr-397	99	15	taxation	taxation	NOUN
ftr-397	99	16	of	of	ADP
ftr-397	99	17	traders	trader	NOUN
ftr-397	99	18	that	that	PRON
ftr-397	99	19	is	be	AUX
ftr-397	99	20	missing	miss	VERB
ftr-397	99	21	from	from	ADP
ftr-397	99	22	the	the	DET
ftr-397	99	23	current	current	ADJ
ftr-397	99	24	approach	approach	NOUN
ftr-397	99	25	.	.	PUNCT
ftr-397	100	1	section	section	NOUN
ftr-397	100	2	ii	ii	PROPN
ftr-397	100	3	of	of	ADP
ftr-397	100	4	this	this	DET
ftr-397	100	5	article	article	NOUN
ftr-397	100	6	briefly	briefly	ADV
ftr-397	100	7	outlines	outline	VERB
ftr-397	100	8	the	the	DET
ftr-397	100	9	tax	tax	NOUN
ftr-397	100	10	treatment	treatment	NOUN
ftr-397	100	11	of	of	ADP
ftr-397	100	12	securities	security	NOUN
ftr-397	100	13	traders	trader	NOUN
ftr-397	100	14	under	under	ADP
ftr-397	100	15	current	current	ADJ
ftr-397	100	16	law	law	NOUN
ftr-397	100	17	,	,	PUNCT
ftr-397	100	18	and	and	CCONJ
ftr-397	100	19	discusses	discuss	VERB
ftr-397	100	20	the	the	DET
ftr-397	100	21	basic	basic	ADJ
ftr-397	100	22	differences	difference	NOUN
ftr-397	100	23	1999	1999	NUM
ftr-397	100	24	)	)	PUNCT
ftr-397	101	1	[	[	X
ftr-397	101	2	hereinafter	hereinafter	NOUN
ftr-397	101	3	raby	raby	NOUN
ftr-397	101	4	,	,	PUNCT
ftr-397	101	5	trader	trader	NOUN
ftr-397	101	6	,	,	PUNCT
ftr-397	101	7	gambler	gambler	NOUN
ftr-397	101	8	,	,	PUNCT
ftr-397	101	9	or	or	CCONJ
ftr-397	101	10	investor	investor	NOUN
ftr-397	101	11	]	]	PUNCT
ftr-397	101	12	;	;	PUNCT
ftr-397	101	13	kaye	kaye	PROPN
ftr-397	101	14	a.	a.	PROPN
ftr-397	101	15	thomas	thomas	PROPN
ftr-397	101	16	,	,	PUNCT
ftr-397	101	17	trading	trading	NOUN
ftr-397	101	18	,	,	PUNCT
ftr-397	101	19	but	but	CCONJ
ftr-397	101	20	not	not	PART
ftr-397	101	21	a	a	DET
ftr-397	101	22	trader	trader	NOUN
ftr-397	101	23	,	,	PUNCT
ftr-397	101	24	104	104	NUM
ftr-397	101	25	tax	tax	NOUN
ftr-397	101	26	notes	note	NOUN
ftr-397	101	27	274	274	NUM
ftr-397	101	28	(	(	PUNCT
ftr-397	101	29	july	july	PROPN
ftr-397	101	30	19	19	NUM
ftr-397	101	31	,	,	PUNCT
ftr-397	101	32	2004	2004	NUM
ftr-397	101	33	)	)	PUNCT
ftr-397	101	34	.	.	PUNCT
ftr-397	101	35	6	6	X
ftr-397	101	36	.	.	X
ftr-397	101	37	revenue	revenue	NOUN
ftr-397	101	38	act	act	NOUN
ftr-397	101	39	of	of	ADP
ftr-397	101	40	1934	1934	NUM
ftr-397	101	41	,	,	PUNCT
ftr-397	102	1	pub	pub	NOUN
ftr-397	102	2	l.	l.	NOUN
ftr-397	102	3	no	no	INTJ
ftr-397	102	4	.	.	PUNCT
ftr-397	103	1	73	73	NUM
ftr-397	103	2	-	-	SYM
ftr-397	103	3	216	216	NUM
ftr-397	103	4	,	,	PUNCT
ftr-397	103	5	§	§	PROPN
ftr-397	103	6	117(b	117(b	PROPN
ftr-397	103	7	)	)	PUNCT
ftr-397	103	8	,	,	PUNCT
ftr-397	103	9	48	48	NUM
ftr-397	103	10	stat	stat	NOUN
ftr-397	103	11	.	.	PUNCT
ftr-397	104	1	680	680	NUM
ftr-397	104	2	,	,	PUNCT
ftr-397	104	3	714	714	NUM
ftr-397	104	4	(	(	PUNCT
ftr-397	104	5	1934	1934	NUM
ftr-397	104	6	)	)	PUNCT
ftr-397	104	7	.	.	PUNCT
ftr-397	105	1	1116	1116	NUM
ftr-397	105	2	florida	florida	PROPN
ftr-397	105	3	tax	tax	NOUN
ftr-397	105	4	review	review	NOUN
ftr-397	106	1	[	[	X
ftr-397	106	2	vol	vol	NOUN
ftr-397	106	3	.	.	PUNCT
ftr-397	107	1	8:10	8:10	NUM
ftr-397	107	2	between	between	ADP
ftr-397	107	3	the	the	DET
ftr-397	107	4	tax	tax	NOUN
ftr-397	107	5	treatment	treatment	NOUN
ftr-397	107	6	of	of	ADP
ftr-397	107	7	securities	security	NOUN
ftr-397	107	8	traders	trader	NOUN
ftr-397	107	9	,	,	PUNCT
ftr-397	107	10	dealers	dealer	NOUN
ftr-397	107	11	,	,	PUNCT
ftr-397	107	12	and	and	CCONJ
ftr-397	107	13	investors	investor	NOUN
ftr-397	107	14	.	.	PUNCT
ftr-397	108	1	section	section	NOUN
ftr-397	108	2	iii	iii	NUM
ftr-397	108	3	delves	delf	NOUN
ftr-397	108	4	into	into	ADP
ftr-397	108	5	a	a	DET
ftr-397	108	6	structural	structural	ADJ
ftr-397	108	7	analysis	analysis	NOUN
ftr-397	108	8	of	of	ADP
ftr-397	108	9	the	the	DET
ftr-397	108	10	actual	actual	ADJ
ftr-397	108	11	tax	tax	NOUN
ftr-397	108	12	concepts	concept	NOUN
ftr-397	108	13	that	that	PRON
ftr-397	108	14	underlie	underlie	VERB
ftr-397	108	15	the	the	DET
ftr-397	108	16	differing	differ	VERB
ftr-397	108	17	tax	tax	NOUN
ftr-397	108	18	treatments	treatment	NOUN
ftr-397	108	19	of	of	ADP
ftr-397	108	20	traders	trader	NOUN
ftr-397	108	21	,	,	PUNCT
ftr-397	108	22	dealers	dealer	NOUN
ftr-397	108	23	,	,	PUNCT
ftr-397	108	24	and	and	CCONJ
ftr-397	108	25	investors	investor	NOUN
ftr-397	108	26	and	and	CCONJ
ftr-397	108	27	shows	show	VERB
ftr-397	108	28	that	that	SCONJ
ftr-397	108	29	,	,	PUNCT
ftr-397	108	30	while	while	SCONJ
ftr-397	108	31	the	the	DET
ftr-397	108	32	majority	majority	NOUN
ftr-397	108	33	of	of	ADP
ftr-397	108	34	the	the	DET
ftr-397	108	35	tax	tax	NOUN
ftr-397	108	36	consequences	consequence	NOUN
ftr-397	108	37	to	to	ADP
ftr-397	108	38	a	a	DET
ftr-397	108	39	securities	security	NOUN
ftr-397	108	40	trader	trader	NOUN
ftr-397	108	41	on	on	ADP
ftr-397	108	42	the	the	DET
ftr-397	108	43	deductions	deduction	NOUN
ftr-397	108	44	side	side	NOUN
ftr-397	108	45	are	be	AUX
ftr-397	108	46	based	base	VERB
ftr-397	108	47	on	on	ADP
ftr-397	108	48	whether	whether	SCONJ
ftr-397	108	49	the	the	DET
ftr-397	108	50	taxpayer	taxpayer	NOUN
ftr-397	108	51	is	be	AUX
ftr-397	108	52	“	"	PUNCT
ftr-397	108	53	engaged	engage	VERB
ftr-397	108	54	in	in	ADP
ftr-397	108	55	a	a	DET
ftr-397	108	56	trade	trade	NOUN
ftr-397	108	57	or	or	CCONJ
ftr-397	108	58	business	business	NOUN
ftr-397	108	59	,	,	PUNCT
ftr-397	108	60	”	"	PUNCT
ftr-397	108	61	the	the	DET
ftr-397	108	62	character	character	NOUN
ftr-397	108	63	of	of	ADP
ftr-397	108	64	such	such	ADJ
ftr-397	108	65	trader	trader	NOUN
ftr-397	108	66	’s	’s	PART
ftr-397	108	67	gains	gain	NOUN
ftr-397	108	68	or	or	CCONJ
ftr-397	108	69	losses	loss	NOUN
ftr-397	108	70	is	be	AUX
ftr-397	108	71	determined	determine	VERB
ftr-397	108	72	based	base	VERB
ftr-397	108	73	on	on	ADP
ftr-397	108	74	whether	whether	SCONJ
ftr-397	108	75	the	the	DET
ftr-397	108	76	assets	asset	NOUN
ftr-397	108	77	bought	buy	VERB
ftr-397	108	78	or	or	CCONJ
ftr-397	108	79	sold	sell	VERB
ftr-397	108	80	are	be	AUX
ftr-397	108	81	capital	capital	NOUN
ftr-397	108	82	assets	asset	NOUN
ftr-397	108	83	under	under	ADP
ftr-397	108	84	the	the	DET
ftr-397	108	85	capital	capital	NOUN
ftr-397	108	86	asset	asset	NOUN
ftr-397	108	87	statute	statute	NOUN
ftr-397	108	88	,	,	PUNCT
ftr-397	108	89	irc	irc	PROPN
ftr-397	108	90	section	section	NOUN
ftr-397	108	91	1221	1221	NUM
ftr-397	108	92	.	.	PUNCT
ftr-397	109	1	as	as	ADP
ftr-397	109	2	a	a	DET
ftr-397	109	3	result	result	NOUN
ftr-397	109	4	of	of	ADP
ftr-397	109	5	the	the	DET
ftr-397	109	6	1934	1934	NUM
ftr-397	109	7	introduction	introduction	NOUN
ftr-397	109	8	of	of	ADP
ftr-397	109	9	the	the	DET
ftr-397	109	10	“	"	PUNCT
ftr-397	109	11	to	to	ADP
ftr-397	109	12	customers	customer	NOUN
ftr-397	109	13	”	"	PUNCT
ftr-397	109	14	requirement	requirement	NOUN
ftr-397	109	15	into	into	ADP
ftr-397	109	16	irc	irc	PROPN
ftr-397	109	17	section	section	NOUN
ftr-397	109	18	1221	1221	NUM
ftr-397	109	19	,	,	PUNCT
ftr-397	109	20	the	the	DET
ftr-397	109	21	gating	gate	VERB
ftr-397	109	22	item	item	NOUN
ftr-397	109	23	in	in	ADP
ftr-397	109	24	determining	determine	VERB
ftr-397	109	25	whether	whether	SCONJ
ftr-397	109	26	such	such	ADJ
ftr-397	109	27	assets	asset	NOUN
ftr-397	109	28	are	be	AUX
ftr-397	109	29	capital	capital	NOUN
ftr-397	109	30	assets	asset	NOUN
ftr-397	109	31	lies	lie	VERB
ftr-397	109	32	not	not	PART
ftr-397	109	33	with	with	ADP
ftr-397	109	34	whether	whether	SCONJ
ftr-397	109	35	or	or	CCONJ
ftr-397	109	36	not	not	PART
ftr-397	109	37	the	the	DET
ftr-397	109	38	taxpayer	taxpayer	NOUN
ftr-397	109	39	is	be	AUX
ftr-397	109	40	engaged	engage	VERB
ftr-397	109	41	in	in	ADP
ftr-397	109	42	a	a	DET
ftr-397	109	43	trade	trade	NOUN
ftr-397	109	44	or	or	CCONJ
ftr-397	109	45	business	business	NOUN
ftr-397	109	46	,	,	PUNCT
ftr-397	109	47	but	but	CCONJ
ftr-397	109	48	rather	rather	ADV
ftr-397	109	49	with	with	ADP
ftr-397	109	50	whether	whether	SCONJ
ftr-397	109	51	she	she	PRON
ftr-397	109	52	has	have	AUX
ftr-397	109	53	customers	customer	NOUN
ftr-397	109	54	to	to	PART
ftr-397	109	55	whom	whom	PRON
ftr-397	109	56	such	such	ADJ
ftr-397	109	57	securities	security	NOUN
ftr-397	109	58	are	be	AUX
ftr-397	109	59	being	be	AUX
ftr-397	109	60	sold	sell	VERB
ftr-397	109	61	.	.	PUNCT
ftr-397	110	1	section	section	NOUN
ftr-397	110	2	iii	iii	PROPN
ftr-397	110	3	then	then	ADV
ftr-397	110	4	argues	argue	VERB
ftr-397	110	5	that	that	SCONJ
ftr-397	110	6	these	these	DET
ftr-397	110	7	rules	rule	NOUN
ftr-397	110	8	represent	represent	VERB
ftr-397	110	9	an	an	DET
ftr-397	110	10	intrinsically	intrinsically	ADV
ftr-397	110	11	problematic	problematic	ADJ
ftr-397	110	12	asymmetry	asymmetry	NOUN
ftr-397	110	13	in	in	ADP
ftr-397	110	14	the	the	DET
ftr-397	110	15	statutory	statutory	ADJ
ftr-397	110	16	structure	structure	NOUN
ftr-397	110	17	that	that	PRON
ftr-397	110	18	creates	create	VERB
ftr-397	110	19	odd	odd	ADJ
ftr-397	110	20	tax	tax	NOUN
ftr-397	110	21	results	result	NOUN
ftr-397	110	22	for	for	ADP
ftr-397	110	23	the	the	DET
ftr-397	110	24	securities	security	NOUN
ftr-397	110	25	trader	trader	NOUN
ftr-397	110	26	and	and	CCONJ
ftr-397	110	27	that	that	PRON
ftr-397	110	28	needs	need	VERB
ftr-397	110	29	to	to	PART
ftr-397	110	30	be	be	AUX
ftr-397	110	31	examined	examine	VERB
ftr-397	110	32	critically	critically	ADV
ftr-397	110	33	.	.	PUNCT
ftr-397	111	1	section	section	NOUN
ftr-397	111	2	iv	iv	NUM
ftr-397	111	3	surveys	survey	NOUN
ftr-397	111	4	some	some	PRON
ftr-397	111	5	of	of	ADP
ftr-397	111	6	the	the	DET
ftr-397	111	7	criticisms	criticism	NOUN
ftr-397	111	8	that	that	PRON
ftr-397	111	9	have	have	AUX
ftr-397	111	10	been	be	AUX
ftr-397	111	11	lodged	lodge	VERB
ftr-397	111	12	against	against	ADP
ftr-397	111	13	the	the	DET
ftr-397	111	14	way	way	NOUN
ftr-397	111	15	traders	trader	NOUN
ftr-397	111	16	are	be	AUX
ftr-397	111	17	taxed	tax	VERB
ftr-397	111	18	,	,	PUNCT
ftr-397	111	19	and	and	CCONJ
ftr-397	111	20	offers	offer	VERB
ftr-397	111	21	some	some	DET
ftr-397	111	22	new	new	ADJ
ftr-397	111	23	critiques	critique	NOUN
ftr-397	111	24	of	of	ADP
ftr-397	111	25	trader	trader	NOUN
ftr-397	111	26	taxation	taxation	NOUN
ftr-397	111	27	from	from	ADP
ftr-397	111	28	a	a	DET
ftr-397	111	29	structural	structural	ADJ
ftr-397	111	30	perspective	perspective	NOUN
ftr-397	111	31	.	.	PUNCT
ftr-397	112	1	section	section	NOUN
ftr-397	112	2	v	v	PROPN
ftr-397	112	3	shows	show	VERB
ftr-397	112	4	that	that	SCONJ
ftr-397	112	5	the	the	DET
ftr-397	112	6	reason	reason	NOUN
ftr-397	112	7	the	the	DET
ftr-397	112	8	structural	structural	ADJ
ftr-397	112	9	asymmetry	asymmetry	NOUN
ftr-397	112	10	and	and	CCONJ
ftr-397	112	11	volatility	volatility	NOUN
ftr-397	112	12	in	in	ADP
ftr-397	112	13	the	the	DET
ftr-397	112	14	statutory	statutory	ADJ
ftr-397	112	15	rules	rule	NOUN
ftr-397	112	16	wrought	work	VERB
ftr-397	112	17	by	by	ADP
ftr-397	112	18	the	the	DET
ftr-397	112	19	“	"	PUNCT
ftr-397	112	20	to	to	ADP
ftr-397	112	21	customers	customer	NOUN
ftr-397	112	22	”	"	PUNCT
ftr-397	112	23	requirement	requirement	NOUN
ftr-397	112	24	have	have	AUX
ftr-397	112	25	not	not	PART
ftr-397	112	26	been	be	AUX
ftr-397	112	27	more	more	ADV
ftr-397	112	28	problematic	problematic	ADJ
ftr-397	112	29	is	be	AUX
ftr-397	112	30	because	because	SCONJ
ftr-397	112	31	of	of	ADP
ftr-397	112	32	structural	structural	ADJ
ftr-397	112	33	remediation	remediation	NOUN
ftr-397	112	34	efforts	effort	NOUN
ftr-397	112	35	by	by	ADP
ftr-397	112	36	the	the	DET
ftr-397	112	37	courts	court	NOUN
ftr-397	112	38	and	and	CCONJ
ftr-397	112	39	the	the	DET
ftr-397	112	40	legislature	legislature	NOUN
ftr-397	112	41	:	:	PUNCT
ftr-397	112	42	courts	court	NOUN
ftr-397	112	43	have	have	AUX
ftr-397	112	44	outright	outright	ADV
ftr-397	112	45	ignored	ignore	VERB
ftr-397	112	46	the	the	DET
ftr-397	112	47	“	"	PUNCT
ftr-397	112	48	to	to	ADP
ftr-397	112	49	customers	customer	NOUN
ftr-397	112	50	”	"	PUNCT
ftr-397	112	51	requirement	requirement	NOUN
ftr-397	112	52	outside	outside	ADP
ftr-397	112	53	of	of	ADP
ftr-397	112	54	the	the	DET
ftr-397	112	55	securities	security	NOUN
ftr-397	112	56	context	context	NOUN
ftr-397	112	57	,	,	PUNCT
ftr-397	112	58	and	and	CCONJ
ftr-397	112	59	congress	congress	PROPN
ftr-397	112	60	has	have	AUX
ftr-397	112	61	taken	take	VERB
ftr-397	112	62	steps	step	NOUN
ftr-397	112	63	–	–	PUNCT
ftr-397	112	64	via	via	ADP
ftr-397	112	65	the	the	DET
ftr-397	112	66	creation	creation	NOUN
ftr-397	112	67	of	of	ADP
ftr-397	112	68	the	the	DET
ftr-397	112	69	irc	irc	PROPN
ftr-397	112	70	section	section	NOUN
ftr-397	112	71	475(f	475(f	PROPN
ftr-397	112	72	)	)	PUNCT
ftr-397	112	73	“	"	PUNCT
ftr-397	112	74	mark	mark	VERB
ftr-397	112	75	-	-	PUNCT
ftr-397	112	76	to	to	ADP
ftr-397	112	77	-	-	PUNCT
ftr-397	112	78	market	market	NOUN
ftr-397	112	79	”	"	PUNCT
ftr-397	112	80	election	election	NOUN
ftr-397	112	81	–	–	PUNCT
ftr-397	112	82	to	to	PART
ftr-397	112	83	ameliorate	ameliorate	VERB
ftr-397	112	84	the	the	DET
ftr-397	112	85	nonsensical	nonsensical	ADJ
ftr-397	112	86	results	result	NOUN
ftr-397	112	87	created	create	VERB
ftr-397	112	88	by	by	ADP
ftr-397	112	89	the	the	DET
ftr-397	112	90	statutory	statutory	ADJ
ftr-397	112	91	structure	structure	NOUN
ftr-397	112	92	without	without	ADP
ftr-397	112	93	actually	actually	ADV
ftr-397	112	94	addressing	address	VERB
ftr-397	112	95	the	the	DET
ftr-397	112	96	fundamental	fundamental	ADJ
ftr-397	112	97	problem	problem	NOUN
ftr-397	112	98	caused	cause	VERB
ftr-397	112	99	by	by	ADP
ftr-397	112	100	the	the	DET
ftr-397	112	101	statutory	statutory	ADJ
ftr-397	112	102	language	language	NOUN
ftr-397	112	103	.	.	PUNCT
ftr-397	113	1	in	in	ADP
ftr-397	113	2	section	section	NOUN
ftr-397	113	3	vi	vi	PROPN
ftr-397	113	4	,	,	PUNCT
ftr-397	113	5	this	this	DET
ftr-397	113	6	article	article	NOUN
ftr-397	113	7	concludes	conclude	VERB
ftr-397	113	8	that	that	SCONJ
ftr-397	113	9	since	since	SCONJ
ftr-397	113	10	(	(	PUNCT
ftr-397	113	11	i	i	NOUN
ftr-397	113	12	)	)	PUNCT
ftr-397	113	13	the	the	DET
ftr-397	113	14	structure	structure	NOUN
ftr-397	113	15	of	of	ADP
ftr-397	113	16	the	the	DET
ftr-397	113	17	statutory	statutory	ADJ
ftr-397	113	18	rules	rule	NOUN
ftr-397	113	19	has	have	VERB
ftr-397	113	20	the	the	DET
ftr-397	113	21	potential	potential	NOUN
ftr-397	113	22	to	to	PART
ftr-397	113	23	cause	cause	VERB
ftr-397	113	24	pervasive	pervasive	ADJ
ftr-397	113	25	problems	problem	NOUN
ftr-397	113	26	,	,	PUNCT
ftr-397	113	27	(	(	PUNCT
ftr-397	113	28	ii	ii	NOUN
ftr-397	113	29	)	)	PUNCT
ftr-397	113	30	courts	court	NOUN
ftr-397	113	31	are	be	AUX
ftr-397	113	32	essentially	essentially	ADV
ftr-397	113	33	creating	create	VERB
ftr-397	113	34	a	a	DET
ftr-397	113	35	judicial	judicial	ADJ
ftr-397	113	36	fix	fix	NOUN
ftr-397	113	37	by	by	ADP
ftr-397	113	38	ignoring	ignore	VERB
ftr-397	113	39	the	the	DET
ftr-397	113	40	statutory	statutory	ADJ
ftr-397	113	41	language	language	NOUN
ftr-397	113	42	of	of	ADP
ftr-397	113	43	the	the	DET
ftr-397	113	44	capital	capital	NOUN
ftr-397	113	45	asset	asset	NOUN
ftr-397	113	46	statute	statute	NOUN
ftr-397	113	47	in	in	ADP
ftr-397	113	48	other	other	ADJ
ftr-397	113	49	contexts	contexts	NOUN
ftr-397	113	50	,	,	PUNCT
ftr-397	113	51	(	(	PUNCT
ftr-397	113	52	iii	iii	X
ftr-397	113	53	)	)	PUNCT
ftr-397	113	54	congress	congress	PROPN
ftr-397	113	55	has	have	AUX
ftr-397	113	56	essentially	essentially	ADV
ftr-397	113	57	created	create	VERB
ftr-397	113	58	its	its	PRON
ftr-397	113	59	own	own	ADJ
ftr-397	113	60	opt	opt	NOUN
ftr-397	113	61	-	-	PUNCT
ftr-397	113	62	in	in	ADP
ftr-397	113	63	solution	solution	NOUN
ftr-397	113	64	to	to	ADP
ftr-397	113	65	the	the	DET
ftr-397	113	66	problem	problem	NOUN
ftr-397	113	67	,	,	PUNCT
ftr-397	113	68	and	and	CCONJ
ftr-397	113	69	(	(	PUNCT
ftr-397	113	70	iv	iv	X
ftr-397	113	71	)	)	PUNCT
ftr-397	113	72	the	the	DET
ftr-397	113	73	courts	court	NOUN
ftr-397	113	74	and	and	CCONJ
ftr-397	113	75	the	the	DET
ftr-397	113	76	irs	irs	PROPN
ftr-397	113	77	have	have	AUX
ftr-397	113	78	taken	take	VERB
ftr-397	113	79	steps	step	NOUN
ftr-397	113	80	to	to	PART
ftr-397	113	81	render	render	VERB
ftr-397	113	82	attainment	attainment	NOUN
ftr-397	113	83	of	of	ADP
ftr-397	113	84	trader	trader	NOUN
ftr-397	113	85	classification	classification	NOUN
ftr-397	113	86	difficult	difficult	ADJ
ftr-397	113	87	,	,	PUNCT
ftr-397	113	88	the	the	DET
ftr-397	113	89	“	"	PUNCT
ftr-397	113	90	to	to	ADP
ftr-397	113	91	customers	customer	NOUN
ftr-397	113	92	”	"	PUNCT
ftr-397	113	93	requirement	requirement	NOUN
ftr-397	113	94	in	in	ADP
ftr-397	113	95	the	the	DET
ftr-397	113	96	capital	capital	NOUN
ftr-397	113	97	asset	asset	NOUN
ftr-397	113	98	definition	definition	NOUN
ftr-397	113	99	should	should	AUX
ftr-397	113	100	be	be	AUX
ftr-397	113	101	eliminated	eliminate	VERB
ftr-397	113	102	,	,	PUNCT
ftr-397	113	103	and	and	CCONJ
ftr-397	113	104	a	a	DET
ftr-397	113	105	different	different	ADJ
ftr-397	113	106	approach	approach	NOUN
ftr-397	113	107	taken	take	VERB
ftr-397	113	108	,	,	PUNCT
ftr-397	113	109	in	in	ADP
ftr-397	113	110	order	order	NOUN
ftr-397	113	111	to	to	PART
ftr-397	113	112	effect	effect	VERB
ftr-397	113	113	a	a	DET
ftr-397	113	114	more	more	ADV
ftr-397	113	115	efficient	efficient	ADJ
ftr-397	113	116	and	and	CCONJ
ftr-397	113	117	equitable	equitable	ADJ
ftr-397	113	118	statutory	statutory	ADJ
ftr-397	113	119	structure	structure	NOUN
ftr-397	113	120	.	.	PUNCT
ftr-397	114	1	the	the	DET
ftr-397	114	2	approach	approach	NOUN
ftr-397	114	3	recommended	recommend	VERB
ftr-397	114	4	in	in	ADP
ftr-397	114	5	section	section	NOUN
ftr-397	114	6	vi	vi	PROPN
ftr-397	114	7	of	of	ADP
ftr-397	114	8	this	this	DET
ftr-397	114	9	article	article	NOUN
ftr-397	114	10	would	would	AUX
ftr-397	114	11	minimize	minimize	VERB
ftr-397	114	12	the	the	DET
ftr-397	114	13	problems	problem	NOUN
ftr-397	114	14	associated	associate	VERB
ftr-397	114	15	with	with	ADP
ftr-397	114	16	the	the	DET
ftr-397	114	17	tax	tax	NOUN
ftr-397	114	18	treatment	treatment	NOUN
ftr-397	114	19	of	of	ADP
ftr-397	114	20	traders	trader	NOUN
ftr-397	114	21	,	,	PUNCT
ftr-397	114	22	and	and	CCONJ
ftr-397	114	23	would	would	AUX
ftr-397	114	24	ease	ease	VERB
ftr-397	114	25	the	the	DET
ftr-397	114	26	degree	degree	NOUN
ftr-397	114	27	of	of	ADP
ftr-397	114	28	complexity	complexity	NOUN
ftr-397	114	29	and	and	CCONJ
ftr-397	114	30	irrationality	irrationality	NOUN
ftr-397	114	31	embedded	embed	VERB
ftr-397	114	32	in	in	ADP
ftr-397	114	33	trader	trader	NOUN
ftr-397	114	34	taxation	taxation	NOUN
ftr-397	114	35	,	,	PUNCT
ftr-397	114	36	and	and	CCONJ
ftr-397	114	37	would	would	AUX
ftr-397	114	38	do	do	VERB
ftr-397	114	39	so	so	ADV
ftr-397	114	40	without	without	ADP
ftr-397	114	41	necessarily	necessarily	ADV
ftr-397	114	42	creating	create	VERB
ftr-397	114	43	further	further	ADJ
ftr-397	114	44	abuses	abuse	NOUN
ftr-397	114	45	or	or	CCONJ
ftr-397	114	46	difficulties	difficulty	NOUN
ftr-397	114	47	in	in	ADP
ftr-397	114	48	place	place	NOUN
ftr-397	114	49	of	of	ADP
ftr-397	114	50	the	the	DET
ftr-397	114	51	current	current	ADJ
ftr-397	114	52	ones	one	NOUN
ftr-397	114	53	.	.	PUNCT
ftr-397	115	1	section	section	PROPN
ftr-397	115	2	ii	ii	PROPN
ftr-397	115	3	:	:	PUNCT
ftr-397	115	4	rules	rule	NOUN
ftr-397	115	5	governing	govern	VERB
ftr-397	115	6	the	the	DET
ftr-397	115	7	taxation	taxation	NOUN
ftr-397	115	8	of	of	ADP
ftr-397	115	9	securities	security	NOUN
ftr-397	115	10	traders	trader	NOUN
ftr-397	115	11	broadly	broadly	ADV
ftr-397	115	12	speaking	speak	VERB
ftr-397	115	13	,	,	PUNCT
ftr-397	115	14	the	the	DET
ftr-397	115	15	tax	tax	NOUN
ftr-397	115	16	law	law	NOUN
ftr-397	115	17	distinguishes	distinguish	VERB
ftr-397	115	18	between	between	ADP
ftr-397	115	19	three	three	NUM
ftr-397	115	20	different	different	ADJ
ftr-397	115	21	classes	class	NOUN
ftr-397	115	22	of	of	ADP
ftr-397	115	23	taxpayers	taxpayer	NOUN
ftr-397	115	24	in	in	ADP
ftr-397	115	25	determining	determine	VERB
ftr-397	115	26	the	the	DET
ftr-397	115	27	tax	tax	NOUN
ftr-397	115	28	consequences	consequence	NOUN
ftr-397	115	29	to	to	ADP
ftr-397	115	30	a	a	DET
ftr-397	115	31	taxpayer	taxpayer	NOUN
ftr-397	115	32	who	who	PRON
ftr-397	115	33	2008	2008	NUM
ftr-397	115	34	]	]	PUNCT
ftr-397	115	35	a	a	DET
ftr-397	115	36	structural	structural	ADJ
ftr-397	115	37	critique	critique	NOUN
ftr-397	115	38	of	of	ADP
ftr-397	115	39	trader	trader	NOUN
ftr-397	115	40	taxation	taxation	NOUN
ftr-397	115	41	1117	1117	NUM
ftr-397	115	42	buys	buy	NOUN
ftr-397	115	43	,	,	PUNCT
ftr-397	115	44	sells	sell	NOUN
ftr-397	115	45	,	,	PUNCT
ftr-397	115	46	or	or	CCONJ
ftr-397	115	47	holds	hold	VERB
ftr-397	115	48	securities	security	NOUN
ftr-397	115	49	:	:	PUNCT
ftr-397	115	50	traders	trader	NOUN
ftr-397	115	51	,	,	PUNCT
ftr-397	115	52	dealers	dealer	NOUN
ftr-397	115	53	,	,	PUNCT
ftr-397	115	54	and	and	CCONJ
ftr-397	115	55	investors.7	investors.7	VERB
ftr-397	115	56	the	the	DET
ftr-397	115	57	tax	tax	NOUN
ftr-397	115	58	consequences	consequence	NOUN
ftr-397	115	59	of	of	ADP
ftr-397	115	60	buying	buying	NOUN
ftr-397	115	61	,	,	PUNCT
ftr-397	115	62	selling	selling	NOUN
ftr-397	115	63	,	,	PUNCT
ftr-397	115	64	and	and	CCONJ
ftr-397	115	65	holding	hold	VERB
ftr-397	115	66	such	such	ADJ
ftr-397	115	67	securities	security	NOUN
ftr-397	115	68	differ	differ	VERB
ftr-397	115	69	significantly	significantly	ADV
ftr-397	115	70	depending	depend	VERB
ftr-397	115	71	on	on	ADP
ftr-397	115	72	the	the	DET
ftr-397	115	73	classification	classification	NOUN
ftr-397	115	74	of	of	ADP
ftr-397	115	75	the	the	DET
ftr-397	115	76	person	person	NOUN
ftr-397	115	77	doing	do	VERB
ftr-397	115	78	the	the	DET
ftr-397	115	79	buying	buying	NOUN
ftr-397	115	80	,	,	PUNCT
ftr-397	115	81	selling	selling	NOUN
ftr-397	115	82	,	,	PUNCT
ftr-397	115	83	or	or	CCONJ
ftr-397	115	84	holding.8	holding.8	PROPN
ftr-397	115	85	traders	trader	NOUN
ftr-397	115	86	in	in	ADP
ftr-397	115	87	some	some	DET
ftr-397	115	88	sense	sense	NOUN
ftr-397	115	89	occupy	occupy	VERB
ftr-397	115	90	the	the	DET
ftr-397	115	91	middle	middle	ADJ
ftr-397	115	92	ground	ground	NOUN
ftr-397	115	93	between	between	ADP
ftr-397	115	94	dealers	dealer	NOUN
ftr-397	115	95	and	and	CCONJ
ftr-397	115	96	investors	investor	NOUN
ftr-397	115	97	.	.	PUNCT
ftr-397	116	1	therefore	therefore	ADV
ftr-397	116	2	,	,	PUNCT
ftr-397	116	3	it	it	PRON
ftr-397	116	4	is	be	AUX
ftr-397	116	5	essential	essential	ADJ
ftr-397	116	6	to	to	PART
ftr-397	116	7	understand	understand	VERB
ftr-397	116	8	the	the	DET
ftr-397	116	9	meaning	meaning	NOUN
ftr-397	116	10	of	of	ADP
ftr-397	116	11	the	the	DET
ftr-397	116	12	terms	term	NOUN
ftr-397	116	13	“	"	PUNCT
ftr-397	116	14	investor	investor	NOUN
ftr-397	116	15	”	"	PUNCT
ftr-397	116	16	and	and	CCONJ
ftr-397	116	17	“	"	PUNCT
ftr-397	116	18	dealer	dealer	NOUN
ftr-397	116	19	”	"	PUNCT
ftr-397	116	20	in	in	ADP
ftr-397	116	21	order	order	NOUN
ftr-397	116	22	to	to	PART
ftr-397	116	23	understand	understand	VERB
ftr-397	116	24	“	"	PUNCT
ftr-397	116	25	trader	trader	NOUN
ftr-397	116	26	”	"	PUNCT
ftr-397	116	27	classification	classification	NOUN
ftr-397	116	28	.	.	PUNCT
ftr-397	117	1	“	"	PUNCT
ftr-397	117	2	investor	investor	NOUN
ftr-397	117	3	”	"	PUNCT
ftr-397	117	4	is	be	AUX
ftr-397	117	5	the	the	DET
ftr-397	117	6	default	default	NOUN
ftr-397	117	7	tax	tax	NOUN
ftr-397	117	8	classification	classification	NOUN
ftr-397	117	9	of	of	ADP
ftr-397	117	10	most	most	ADJ
ftr-397	117	11	taxpayers	taxpayer	NOUN
ftr-397	117	12	owning	own	VERB
ftr-397	117	13	securities	security	NOUN
ftr-397	117	14	.	.	PUNCT
ftr-397	118	1	therefore	therefore	ADV
ftr-397	118	2	,	,	PUNCT
ftr-397	118	3	a	a	DET
ftr-397	118	4	typical	typical	ADJ
ftr-397	118	5	individual	individual	NOUN
ftr-397	118	6	who	who	PRON
ftr-397	118	7	holds	hold	VERB
ftr-397	118	8	stocks	stock	NOUN
ftr-397	118	9	and	and	CCONJ
ftr-397	118	10	securities	security	NOUN
ftr-397	118	11	will	will	AUX
ftr-397	118	12	usually	usually	ADV
ftr-397	118	13	be	be	AUX
ftr-397	118	14	assumed	assume	VERB
ftr-397	118	15	to	to	PART
ftr-397	118	16	be	be	AUX
ftr-397	118	17	an	an	DET
ftr-397	118	18	investor	investor	NOUN
ftr-397	118	19	,	,	PUNCT
ftr-397	118	20	absent	absent	ADJ
ftr-397	118	21	circumstances	circumstance	NOUN
ftr-397	118	22	suggesting	suggest	VERB
ftr-397	118	23	otherwise.9	otherwise.9	NOUN
ftr-397	118	24	an	an	DET
ftr-397	118	25	investor	investor	NOUN
ftr-397	118	26	,	,	PUNCT
ftr-397	118	27	unlike	unlike	ADP
ftr-397	118	28	a	a	DET
ftr-397	118	29	dealer	dealer	NOUN
ftr-397	118	30	or	or	CCONJ
ftr-397	118	31	a	a	DET
ftr-397	118	32	trader	trader	NOUN
ftr-397	118	33	,	,	PUNCT
ftr-397	118	34	is	be	AUX
ftr-397	118	35	one	one	NUM
ftr-397	118	36	who	who	PRON
ftr-397	118	37	purchases	purchase	VERB
ftr-397	118	38	and	and	CCONJ
ftr-397	118	39	sells	sell	VERB
ftr-397	118	40	securities	security	NOUN
ftr-397	118	41	for	for	ADP
ftr-397	118	42	the	the	DET
ftr-397	118	43	principal	principal	ADJ
ftr-397	118	44	purpose	purpose	NOUN
ftr-397	118	45	of	of	ADP
ftr-397	118	46	realizing	realize	VERB
ftr-397	118	47	gains	gain	NOUN
ftr-397	118	48	from	from	ADP
ftr-397	118	49	appreciation	appreciation	NOUN
ftr-397	118	50	in	in	ADP
ftr-397	118	51	the	the	DET
ftr-397	118	52	value	value	NOUN
ftr-397	118	53	of	of	ADP
ftr-397	118	54	the	the	DET
ftr-397	118	55	security	security	NOUN
ftr-397	118	56	over	over	ADP
ftr-397	118	57	a	a	DET
ftr-397	118	58	relatively	relatively	ADV
ftr-397	118	59	long	long	ADJ
ftr-397	118	60	period	period	NOUN
ftr-397	118	61	of	of	ADP
ftr-397	118	62	time.10	time.10	NOUN
ftr-397	118	63	therefore	therefore	ADV
ftr-397	118	64	,	,	PUNCT
ftr-397	118	65	an	an	DET
ftr-397	118	66	investor	investor	NOUN
ftr-397	118	67	’s	’s	PART
ftr-397	118	68	holding	hold	VERB
ftr-397	118	69	period	period	NOUN
ftr-397	118	70	for	for	ADP
ftr-397	118	71	securities	security	NOUN
ftr-397	118	72	is	be	AUX
ftr-397	118	73	usually	usually	ADV
ftr-397	118	74	longer	long	ADJ
ftr-397	118	75	than	than	ADP
ftr-397	118	76	that	that	PRON
ftr-397	118	77	of	of	ADP
ftr-397	118	78	a	a	DET
ftr-397	118	79	trader.11	trader.11	NOUN
ftr-397	118	80	in	in	ADP
ftr-397	118	81	direct	direct	ADJ
ftr-397	118	82	contrast	contrast	NOUN
ftr-397	118	83	to	to	ADP
ftr-397	118	84	investors	investor	NOUN
ftr-397	118	85	in	in	ADP
ftr-397	118	86	securities	security	NOUN
ftr-397	118	87	,	,	PUNCT
ftr-397	118	88	those	those	DET
ftr-397	118	89	taxpayers	taxpayer	NOUN
ftr-397	118	90	classified	classify	VERB
ftr-397	118	91	as	as	SCONJ
ftr-397	118	92	dealers	dealer	NOUN
ftr-397	118	93	are	be	AUX
ftr-397	118	94	taxpayers	taxpayer	NOUN
ftr-397	118	95	that	that	PRON
ftr-397	118	96	are	be	AUX
ftr-397	118	97	in	in	ADP
ftr-397	118	98	the	the	DET
ftr-397	118	99	business	business	NOUN
ftr-397	118	100	of	of	ADP
ftr-397	118	101	buying	buy	VERB
ftr-397	118	102	and	and	CCONJ
ftr-397	118	103	selling	sell	VERB
ftr-397	118	104	securities	security	NOUN
ftr-397	118	105	to	to	ADP
ftr-397	118	106	customers	customer	NOUN
ftr-397	118	107	,	,	PUNCT
ftr-397	118	108	and	and	CCONJ
ftr-397	118	109	are	be	AUX
ftr-397	118	110	usually	usually	ADV
ftr-397	118	111	broker	broker	NOUN
ftr-397	118	112	–	–	PUNCT
ftr-397	118	113	dealers	dealer	NOUN
ftr-397	118	114	registered	register	VERB
ftr-397	118	115	with	with	ADP
ftr-397	118	116	the	the	DET
ftr-397	118	117	sec	sec	PROPN
ftr-397	118	118	and	and	CCONJ
ftr-397	118	119	licensed	license	VERB
ftr-397	118	120	by	by	ADP
ftr-397	118	121	state	state	NOUN
ftr-397	118	122	securities	security	NOUN
ftr-397	118	123	regulators.12	regulators.12	NOUN
ftr-397	118	124	“	"	PUNCT
ftr-397	118	125	dealer	dealer	NOUN
ftr-397	118	126	”	"	PUNCT
ftr-397	118	127	has	have	AUX
ftr-397	118	128	been	be	AUX
ftr-397	118	129	defined	define	VERB
ftr-397	118	130	in	in	ADP
ftr-397	118	131	treasury	treasury	NOUN
ftr-397	118	132	regulations	regulation	NOUN
ftr-397	118	133	as	as	ADP
ftr-397	118	134	“	"	PUNCT
ftr-397	118	135	a	a	DET
ftr-397	118	136	merchant	merchant	NOUN
ftr-397	118	137	of	of	ADP
ftr-397	118	138	securities	security	NOUN
ftr-397	118	139	,	,	PUNCT
ftr-397	118	140	whether	whether	SCONJ
ftr-397	118	141	an	an	DET
ftr-397	118	142	individual	individual	ADJ
ftr-397	118	143	,	,	PUNCT
ftr-397	118	144	partnership	partnership	NOUN
ftr-397	118	145	or	or	CCONJ
ftr-397	118	146	corporation	corporation	NOUN
ftr-397	118	147	,	,	PUNCT
ftr-397	118	148	with	with	ADP
ftr-397	118	149	an	an	DET
ftr-397	118	150	established	establish	VERB
ftr-397	118	151	place	place	NOUN
ftr-397	118	152	of	of	ADP
ftr-397	118	153	business	business	NOUN
ftr-397	118	154	,	,	PUNCT
ftr-397	118	155	regularly	regularly	ADV
ftr-397	118	156	engaged	engage	VERB
ftr-397	118	157	in	in	ADP
ftr-397	118	158	the	the	DET
ftr-397	118	159	purchase	purchase	NOUN
ftr-397	118	160	of	of	ADP
ftr-397	118	161	securities	security	NOUN
ftr-397	118	162	and	and	CCONJ
ftr-397	118	163	their	their	PRON
ftr-397	118	164	resale	resale	NOUN
ftr-397	118	165	to	to	ADP
ftr-397	118	166	customers	customer	NOUN
ftr-397	118	167	.	.	PUNCT
ftr-397	119	1	”13	”13	NOUN
ftr-397	119	2	as	as	SCONJ
ftr-397	119	3	discussed	discuss	VERB
ftr-397	119	4	further	far	ADV
ftr-397	119	5	below	below	ADV
ftr-397	119	6	,	,	PUNCT
ftr-397	119	7	dealers	dealer	NOUN
ftr-397	119	8	generally	generally	ADV
ftr-397	119	9	hold	hold	VERB
ftr-397	119	10	securities	security	NOUN
ftr-397	119	11	as	as	ADP
ftr-397	119	12	inventory	inventory	NOUN
ftr-397	119	13	,	,	PUNCT
ftr-397	119	14	seek	seek	VERB
ftr-397	119	15	to	to	PART
ftr-397	119	16	profit	profit	VERB
ftr-397	119	17	on	on	ADP
ftr-397	119	18	the	the	DET
ftr-397	119	19	resale	resale	NOUN
ftr-397	119	20	of	of	ADP
ftr-397	119	21	those	those	DET
ftr-397	119	22	securities	security	NOUN
ftr-397	119	23	at	at	ADP
ftr-397	119	24	marked	mark	VERB
ftr-397	119	25	up	up	ADP
ftr-397	119	26	prices	price	NOUN
ftr-397	119	27	(	(	PUNCT
ftr-397	119	28	having	having	AUX
ftr-397	119	29	bought	buy	VERB
ftr-397	119	30	them	they	PRON
ftr-397	119	31	at	at	ADP
ftr-397	119	32	a	a	DET
ftr-397	119	33	lower	low	ADJ
ftr-397	119	34	cost	cost	NOUN
ftr-397	119	35	)	)	PUNCT
ftr-397	119	36	,	,	PUNCT
ftr-397	119	37	and	and	CCONJ
ftr-397	119	38	may	may	AUX
ftr-397	119	39	engage	engage	VERB
ftr-397	119	40	in	in	ADP
ftr-397	119	41	hedging	hedging	NOUN
ftr-397	119	42	transactions	transaction	NOUN
ftr-397	119	43	to	to	PART
ftr-397	119	44	minimize	minimize	VERB
ftr-397	119	45	risk.14	risk.14	NOUN
ftr-397	119	46	dealers	dealer	NOUN
ftr-397	119	47	therefore	therefore	ADV
ftr-397	119	48	act	act	VERB
ftr-397	119	49	like	like	ADP
ftr-397	119	50	merchants	merchant	NOUN
ftr-397	119	51	with	with	ADP
ftr-397	119	52	respect	respect	NOUN
ftr-397	119	53	to	to	ADP
ftr-397	119	54	securities	security	NOUN
ftr-397	119	55	they	they	PRON
ftr-397	119	56	buy	buy	VERB
ftr-397	119	57	and	and	CCONJ
ftr-397	119	58	sell	sell	VERB
ftr-397	119	59	.	.	PUNCT
ftr-397	120	1	“	"	PUNCT
ftr-397	120	2	trader	trader	NOUN
ftr-397	120	3	”	"	PUNCT
ftr-397	120	4	classification	classification	NOUN
ftr-397	120	5	is	be	AUX
ftr-397	120	6	reserved	reserve	VERB
ftr-397	120	7	for	for	ADP
ftr-397	120	8	those	those	DET
ftr-397	120	9	taxpayers	taxpayer	NOUN
ftr-397	120	10	who	who	PRON
ftr-397	120	11	are	be	AUX
ftr-397	120	12	not	not	PART
ftr-397	120	13	securities	security	NOUN
ftr-397	120	14	broker	broker	NOUN
ftr-397	120	15	–	–	PUNCT
ftr-397	120	16	dealers	dealer	NOUN
ftr-397	120	17	but	but	CCONJ
ftr-397	120	18	who	who	PRON
ftr-397	120	19	have	have	AUX
ftr-397	120	20	managed	manage	VERB
ftr-397	120	21	to	to	PART
ftr-397	120	22	establish	establish	VERB
ftr-397	120	23	to	to	ADP
ftr-397	120	24	the	the	DET
ftr-397	120	25	irs	irs	PROPN
ftr-397	120	26	that	that	SCONJ
ftr-397	120	27	they	they	PRON
ftr-397	120	28	are	be	AUX
ftr-397	120	29	not	not	PART
ftr-397	120	30	investors	investor	NOUN
ftr-397	120	31	.	.	PUNCT
ftr-397	121	1	in	in	ADP
ftr-397	121	2	everyday	everyday	ADJ
ftr-397	121	3	parlance	parlance	NOUN
ftr-397	121	4	,	,	PUNCT
ftr-397	121	5	the	the	DET
ftr-397	121	6	term	term	NOUN
ftr-397	121	7	generally	generally	ADV
ftr-397	121	8	refers	refer	VERB
ftr-397	121	9	to	to	ADP
ftr-397	121	10	those	those	DET
ftr-397	121	11	individuals	individual	NOUN
ftr-397	121	12	who	who	PRON
ftr-397	121	13	actively	actively	ADV
ftr-397	121	14	buy	buy	VERB
ftr-397	121	15	and	and	CCONJ
ftr-397	121	16	sell	sell	VERB
ftr-397	121	17	securities	security	NOUN
ftr-397	121	18	held	hold	VERB
ftr-397	121	19	over	over	ADP
ftr-397	121	20	the	the	DET
ftr-397	121	21	short	short	ADJ
ftr-397	121	22	7	7	NUM
ftr-397	121	23	.	.	PUNCT
ftr-397	122	1	see	see	PROPN
ftr-397	122	2	thomas	thomas	PROPN
ftr-397	122	3	,	,	PUNCT
ftr-397	122	4	supra	supra	PROPN
ftr-397	122	5	note	note	PROPN
ftr-397	122	6	5	5	NUM
ftr-397	122	7	,	,	PUNCT
ftr-397	122	8	at	at	ADP
ftr-397	122	9	274	274	NUM
ftr-397	122	10	.	.	PUNCT
ftr-397	122	11	8	8	NUM
ftr-397	122	12	.	.	PUNCT
ftr-397	123	1	i	i	PRON
ftr-397	123	2	d.	d.	PROPN
ftr-397	123	3	9	9	NUM
ftr-397	123	4	.	.	PUNCT
ftr-397	124	1	mccawley	mccawley	PROPN
ftr-397	124	2	,	,	PUNCT
ftr-397	124	3	supra	supra	PROPN
ftr-397	124	4	note	note	NOUN
ftr-397	124	5	1	1	NUM
ftr-397	124	6	,	,	PUNCT
ftr-397	124	7	at	at	ADP
ftr-397	124	8	a-4	a-4	NOUN
ftr-397	124	9	;	;	PUNCT
ftr-397	124	10	see	see	VERB
ftr-397	124	11	also	also	ADV
ftr-397	124	12	federal	federal	ADJ
ftr-397	124	13	tax	tax	NOUN
ftr-397	124	14	coordinator	coordinator	NOUN
ftr-397	124	15	(	(	PUNCT
ftr-397	124	16	ria	ria	PROPN
ftr-397	124	17	)	)	PUNCT
ftr-397	124	18	2d	2d	PROPN
ftr-397	124	19	at	at	ADP
ftr-397	124	20	¶	¶	PROPN
ftr-397	124	21	l-1112	l-1112	PROPN
ftr-397	124	22	(	(	PUNCT
ftr-397	124	23	“	"	PUNCT
ftr-397	124	24	[	[	X
ftr-397	124	25	m]ost	m]ost	NOUN
ftr-397	124	26	taxpayers	taxpayer	NOUN
ftr-397	124	27	who	who	PRON
ftr-397	124	28	manage	manage	VERB
ftr-397	124	29	their	their	PRON
ftr-397	124	30	own	own	ADJ
ftr-397	124	31	investments	investment	NOUN
ftr-397	124	32	will	will	AUX
ftr-397	124	33	be	be	AUX
ftr-397	124	34	treated	treat	VERB
ftr-397	124	35	as	as	ADP
ftr-397	124	36	investors	investor	NOUN
ftr-397	124	37	rather	rather	ADV
ftr-397	124	38	than	than	ADP
ftr-397	124	39	traders	trader	NOUN
ftr-397	124	40	”	"	PUNCT
ftr-397	124	41	)	)	PUNCT
ftr-397	124	42	.	.	PUNCT
ftr-397	125	1	10	10	NUM
ftr-397	125	2	.	.	PUNCT
ftr-397	126	1	mccawley	mccawley	PROPN
ftr-397	126	2	,	,	PUNCT
ftr-397	126	3	supra	supra	PROPN
ftr-397	126	4	note	note	NOUN
ftr-397	126	5	1	1	NUM
ftr-397	126	6	at	at	ADP
ftr-397	126	7	a-4	a-4	NOUN
ftr-397	126	8	;	;	PUNCT
ftr-397	126	9	see	see	VERB
ftr-397	126	10	also	also	ADV
ftr-397	126	11	raby	raby	NOUN
ftr-397	126	12	,	,	PUNCT
ftr-397	126	13	effect	effect	NOUN
ftr-397	126	14	of	of	ADP
ftr-397	126	15	sporadic	sporadic	ADJ
ftr-397	126	16	activity	activity	NOUN
ftr-397	126	17	,	,	PUNCT
ftr-397	126	18	supra	supra	PROPN
ftr-397	126	19	note	note	NOUN
ftr-397	126	20	5	5	NUM
ftr-397	126	21	,	,	PUNCT
ftr-397	126	22	at	at	ADP
ftr-397	126	23	1375	1375	NUM
ftr-397	126	24	.	.	PUNCT
ftr-397	127	1	11	11	NUM
ftr-397	127	2	.	.	PUNCT
ftr-397	127	3	see	see	VERB
ftr-397	127	4	generally	generally	ADV
ftr-397	127	5	raby	raby	NOUN
ftr-397	127	6	,	,	PUNCT
ftr-397	127	7	effect	effect	NOUN
ftr-397	127	8	of	of	ADP
ftr-397	127	9	sporadic	sporadic	ADJ
ftr-397	127	10	activity	activity	NOUN
ftr-397	127	11	,	,	PUNCT
ftr-397	127	12	supra	supra	NOUN
ftr-397	127	13	note	note	NOUN
ftr-397	127	14	5	5	NUM
ftr-397	127	15	at	at	ADP
ftr-397	127	16	137576	137576	NUM
ftr-397	127	17	;	;	PUNCT
ftr-397	127	18	federal	federal	ADJ
ftr-397	127	19	tax	tax	NOUN
ftr-397	127	20	coordinator	coordinator	NOUN
ftr-397	127	21	(	(	PUNCT
ftr-397	127	22	ria	ria	PROPN
ftr-397	127	23	)	)	PUNCT
ftr-397	127	24	2d	2d	NOUN
ftr-397	127	25	at	at	ADP
ftr-397	127	26	¶¶	¶¶	PROPN
ftr-397	127	27	l-1112	l-1112	PROPN
ftr-397	127	28	,	,	PUNCT
ftr-397	127	29	l-1112.1	l-1112.1	NOUN
ftr-397	127	30	.	.	PUNCT
ftr-397	128	1	12	12	NUM
ftr-397	128	2	.	.	PUNCT
ftr-397	129	1	mccawley	mccawley	PROPN
ftr-397	129	2	,	,	PUNCT
ftr-397	129	3	supra	supra	PROPN
ftr-397	129	4	note	note	PROPN
ftr-397	129	5	1	1	NUM
ftr-397	129	6	,	,	PUNCT
ftr-397	129	7	at	at	ADP
ftr-397	129	8	a-2	a-2	PROPN
ftr-397	129	9	.	.	PROPN
ftr-397	129	10	13	13	NUM
ftr-397	129	11	.	.	PUNCT
ftr-397	130	1	treas	treas	PROPN
ftr-397	130	2	.	.	PUNCT
ftr-397	131	1	regs	regs	PROPN
ftr-397	131	2	.	.	PUNCT
ftr-397	132	1	§	§	PROPN
ftr-397	132	2	1.471	1.471	NUM
ftr-397	132	3	-	-	SYM
ftr-397	132	4	5	5	NUM
ftr-397	132	5	.	.	NOUN
ftr-397	132	6	14	14	NUM
ftr-397	132	7	.	.	PUNCT
ftr-397	133	1	mccawley	mccawley	PROPN
ftr-397	133	2	,	,	PUNCT
ftr-397	133	3	supra	supra	PROPN
ftr-397	133	4	note	note	PROPN
ftr-397	133	5	1	1	NUM
ftr-397	133	6	,	,	PUNCT
ftr-397	133	7	at	at	ADP
ftr-397	133	8	a-2	a-2	PROPN
ftr-397	133	9	;	;	PUNCT
ftr-397	133	10	see	see	VERB
ftr-397	133	11	also	also	ADV
ftr-397	133	12	federal	federal	ADJ
ftr-397	133	13	tax	tax	NOUN
ftr-397	133	14	coordinator	coordinator	NOUN
ftr-397	133	15	(	(	PUNCT
ftr-397	133	16	ria	ria	PROPN
ftr-397	133	17	)	)	PUNCT
ftr-397	133	18	2d	2d	NOUN
ftr-397	133	19	at	at	ADP
ftr-397	133	20	¶	¶	PROPN
ftr-397	133	21	i-6205	i-6205	PROPN
ftr-397	133	22	(	(	PUNCT
ftr-397	133	23	“	"	PUNCT
ftr-397	133	24	a	a	DET
ftr-397	133	25	dealer	dealer	NOUN
ftr-397	133	26	…	…	PUNCT
ftr-397	133	27	intends	intend	VERB
ftr-397	133	28	to	to	PART
ftr-397	133	29	profit	profit	VERB
ftr-397	133	30	by	by	ADP
ftr-397	133	31	earning	earn	VERB
ftr-397	133	32	a	a	DET
ftr-397	133	33	‘	'	PUNCT
ftr-397	133	34	mark	mark	VERB
ftr-397	133	35	-	-	PUNCT
ftr-397	133	36	up	up	NOUN
ftr-397	133	37	’	'	PUNCT
ftr-397	133	38	from	from	ADP
ftr-397	133	39	laboring	labor	VERB
ftr-397	133	40	as	as	ADP
ftr-397	133	41	a	a	DET
ftr-397	133	42	middleman	middleman	NOUN
ftr-397	133	43	”	"	PUNCT
ftr-397	133	44	)	)	PUNCT
ftr-397	133	45	.	.	PUNCT
ftr-397	134	1	1118	1118	NUM
ftr-397	134	2	florida	florida	PROPN
ftr-397	134	3	tax	tax	NOUN
ftr-397	134	4	review	review	NOUN
ftr-397	135	1	[	[	X
ftr-397	135	2	vol	vol	NOUN
ftr-397	135	3	.	.	PUNCT
ftr-397	136	1	8:10	8:10	NUM
ftr-397	136	2	term	term	NOUN
ftr-397	136	3	for	for	ADP
ftr-397	136	4	their	their	PRON
ftr-397	136	5	own	own	ADJ
ftr-397	136	6	account	account	NOUN
ftr-397	136	7	,	,	PUNCT
ftr-397	136	8	such	such	ADJ
ftr-397	136	9	as	as	ADP
ftr-397	136	10	individuals	individual	NOUN
ftr-397	136	11	who	who	PRON
ftr-397	136	12	engage	engage	VERB
ftr-397	136	13	in	in	ADP
ftr-397	136	14	online	online	ADJ
ftr-397	136	15	trading	trading	NOUN
ftr-397	136	16	of	of	ADP
ftr-397	136	17	stocks	stock	NOUN
ftr-397	136	18	and	and	CCONJ
ftr-397	136	19	securities.15	securities.15	VERB
ftr-397	136	20	the	the	DET
ftr-397	136	21	term	term	NOUN
ftr-397	136	22	has	have	VERB
ftr-397	136	23	a	a	DET
ftr-397	136	24	similar	similar	ADJ
ftr-397	136	25	meaning	meaning	NOUN
ftr-397	136	26	in	in	ADP
ftr-397	136	27	the	the	DET
ftr-397	136	28	tax	tax	NOUN
ftr-397	136	29	law	law	NOUN
ftr-397	136	30	,	,	PUNCT
ftr-397	136	31	although	although	SCONJ
ftr-397	136	32	a	a	DET
ftr-397	136	33	taxpayer	taxpayer	NOUN
ftr-397	136	34	has	have	VERB
ftr-397	136	35	to	to	PART
ftr-397	136	36	meet	meet	VERB
ftr-397	136	37	certain	certain	ADJ
ftr-397	136	38	specific	specific	ADJ
ftr-397	136	39	requirements	requirement	NOUN
ftr-397	136	40	in	in	ADP
ftr-397	136	41	order	order	NOUN
ftr-397	136	42	to	to	PART
ftr-397	136	43	be	be	AUX
ftr-397	136	44	considered	consider	VERB
ftr-397	136	45	a	a	DET
ftr-397	136	46	trader	trader	NOUN
ftr-397	136	47	for	for	ADP
ftr-397	136	48	tax	tax	NOUN
ftr-397	136	49	purposes	purpose	NOUN
ftr-397	136	50	,	,	PUNCT
ftr-397	136	51	and	and	CCONJ
ftr-397	136	52	not	not	PART
ftr-397	136	53	every	every	DET
ftr-397	136	54	online	online	ADJ
ftr-397	136	55	trader	trader	NOUN
ftr-397	136	56	or	or	CCONJ
ftr-397	136	57	day	day	NOUN
ftr-397	136	58	trader	trader	NOUN
ftr-397	136	59	will	will	AUX
ftr-397	136	60	qualify	qualify	VERB
ftr-397	136	61	to	to	PART
ftr-397	136	62	be	be	AUX
ftr-397	136	63	treated	treat	VERB
ftr-397	136	64	as	as	ADP
ftr-397	136	65	a	a	DET
ftr-397	136	66	trader	trader	NOUN
ftr-397	136	67	under	under	ADP
ftr-397	136	68	the	the	DET
ftr-397	136	69	tax	tax	NOUN
ftr-397	137	1	law.16	law.16	PROPN
ftr-397	137	2	a	a	DET
ftr-397	137	3	trader	trader	NOUN
ftr-397	137	4	,	,	PUNCT
ftr-397	137	5	unlike	unlike	ADP
ftr-397	137	6	a	a	DET
ftr-397	137	7	dealer	dealer	NOUN
ftr-397	137	8	,	,	PUNCT
ftr-397	137	9	does	do	AUX
ftr-397	137	10	not	not	PART
ftr-397	137	11	hold	hold	VERB
ftr-397	137	12	securities	security	NOUN
ftr-397	137	13	as	as	SCONJ
ftr-397	137	14	inventory	inventory	NOUN
ftr-397	137	15	to	to	PART
ftr-397	137	16	be	be	AUX
ftr-397	137	17	sold	sell	VERB
ftr-397	137	18	to	to	ADP
ftr-397	137	19	brokerage	brokerage	NOUN
ftr-397	137	20	clients	client	NOUN
ftr-397	137	21	,	,	PUNCT
ftr-397	137	22	but	but	CCONJ
ftr-397	137	23	instead	instead	ADV
ftr-397	137	24	tends	tend	VERB
ftr-397	137	25	to	to	PART
ftr-397	137	26	engage	engage	VERB
ftr-397	137	27	primarily	primarily	ADV
ftr-397	137	28	in	in	ADP
ftr-397	137	29	speculation	speculation	NOUN
ftr-397	137	30	in	in	ADP
ftr-397	137	31	securities	security	NOUN
ftr-397	137	32	and	and	CCONJ
ftr-397	137	33	seeks	seek	VERB
ftr-397	137	34	to	to	PART
ftr-397	137	35	profit	profit	VERB
ftr-397	137	36	from	from	ADP
ftr-397	137	37	short	short	ADJ
ftr-397	137	38	swings	swing	NOUN
ftr-397	137	39	in	in	ADP
ftr-397	137	40	the	the	DET
ftr-397	137	41	market.17	market.17	PROPN
ftr-397	137	42	as	as	SCONJ
ftr-397	137	43	will	will	AUX
ftr-397	137	44	be	be	AUX
ftr-397	137	45	elaborated	elaborate	VERB
ftr-397	137	46	later	later	ADV
ftr-397	137	47	in	in	ADP
ftr-397	137	48	this	this	DET
ftr-397	137	49	article	article	NOUN
ftr-397	137	50	,	,	PUNCT
ftr-397	137	51	traders	trader	NOUN
ftr-397	137	52	are	be	AUX
ftr-397	137	53	distinct	distinct	ADJ
ftr-397	137	54	from	from	ADP
ftr-397	137	55	investors	investor	NOUN
ftr-397	137	56	in	in	ADP
ftr-397	137	57	that	that	SCONJ
ftr-397	137	58	they	they	PRON
ftr-397	137	59	are	be	AUX
ftr-397	137	60	engaged	engage	VERB
ftr-397	137	61	in	in	ADP
ftr-397	137	62	the	the	DET
ftr-397	137	63	“	"	PUNCT
ftr-397	137	64	trade	trade	NOUN
ftr-397	137	65	or	or	CCONJ
ftr-397	137	66	business	business	NOUN
ftr-397	137	67	”	"	PUNCT
ftr-397	137	68	of	of	ADP
ftr-397	137	69	trading	trading	NOUN
ftr-397	137	70	in	in	ADP
ftr-397	137	71	securities.18	securities.18	PROPN
ftr-397	137	72	the	the	DET
ftr-397	137	73	united	united	PROPN
ftr-397	137	74	states	states	PROPN
ftr-397	137	75	supreme	supreme	PROPN
ftr-397	137	76	court	court	PROPN
ftr-397	137	77	first	first	ADV
ftr-397	137	78	drew	draw	VERB
ftr-397	137	79	a	a	DET
ftr-397	137	80	clear	clear	ADJ
ftr-397	137	81	distinction	distinction	NOUN
ftr-397	137	82	between	between	ADP
ftr-397	137	83	the	the	DET
ftr-397	137	84	category	category	NOUN
ftr-397	137	85	of	of	ADP
ftr-397	137	86	“	"	PUNCT
ftr-397	137	87	investor	investor	NOUN
ftr-397	137	88	”	"	PUNCT
ftr-397	137	89	and	and	CCONJ
ftr-397	137	90	that	that	PRON
ftr-397	137	91	of	of	ADP
ftr-397	137	92	“	"	PUNCT
ftr-397	137	93	trader	trader	NOUN
ftr-397	137	94	”	"	PUNCT
ftr-397	137	95	in	in	ADP
ftr-397	137	96	snyder	snyder	PROPN
ftr-397	137	97	v.	v.	ADP
ftr-397	137	98	comm’r	comm’r	PROPN
ftr-397	137	99	,	,	PUNCT
ftr-397	137	100	a	a	DET
ftr-397	137	101	case	case	NOUN
ftr-397	137	102	in	in	ADP
ftr-397	137	103	which	which	PRON
ftr-397	137	104	it	it	PRON
ftr-397	137	105	held	hold	VERB
ftr-397	137	106	that	that	SCONJ
ftr-397	137	107	a	a	DET
ftr-397	137	108	margin	margin	NOUN
ftr-397	137	109	trader	trader	NOUN
ftr-397	137	110	had	have	AUX
ftr-397	137	111	not	not	PART
ftr-397	137	112	shown	show	VERB
ftr-397	137	113	that	that	SCONJ
ftr-397	137	114	his	his	PRON
ftr-397	137	115	trading	trading	NOUN
ftr-397	137	116	operations	operation	NOUN
ftr-397	137	117	constituted	constitute	VERB
ftr-397	137	118	a	a	DET
ftr-397	137	119	trade	trade	NOUN
ftr-397	137	120	or	or	CCONJ
ftr-397	137	121	business.19	business.19	PRON
ftr-397	137	122	the	the	DET
ftr-397	137	123	court	court	NOUN
ftr-397	137	124	noted	note	VERB
ftr-397	137	125	(	(	PUNCT
ftr-397	137	126	justice	justice	PROPN
ftr-397	137	127	brandeis	brandeis	PROPN
ftr-397	137	128	writing	writing	NOUN
ftr-397	137	129	)	)	PUNCT
ftr-397	137	130	that	that	SCONJ
ftr-397	137	131	the	the	DET
ftr-397	137	132	board	board	NOUN
ftr-397	137	133	of	of	ADP
ftr-397	137	134	tax	tax	NOUN
ftr-397	137	135	appeals	appeal	NOUN
ftr-397	137	136	had	have	AUX
ftr-397	137	137	held	hold	VERB
ftr-397	137	138	that	that	SCONJ
ftr-397	137	139	a	a	DET
ftr-397	137	140	taxpayer	taxpayer	NOUN
ftr-397	137	141	who	who	PRON
ftr-397	137	142	“	"	PUNCT
ftr-397	137	143	devotes	devote	VERB
ftr-397	137	144	a	a	DET
ftr-397	137	145	major	major	ADJ
ftr-397	137	146	portion	portion	NOUN
ftr-397	137	147	of	of	ADP
ftr-397	137	148	his	his	PRON
ftr-397	137	149	time	time	NOUN
ftr-397	137	150	to	to	ADP
ftr-397	137	151	speculating	speculate	VERB
ftr-397	137	152	on	on	ADP
ftr-397	137	153	the	the	DET
ftr-397	137	154	stock	stock	NOUN
ftr-397	137	155	exchange	exchange	NOUN
ftr-397	137	156	”	"	PUNCT
ftr-397	137	157	could	could	AUX
ftr-397	137	158	treat	treat	VERB
ftr-397	137	159	his	his	PRON
ftr-397	137	160	losses	loss	NOUN
ftr-397	137	161	as	as	SCONJ
ftr-397	137	162	incurred	incur	VERB
ftr-397	137	163	in	in	ADP
ftr-397	137	164	the	the	DET
ftr-397	137	165	course	course	NOUN
ftr-397	137	166	of	of	ADP
ftr-397	137	167	a	a	DET
ftr-397	137	168	trade	trade	NOUN
ftr-397	137	169	or	or	CCONJ
ftr-397	137	170	business	business	NOUN
ftr-397	137	171	,	,	PUNCT
ftr-397	137	172	but	but	CCONJ
ftr-397	137	173	that	that	SCONJ
ftr-397	137	174	the	the	DET
ftr-397	137	175	taxpayer	taxpayer	NOUN
ftr-397	137	176	in	in	ADP
ftr-397	137	177	snyder	snyder	PROPN
ftr-397	137	178	had	have	AUX
ftr-397	137	179	not	not	PART
ftr-397	137	180	shown	show	VERB
ftr-397	137	181	that	that	SCONJ
ftr-397	137	182	he	he	PRON
ftr-397	137	183	had	have	AUX
ftr-397	137	184	devoted	devote	VERB
ftr-397	137	185	the	the	DET
ftr-397	137	186	requisite	requisite	ADJ
ftr-397	137	187	time	time	NOUN
ftr-397	137	188	and	and	CCONJ
ftr-397	137	189	effort	effort	NOUN
ftr-397	137	190	to	to	ADP
ftr-397	137	191	his	his	PRON
ftr-397	137	192	stock	stock	NOUN
ftr-397	137	193	transactions	transaction	NOUN
ftr-397	137	194	,	,	PUNCT
ftr-397	137	195	and	and	CCONJ
ftr-397	137	196	therefore	therefore	ADV
ftr-397	137	197	had	have	AUX
ftr-397	137	198	not	not	PART
ftr-397	137	199	shown	show	VERB
ftr-397	137	200	that	that	SCONJ
ftr-397	137	201	he	he	PRON
ftr-397	137	202	should	should	AUX
ftr-397	137	203	be	be	AUX
ftr-397	137	204	properly	properly	ADV
ftr-397	137	205	characterized	characterize	VERB
ftr-397	137	206	as	as	ADP
ftr-397	137	207	a	a	DET
ftr-397	137	208	“	"	PUNCT
ftr-397	137	209	trader	trader	NOUN
ftr-397	137	210	on	on	ADP
ftr-397	137	211	an	an	DET
ftr-397	137	212	exchange	exchange	NOUN
ftr-397	137	213	,	,	PUNCT
ftr-397	137	214	who	who	PRON
ftr-397	137	215	makes	make	VERB
ftr-397	137	216	a	a	DET
ftr-397	137	217	living	living	NOUN
ftr-397	137	218	buying	buying	NOUN
ftr-397	137	219	and	and	CCONJ
ftr-397	137	220	selling	sell	VERB
ftr-397	137	221	securities	security	NOUN
ftr-397	137	222	.	.	PUNCT
ftr-397	138	1	”20	”20	PROPN
ftr-397	138	2	thus	thus	ADV
ftr-397	138	3	,	,	PUNCT
ftr-397	138	4	the	the	DET
ftr-397	138	5	possibility	possibility	NOUN
ftr-397	138	6	of	of	ADP
ftr-397	138	7	claiming	claim	VERB
ftr-397	138	8	the	the	DET
ftr-397	138	9	status	status	NOUN
ftr-397	138	10	of	of	ADP
ftr-397	138	11	being	be	AUX
ftr-397	138	12	a	a	DET
ftr-397	138	13	trader	trader	NOUN
ftr-397	138	14	was	be	AUX
ftr-397	138	15	born.21	born.21	NOUN
ftr-397	138	16	the	the	DET
ftr-397	138	17	question	question	NOUN
ftr-397	138	18	of	of	ADP
ftr-397	138	19	whether	whether	SCONJ
ftr-397	138	20	a	a	DET
ftr-397	138	21	15	15	NUM
ftr-397	138	22	.	.	PUNCT
ftr-397	139	1	see	see	VERB
ftr-397	139	2	,	,	PUNCT
ftr-397	139	3	e.g.	e.g.	ADV
ftr-397	139	4	,	,	PUNCT
ftr-397	139	5	black	black	ADJ
ftr-397	139	6	’s	’s	PART
ftr-397	139	7	law	law	NOUN
ftr-397	139	8	dictionary	dictionary	NOUN
ftr-397	139	9	1501	1501	NUM
ftr-397	139	10	(	(	PUNCT
ftr-397	139	11	7th	7th	ADJ
ftr-397	139	12	ed	ed	NOUN
ftr-397	139	13	.	.	PROPN
ftr-397	139	14	1999	1999	NUM
ftr-397	139	15	)	)	PUNCT
ftr-397	139	16	(	(	PUNCT
ftr-397	139	17	defining	define	VERB
ftr-397	139	18	“	"	PUNCT
ftr-397	139	19	trader	trader	NOUN
ftr-397	139	20	”	"	PUNCT
ftr-397	139	21	as	as	ADP
ftr-397	139	22	“	"	PUNCT
ftr-397	139	23	3	3	NUM
ftr-397	139	24	.	.	X
ftr-397	139	25	one	one	NUM
ftr-397	139	26	who	who	PRON
ftr-397	139	27	,	,	PUNCT
ftr-397	139	28	as	as	ADP
ftr-397	139	29	a	a	DET
ftr-397	139	30	member	member	NOUN
ftr-397	139	31	of	of	ADP
ftr-397	139	32	a	a	DET
ftr-397	139	33	stock	stock	NOUN
ftr-397	139	34	exchange	exchange	NOUN
ftr-397	139	35	,	,	PUNCT
ftr-397	139	36	buys	buy	VERB
ftr-397	139	37	and	and	CCONJ
ftr-397	139	38	sells	sell	VERB
ftr-397	139	39	securities	security	NOUN
ftr-397	139	40	on	on	ADP
ftr-397	139	41	the	the	DET
ftr-397	139	42	exchange	exchange	NOUN
ftr-397	139	43	floor	floor	NOUN
ftr-397	139	44	either	either	CCONJ
ftr-397	139	45	for	for	ADP
ftr-397	139	46	brokers	broker	NOUN
ftr-397	139	47	or	or	CCONJ
ftr-397	139	48	for	for	ADP
ftr-397	139	49	on	on	ADP
ftr-397	139	50	his	his	PRON
ftr-397	139	51	or	or	CCONJ
ftr-397	139	52	her	her	PRON
ftr-397	139	53	own	own	ADJ
ftr-397	139	54	account	account	NOUN
ftr-397	139	55	”	"	PUNCT
ftr-397	139	56	)	)	PUNCT
ftr-397	139	57	;	;	PUNCT
ftr-397	139	58	webster	webster	PROPN
ftr-397	139	59	’s	’s	PART
ftr-397	139	60	new	new	PROPN
ftr-397	139	61	world	world	PROPN
ftr-397	139	62	college	college	NOUN
ftr-397	139	63	dictionary	dictionary	NOUN
ftr-397	139	64	1517	1517	NUM
ftr-397	139	65	(	(	PUNCT
ftr-397	139	66	4th	4th	ADJ
ftr-397	139	67	ed	ed	NOUN
ftr-397	139	68	.	.	PROPN
ftr-397	139	69	1999	1999	NUM
ftr-397	139	70	)	)	PUNCT
ftr-397	139	71	(	(	PUNCT
ftr-397	139	72	defining	define	VERB
ftr-397	139	73	“	"	PUNCT
ftr-397	139	74	trader	trader	NOUN
ftr-397	139	75	”	"	PUNCT
ftr-397	139	76	as	as	ADP
ftr-397	139	77	“	"	PUNCT
ftr-397	139	78	3	3	NUM
ftr-397	139	79	.	.	X
ftr-397	139	80	a	a	DET
ftr-397	139	81	stockbroker	stockbroker	NOUN
ftr-397	139	82	who	who	PRON
ftr-397	139	83	trades	trade	VERB
ftr-397	139	84	esp	esp	ADV
ftr-397	139	85	.	.	PUNCT
ftr-397	140	1	for	for	ADP
ftr-397	140	2	his	his	PRON
ftr-397	140	3	own	own	ADJ
ftr-397	140	4	account	account	NOUN
ftr-397	140	5	rather	rather	ADV
ftr-397	140	6	than	than	ADP
ftr-397	140	7	customers	customer	NOUN
ftr-397	140	8	’	'	PUNCT
ftr-397	140	9	accounts	account	NOUN
ftr-397	140	10	”	"	PUNCT
ftr-397	140	11	)	)	PUNCT
ftr-397	140	12	;	;	PUNCT
ftr-397	140	13	see	see	VERB
ftr-397	140	14	also	also	ADV
ftr-397	140	15	schwartz	schwartz	PROPN
ftr-397	140	16	,	,	PUNCT
ftr-397	140	17	supra	supra	PROPN
ftr-397	140	18	note	note	PROPN
ftr-397	140	19	5	5	NUM
ftr-397	140	20	,	,	PUNCT
ftr-397	140	21	at	at	ADP
ftr-397	140	22	399	399	NUM
ftr-397	140	23	-	-	SYM
ftr-397	140	24	405	405	NUM
ftr-397	140	25	(	(	PUNCT
ftr-397	140	26	discussing	discuss	VERB
ftr-397	140	27	the	the	DET
ftr-397	140	28	emergence	emergence	NOUN
ftr-397	140	29	of	of	ADP
ftr-397	140	30	day	day	NOUN
ftr-397	140	31	trading	trading	NOUN
ftr-397	140	32	by	by	ADP
ftr-397	140	33	members	member	NOUN
ftr-397	140	34	of	of	ADP
ftr-397	140	35	the	the	DET
ftr-397	140	36	public	public	NOUN
ftr-397	140	37	)	)	PUNCT
ftr-397	140	38	.	.	PUNCT
ftr-397	141	1	16	16	NUM
ftr-397	141	2	.	.	PUNCT
ftr-397	142	1	see	see	VERB
ftr-397	142	2	section	section	PROPN
ftr-397	142	3	iii	iii	NOUN
ftr-397	142	4	,	,	PUNCT
ftr-397	142	5	infra	infra	NOUN
ftr-397	142	6	;	;	PUNCT
ftr-397	142	7	see	see	VERB
ftr-397	142	8	also	also	ADV
ftr-397	142	9	mccawley	mccawley	ADJ
ftr-397	142	10	,	,	PUNCT
ftr-397	142	11	supra	supra	PROPN
ftr-397	142	12	note	note	NOUN
ftr-397	142	13	1	1	NUM
ftr-397	142	14	,	,	PUNCT
ftr-397	142	15	at	at	ADP
ftr-397	142	16	a-4	a-4	PROPN
ftr-397	142	17	.	.	PUNCT
ftr-397	143	1	17	17	NUM
ftr-397	143	2	.	.	PUNCT
ftr-397	144	1	mccawley	mccawley	PROPN
ftr-397	144	2	,	,	PUNCT
ftr-397	144	3	supra	supra	PROPN
ftr-397	144	4	note	note	PROPN
ftr-397	144	5	1	1	NUM
ftr-397	144	6	,	,	PUNCT
ftr-397	144	7	at	at	ADP
ftr-397	144	8	a-2	a-2	PROPN
ftr-397	144	9	see	see	VERB
ftr-397	144	10	also	also	ADV
ftr-397	144	11	federal	federal	ADJ
ftr-397	144	12	tax	tax	NOUN
ftr-397	144	13	coordinator	coordinator	NOUN
ftr-397	144	14	at	at	ADP
ftr-397	144	15	¶	¶	PROPN
ftr-397	144	16	i6205	i6205	PROPN
ftr-397	144	17	(	(	PUNCT
ftr-397	144	18	“	"	PUNCT
ftr-397	144	19	[	[	X
ftr-397	144	20	a	a	X
ftr-397	144	21	]	]	X
ftr-397	144	22	trader	trader	NOUN
ftr-397	144	23	…	…	PUNCT
ftr-397	144	24	intends	intend	VERB
ftr-397	144	25	to	to	PART
ftr-397	144	26	profit	profit	VERB
ftr-397	144	27	solely	solely	ADV
ftr-397	144	28	from	from	ADP
ftr-397	144	29	advantageous	advantageous	ADJ
ftr-397	144	30	purchases	purchase	NOUN
ftr-397	144	31	of	of	ADP
ftr-397	144	32	stocks	stock	NOUN
ftr-397	144	33	or	or	CCONJ
ftr-397	144	34	securities	security	NOUN
ftr-397	144	35	or	or	CCONJ
ftr-397	144	36	from	from	ADP
ftr-397	144	37	rises	rise	NOUN
ftr-397	144	38	in	in	ADP
ftr-397	144	39	the	the	DET
ftr-397	144	40	values	value	NOUN
ftr-397	144	41	of	of	ADP
ftr-397	144	42	stock	stock	NOUN
ftr-397	144	43	or	or	CCONJ
ftr-397	144	44	securities	security	NOUN
ftr-397	144	45	during	during	ADP
ftr-397	144	46	the	the	DET
ftr-397	144	47	time	time	NOUN
ftr-397	144	48	he	he	PRON
ftr-397	144	49	holds	hold	VERB
ftr-397	144	50	them	they	PRON
ftr-397	144	51	”	"	PUNCT
ftr-397	144	52	)	)	PUNCT
ftr-397	144	53	.	.	PUNCT
ftr-397	145	1	18	18	NUM
ftr-397	145	2	.	.	X
ftr-397	146	1	see	see	VERB
ftr-397	146	2	section	section	PROPN
ftr-397	146	3	iii	iii	NOUN
ftr-397	146	4	,	,	PUNCT
ftr-397	146	5	infra	infra	NOUN
ftr-397	146	6	.	.	PUNCT
ftr-397	147	1	19	19	NUM
ftr-397	147	2	.	.	X
ftr-397	147	3	snyder	snyder	PROPN
ftr-397	147	4	v.	v.	ADP
ftr-397	147	5	comm’r	comm’r	PROPN
ftr-397	147	6	,	,	PUNCT
ftr-397	147	7	295	295	NUM
ftr-397	147	8	u.s	u.s	PROPN
ftr-397	147	9	.	.	PROPN
ftr-397	147	10	134	134	NUM
ftr-397	147	11	(	(	PUNCT
ftr-397	147	12	1935	1935	NUM
ftr-397	147	13	)	)	PUNCT
ftr-397	147	14	.	.	PUNCT
ftr-397	148	1	20	20	NUM
ftr-397	148	2	.	.	PUNCT
ftr-397	149	1	i	i	PRON
ftr-397	149	2	d.	d.	PROPN
ftr-397	149	3	at	at	ADP
ftr-397	149	4	139	139	NUM
ftr-397	149	5	(	(	PUNCT
ftr-397	149	6	citing	cite	VERB
ftr-397	149	7	schwinn	schwinn	PROPN
ftr-397	149	8	v.	v.	ADP
ftr-397	149	9	comm’r	comm’r	NOUN
ftr-397	149	10	,	,	PUNCT
ftr-397	149	11	9	9	NUM
ftr-397	149	12	b.t.a	b.t.a	NOUN
ftr-397	149	13	.	.	PUNCT
ftr-397	149	14	1304	1304	NUM
ftr-397	149	15	(	(	PUNCT
ftr-397	149	16	1928	1928	NUM
ftr-397	149	17	)	)	PUNCT
ftr-397	149	18	;	;	PUNCT
ftr-397	149	19	elliott	elliott	PROPN
ftr-397	150	1	v.	v.	ADP
ftr-397	150	2	comm’r	comm’r	PROPN
ftr-397	150	3	,	,	PUNCT
ftr-397	150	4	15	15	NUM
ftr-397	150	5	b.t.a	b.t.a	NOUN
ftr-397	150	6	.	.	PROPN
ftr-397	150	7	494	494	NUM
ftr-397	150	8	(	(	PUNCT
ftr-397	150	9	1929	1929	NUM
ftr-397	150	10	)	)	PUNCT
ftr-397	150	11	;	;	PUNCT
ftr-397	151	1	hodgson	hodgson	PROPN
ftr-397	151	2	v.	v.	ADP
ftr-397	151	3	comm’r	comm’r	PROPN
ftr-397	151	4	,	,	PUNCT
ftr-397	151	5	24	24	NUM
ftr-397	151	6	b.t.a	b.t.a	NOUN
ftr-397	151	7	.	.	PROPN
ftr-397	151	8	256	256	NUM
ftr-397	151	9	(	(	PUNCT
ftr-397	151	10	1931	1931	NUM
ftr-397	151	11	)	)	PUNCT
ftr-397	151	12	;	;	PUNCT
ftr-397	151	13	schermerhorn	schermerhorn	ADJ
ftr-397	151	14	v.	v.	ADP
ftr-397	151	15	comm’r	comm’r	ADJ
ftr-397	151	16	,	,	PUNCT
ftr-397	151	17	26	26	NUM
ftr-397	151	18	b.t.a	b.t.a	NOUN
ftr-397	151	19	.	.	NOUN
ftr-397	151	20	1031(1932	1031(1932	NUM
ftr-397	151	21	)	)	PUNCT
ftr-397	151	22	)	)	PUNCT
ftr-397	151	23	.	.	PUNCT
ftr-397	152	1	21	21	NUM
ftr-397	152	2	.	.	PUNCT
ftr-397	153	1	i	i	PRON
ftr-397	153	2	d.	d.	PROPN
ftr-397	153	3	;	;	PUNCT
ftr-397	153	4	see	see	VERB
ftr-397	153	5	also	also	ADV
ftr-397	153	6	comm’r	comm’r	NOUN
ftr-397	153	7	v.	v.	ADP
ftr-397	153	8	groetzinger	groetzinger	NOUN
ftr-397	153	9	,	,	PUNCT
ftr-397	153	10	480	480	NUM
ftr-397	153	11	u.s	u.s	PROPN
ftr-397	153	12	.	.	PROPN
ftr-397	153	13	23	23	NUM
ftr-397	153	14	,	,	PUNCT
ftr-397	153	15	33	33	NUM
ftr-397	153	16	-	-	SYM
ftr-397	153	17	34	34	NUM
ftr-397	153	18	(	(	PUNCT
ftr-397	153	19	1987	1987	NUM
ftr-397	153	20	)	)	PUNCT
ftr-397	153	21	(	(	PUNCT
ftr-397	153	22	noting	note	VERB
ftr-397	153	23	justice	justice	PROPN
ftr-397	153	24	brandeis	brandeis	PROPN
ftr-397	153	25	’	'	PUNCT
ftr-397	153	26	“	"	PUNCT
ftr-397	153	27	impli[cation	impli[cation	NOUN
ftr-397	153	28	]	]	PUNCT
ftr-397	153	29	that	that	SCONJ
ftr-397	153	30	a	a	DET
ftr-397	153	31	full	full	ADJ
ftr-397	153	32	-	-	PUNCT
ftr-397	153	33	time	time	NOUN
ftr-397	153	34	trader	trader	NOUN
ftr-397	153	35	may	may	AUX
ftr-397	153	36	qualify	qualify	VERB
ftr-397	153	37	as	as	ADP
ftr-397	153	38	being	be	AUX
ftr-397	153	39	in	in	ADP
ftr-397	153	40	a	a	DET
ftr-397	153	41	trade	trade	NOUN
ftr-397	153	42	or	or	CCONJ
ftr-397	153	43	business	business	NOUN
ftr-397	153	44	”	"	PUNCT
ftr-397	153	45	)	)	PUNCT
ftr-397	153	46	.	.	PUNCT
ftr-397	154	1	2008	2008	NUM
ftr-397	154	2	]	]	PUNCT
ftr-397	155	1	a	a	DET
ftr-397	155	2	structural	structural	ADJ
ftr-397	155	3	critique	critique	NOUN
ftr-397	155	4	of	of	ADP
ftr-397	155	5	trader	trader	NOUN
ftr-397	155	6	taxation	taxation	NOUN
ftr-397	155	7	1119	1119	NUM
ftr-397	155	8	holder	holder	NOUN
ftr-397	155	9	of	of	ADP
ftr-397	155	10	securities	security	NOUN
ftr-397	155	11	is	be	AUX
ftr-397	155	12	a	a	DET
ftr-397	155	13	trader	trader	NOUN
ftr-397	155	14	or	or	CCONJ
ftr-397	155	15	an	an	DET
ftr-397	155	16	investor	investor	NOUN
ftr-397	155	17	for	for	ADP
ftr-397	155	18	tax	tax	NOUN
ftr-397	155	19	purposes	purpose	NOUN
ftr-397	155	20	has	have	AUX
ftr-397	155	21	been	be	AUX
ftr-397	155	22	approached	approach	VERB
ftr-397	155	23	by	by	ADP
ftr-397	155	24	many	many	ADJ
ftr-397	155	25	courts	court	NOUN
ftr-397	155	26	over	over	ADP
ftr-397	155	27	several	several	ADJ
ftr-397	155	28	decades.22	decades.22	NOUN
ftr-397	155	29	in	in	ADP
ftr-397	155	30	some	some	DET
ftr-397	155	31	sense	sense	NOUN
ftr-397	155	32	,	,	PUNCT
ftr-397	155	33	the	the	DET
ftr-397	155	34	terms	term	NOUN
ftr-397	155	35	“	"	PUNCT
ftr-397	155	36	dealer	dealer	NOUN
ftr-397	155	37	,	,	PUNCT
ftr-397	155	38	”	"	PUNCT
ftr-397	155	39	“	"	PUNCT
ftr-397	155	40	trader	trader	NOUN
ftr-397	155	41	,	,	PUNCT
ftr-397	155	42	”	"	PUNCT
ftr-397	155	43	and	and	CCONJ
ftr-397	155	44	“	"	PUNCT
ftr-397	155	45	investor	investor	NOUN
ftr-397	155	46	”	"	PUNCT
ftr-397	155	47	are	be	AUX
ftr-397	155	48	merely	merely	ADV
ftr-397	155	49	shorthand	shorthand	NOUN
ftr-397	155	50	descriptions	description	NOUN
ftr-397	155	51	for	for	ADP
ftr-397	155	52	how	how	SCONJ
ftr-397	155	53	these	these	DET
ftr-397	155	54	taxpayers	taxpayer	NOUN
ftr-397	155	55	are	be	AUX
ftr-397	155	56	treated	treat	VERB
ftr-397	155	57	under	under	ADP
ftr-397	155	58	the	the	DET
ftr-397	155	59	tax	tax	NOUN
ftr-397	155	60	law.23	law.23	NOUN
ftr-397	155	61	put	put	VERB
ftr-397	155	62	another	another	DET
ftr-397	155	63	way	way	NOUN
ftr-397	155	64	,	,	PUNCT
ftr-397	155	65	to	to	PART
ftr-397	155	66	say	say	VERB
ftr-397	155	67	that	that	SCONJ
ftr-397	155	68	a	a	DET
ftr-397	155	69	taxpayer	taxpayer	NOUN
ftr-397	155	70	is	be	AUX
ftr-397	155	71	a	a	DET
ftr-397	155	72	trader	trader	NOUN
ftr-397	155	73	or	or	CCONJ
ftr-397	155	74	a	a	DET
ftr-397	155	75	dealer	dealer	NOUN
ftr-397	155	76	or	or	CCONJ
ftr-397	155	77	an	an	DET
ftr-397	155	78	investor	investor	NOUN
ftr-397	155	79	is	be	AUX
ftr-397	155	80	simply	simply	ADV
ftr-397	155	81	to	to	PART
ftr-397	155	82	say	say	VERB
ftr-397	155	83	that	that	SCONJ
ftr-397	155	84	the	the	DET
ftr-397	155	85	taxpayer	taxpayer	NOUN
ftr-397	155	86	is	be	AUX
ftr-397	155	87	subject	subject	ADJ
ftr-397	155	88	to	to	ADP
ftr-397	155	89	the	the	DET
ftr-397	155	90	tax	tax	NOUN
ftr-397	155	91	rules	rule	NOUN
ftr-397	155	92	that	that	PRON
ftr-397	155	93	apply	apply	VERB
ftr-397	155	94	to	to	ADP
ftr-397	155	95	that	that	DET
ftr-397	155	96	class	class	NOUN
ftr-397	155	97	of	of	ADP
ftr-397	155	98	taxpayers	taxpayer	NOUN
ftr-397	155	99	.	.	PUNCT
ftr-397	156	1	the	the	DET
ftr-397	156	2	following	follow	VERB
ftr-397	156	3	summarizes	summarize	NOUN
ftr-397	156	4	some	some	PRON
ftr-397	156	5	of	of	ADP
ftr-397	156	6	the	the	DET
ftr-397	156	7	major	major	ADJ
ftr-397	156	8	tax	tax	NOUN
ftr-397	156	9	rules	rule	NOUN
ftr-397	156	10	that	that	PRON
ftr-397	156	11	may	may	AUX
ftr-397	156	12	apply	apply	VERB
ftr-397	156	13	to	to	ADP
ftr-397	156	14	each	each	PRON
ftr-397	156	15	of	of	ADP
ftr-397	156	16	these	these	DET
ftr-397	156	17	types	type	NOUN
ftr-397	156	18	of	of	ADP
ftr-397	156	19	taxpayers	taxpayer	NOUN
ftr-397	156	20	,	,	PUNCT
ftr-397	156	21	depending	depend	VERB
ftr-397	156	22	on	on	ADP
ftr-397	156	23	how	how	SCONJ
ftr-397	156	24	they	they	PRON
ftr-397	156	25	are	be	AUX
ftr-397	156	26	classified	classified	ADJ
ftr-397	156	27	.	.	PUNCT
ftr-397	157	1	in	in	ADP
ftr-397	157	2	brief	brief	ADJ
ftr-397	157	3	,	,	PUNCT
ftr-397	157	4	traders	trader	NOUN
ftr-397	157	5	and	and	CCONJ
ftr-397	157	6	dealers	dealer	NOUN
ftr-397	157	7	in	in	ADP
ftr-397	157	8	securities	security	NOUN
ftr-397	157	9	will	will	AUX
ftr-397	157	10	be	be	AUX
ftr-397	157	11	entitled	entitle	VERB
ftr-397	157	12	to	to	PART
ftr-397	157	13	take	take	VERB
ftr-397	157	14	certain	certain	ADJ
ftr-397	157	15	ordinary	ordinary	ADJ
ftr-397	157	16	deductions	deduction	NOUN
ftr-397	157	17	incurred	incur	VERB
ftr-397	157	18	in	in	ADP
ftr-397	157	19	their	their	PRON
ftr-397	157	20	securities	security	NOUN
ftr-397	157	21	trade	trade	NOUN
ftr-397	157	22	or	or	CCONJ
ftr-397	157	23	business	business	NOUN
ftr-397	157	24	,	,	PUNCT
ftr-397	157	25	while	while	SCONJ
ftr-397	157	26	investors	investor	NOUN
ftr-397	157	27	will	will	AUX
ftr-397	157	28	not	not	PART
ftr-397	157	29	.	.	PUNCT
ftr-397	158	1	traders	trader	NOUN
ftr-397	158	2	,	,	PUNCT
ftr-397	158	3	unlike	unlike	ADP
ftr-397	158	4	dealers	dealer	NOUN
ftr-397	158	5	,	,	PUNCT
ftr-397	158	6	however	however	ADV
ftr-397	158	7	,	,	PUNCT
ftr-397	158	8	will	will	AUX
ftr-397	158	9	be	be	AUX
ftr-397	158	10	entitled	entitle	VERB
ftr-397	158	11	to	to	PART
ftr-397	158	12	treat	treat	VERB
ftr-397	158	13	their	their	PRON
ftr-397	158	14	gains	gain	NOUN
ftr-397	158	15	and	and	CCONJ
ftr-397	158	16	losses	loss	NOUN
ftr-397	158	17	from	from	ADP
ftr-397	158	18	the	the	DET
ftr-397	158	19	sales	sale	NOUN
ftr-397	158	20	of	of	ADP
ftr-397	158	21	securities	security	NOUN
ftr-397	158	22	as	as	ADP
ftr-397	158	23	capital	capital	NOUN
ftr-397	158	24	gains	gain	NOUN
ftr-397	158	25	and	and	CCONJ
ftr-397	158	26	losses	loss	NOUN
ftr-397	158	27	,	,	PUNCT
ftr-397	158	28	rather	rather	ADV
ftr-397	158	29	than	than	ADP
ftr-397	158	30	ordinary	ordinary	ADJ
ftr-397	158	31	gains	gain	NOUN
ftr-397	158	32	and	and	CCONJ
ftr-397	158	33	losses	loss	NOUN
ftr-397	158	34	.	.	PUNCT
ftr-397	159	1	a.	a.	NOUN
ftr-397	159	2	rules	rule	NOUN
ftr-397	159	3	with	with	ADP
ftr-397	159	4	respect	respect	NOUN
ftr-397	159	5	to	to	ADP
ftr-397	159	6	deductions	deduction	NOUN
ftr-397	159	7	as	as	SCONJ
ftr-397	159	8	is	be	AUX
ftr-397	159	9	the	the	DET
ftr-397	159	10	case	case	NOUN
ftr-397	159	11	with	with	ADP
ftr-397	159	12	other	other	ADJ
ftr-397	159	13	taxpayers	taxpayer	NOUN
ftr-397	159	14	,	,	PUNCT
ftr-397	159	15	the	the	DET
ftr-397	159	16	tax	tax	NOUN
ftr-397	159	17	picture	picture	NOUN
ftr-397	159	18	of	of	ADP
ftr-397	159	19	the	the	DET
ftr-397	159	20	taxpayer	taxpayer	NOUN
ftr-397	159	21	who	who	PRON
ftr-397	159	22	holds	hold	VERB
ftr-397	159	23	securities	security	NOUN
ftr-397	159	24	is	be	AUX
ftr-397	159	25	made	make	VERB
ftr-397	159	26	up	up	ADP
ftr-397	159	27	of	of	ADP
ftr-397	159	28	income	income	NOUN
ftr-397	159	29	,	,	PUNCT
ftr-397	159	30	gains	gain	NOUN
ftr-397	159	31	,	,	PUNCT
ftr-397	159	32	and	and	CCONJ
ftr-397	159	33	profits	profit	NOUN
ftr-397	159	34	,	,	PUNCT
ftr-397	159	35	as	as	ADV
ftr-397	159	36	well	well	ADV
ftr-397	159	37	as	as	ADP
ftr-397	159	38	deductions	deduction	NOUN
ftr-397	159	39	for	for	ADP
ftr-397	159	40	expenses	expense	NOUN
ftr-397	159	41	and	and	CCONJ
ftr-397	159	42	losses	loss	NOUN
ftr-397	159	43	.	.	PUNCT
ftr-397	160	1	many	many	ADJ
ftr-397	160	2	of	of	ADP
ftr-397	160	3	the	the	DET
ftr-397	160	4	cases	case	NOUN
ftr-397	160	5	in	in	ADP
ftr-397	160	6	which	which	PRON
ftr-397	160	7	courts	court	NOUN
ftr-397	160	8	are	be	AUX
ftr-397	160	9	called	call	VERB
ftr-397	160	10	upon	upon	SCONJ
ftr-397	160	11	to	to	PART
ftr-397	160	12	determine	determine	VERB
ftr-397	160	13	whether	whether	SCONJ
ftr-397	160	14	a	a	DET
ftr-397	160	15	taxpayer	taxpayer	NOUN
ftr-397	160	16	is	be	AUX
ftr-397	160	17	a	a	DET
ftr-397	160	18	trader	trader	NOUN
ftr-397	160	19	,	,	PUNCT
ftr-397	160	20	as	as	SCONJ
ftr-397	160	21	opposed	oppose	VERB
ftr-397	160	22	to	to	ADP
ftr-397	160	23	an	an	DET
ftr-397	160	24	investor	investor	NOUN
ftr-397	160	25	,	,	PUNCT
ftr-397	160	26	arise	arise	VERB
ftr-397	160	27	on	on	ADP
ftr-397	160	28	the	the	DET
ftr-397	160	29	deductions	deduction	NOUN
ftr-397	160	30	side	side	NOUN
ftr-397	160	31	,	,	PUNCT
ftr-397	160	32	in	in	ADP
ftr-397	160	33	the	the	DET
ftr-397	160	34	context	context	NOUN
ftr-397	160	35	of	of	ADP
ftr-397	160	36	needing	need	VERB
ftr-397	160	37	to	to	PART
ftr-397	160	38	determine	determine	VERB
ftr-397	160	39	whether	whether	SCONJ
ftr-397	160	40	that	that	DET
ftr-397	160	41	taxpayer	taxpayer	NOUN
ftr-397	160	42	is	be	AUX
ftr-397	160	43	entitled	entitle	VERB
ftr-397	160	44	to	to	PART
ftr-397	160	45	take	take	VERB
ftr-397	160	46	certain	certain	ADJ
ftr-397	160	47	deductions	deduction	NOUN
ftr-397	160	48	.	.	PUNCT
ftr-397	161	1	taxpayers	taxpayer	NOUN
ftr-397	161	2	who	who	PRON
ftr-397	161	3	are	be	AUX
ftr-397	161	4	classified	classify	VERB
ftr-397	161	5	as	as	SCONJ
ftr-397	161	6	investors	investor	NOUN
ftr-397	161	7	will	will	AUX
ftr-397	161	8	generally	generally	ADV
ftr-397	161	9	be	be	AUX
ftr-397	161	10	denied	deny	VERB
ftr-397	161	11	“	"	PUNCT
ftr-397	161	12	trade	trade	NOUN
ftr-397	161	13	or	or	CCONJ
ftr-397	161	14	business	business	NOUN
ftr-397	161	15	”	"	PUNCT
ftr-397	161	16	–	–	PUNCT
ftr-397	161	17	related	relate	VERB
ftr-397	161	18	deductions	deduction	NOUN
ftr-397	161	19	,	,	PUNCT
ftr-397	161	20	which	which	PRON
ftr-397	161	21	can	can	AUX
ftr-397	161	22	be	be	AUX
ftr-397	161	23	quite	quite	ADV
ftr-397	161	24	valuable	valuable	ADJ
ftr-397	161	25	,	,	PUNCT
ftr-397	161	26	while	while	SCONJ
ftr-397	161	27	taxpayers	taxpayer	NOUN
ftr-397	161	28	who	who	PRON
ftr-397	161	29	are	be	AUX
ftr-397	161	30	either	either	PRON
ftr-397	161	31	dealers	dealer	NOUN
ftr-397	161	32	or	or	CCONJ
ftr-397	161	33	traders	trader	NOUN
ftr-397	161	34	are	be	AUX
ftr-397	161	35	allowed	allow	VERB
ftr-397	161	36	such	such	ADJ
ftr-397	161	37	deductions	deduction	NOUN
ftr-397	161	38	.	.	PUNCT
ftr-397	162	1	the	the	DET
ftr-397	162	2	following	follow	VERB
ftr-397	162	3	are	be	AUX
ftr-397	162	4	some	some	PRON
ftr-397	162	5	of	of	ADP
ftr-397	162	6	the	the	DET
ftr-397	162	7	“	"	PUNCT
ftr-397	162	8	trade	trade	NOUN
ftr-397	162	9	or	or	CCONJ
ftr-397	162	10	business	business	NOUN
ftr-397	162	11	”	"	PUNCT
ftr-397	162	12	–	–	PUNCT
ftr-397	162	13	type	type	NOUN
ftr-397	162	14	deductions	deduction	NOUN
ftr-397	162	15	that	that	PRON
ftr-397	162	16	may	may	AUX
ftr-397	162	17	be	be	AUX
ftr-397	162	18	allowed	allow	VERB
ftr-397	162	19	to	to	ADP
ftr-397	162	20	traders	trader	NOUN
ftr-397	162	21	(	(	PUNCT
ftr-397	162	22	and	and	CCONJ
ftr-397	162	23	dealers	dealer	NOUN
ftr-397	162	24	)	)	PUNCT
ftr-397	162	25	in	in	ADP
ftr-397	162	26	securities	security	NOUN
ftr-397	162	27	,	,	PUNCT
ftr-397	162	28	but	but	CCONJ
ftr-397	162	29	that	that	PRON
ftr-397	162	30	are	be	AUX
ftr-397	162	31	denied	deny	VERB
ftr-397	162	32	investors	investor	NOUN
ftr-397	162	33	.	.	PUNCT
ftr-397	163	1	i.	i.	PROPN
ftr-397	163	2	irc	irc	PROPN
ftr-397	163	3	section	section	NOUN
ftr-397	163	4	162	162	NUM
ftr-397	163	5	deductions	deduction	NOUN
ftr-397	163	6	perhaps	perhaps	ADV
ftr-397	163	7	the	the	DET
ftr-397	163	8	most	most	ADV
ftr-397	163	9	significant	significant	ADJ
ftr-397	163	10	deduction	deduction	NOUN
ftr-397	163	11	allowed	allow	VERB
ftr-397	163	12	to	to	ADP
ftr-397	163	13	traders	trader	NOUN
ftr-397	163	14	and	and	CCONJ
ftr-397	163	15	dealers	dealer	NOUN
ftr-397	163	16	that	that	PRON
ftr-397	163	17	is	be	AUX
ftr-397	163	18	denied	deny	VERB
ftr-397	163	19	to	to	ADP
ftr-397	163	20	mere	mere	ADJ
ftr-397	163	21	investors	investor	NOUN
ftr-397	163	22	is	be	AUX
ftr-397	163	23	the	the	DET
ftr-397	163	24	deduction	deduction	NOUN
ftr-397	163	25	under	under	ADP
ftr-397	163	26	irc	irc	PROPN
ftr-397	163	27	section	section	NOUN
ftr-397	163	28	162	162	NUM
ftr-397	163	29	for	for	ADP
ftr-397	163	30	“	"	PUNCT
ftr-397	163	31	all	all	DET
ftr-397	163	32	the	the	DET
ftr-397	163	33	ordinary	ordinary	ADJ
ftr-397	163	34	and	and	CCONJ
ftr-397	163	35	necessary	necessary	ADJ
ftr-397	163	36	expenses	expense	NOUN
ftr-397	163	37	paid	pay	VERB
ftr-397	163	38	or	or	CCONJ
ftr-397	163	39	incurred	incur	VERB
ftr-397	163	40	during	during	ADP
ftr-397	163	41	the	the	DET
ftr-397	163	42	taxable	taxable	ADJ
ftr-397	163	43	year	year	NOUN
ftr-397	163	44	in	in	ADP
ftr-397	163	45	carrying	carry	VERB
ftr-397	163	46	on	on	ADP
ftr-397	163	47	any	any	DET
ftr-397	163	48	trade	trade	NOUN
ftr-397	163	49	or	or	CCONJ
ftr-397	163	50	business	business	NOUN
ftr-397	163	51	.	.	PUNCT
ftr-397	164	1	”24	”24	VERB
ftr-397	164	2	irc	irc	PROPN
ftr-397	164	3	section	section	NOUN
ftr-397	164	4	162	162	NUM
ftr-397	164	5	deductions	deduction	NOUN
ftr-397	164	6	are	be	AUX
ftr-397	164	7	22	22	NUM
ftr-397	164	8	.	.	PUNCT
ftr-397	165	1	see	see	VERB
ftr-397	165	2	,	,	PUNCT
ftr-397	165	3	e.g.	e.g.	ADV
ftr-397	165	4	,	,	PUNCT
ftr-397	165	5	higgins	higgins	PROPN
ftr-397	165	6	v.	v.	ADP
ftr-397	165	7	comm’r	comm’r	NOUN
ftr-397	165	8	,	,	PUNCT
ftr-397	165	9	312	312	NUM
ftr-397	165	10	u.s	u.s	PROPN
ftr-397	165	11	.	.	PROPN
ftr-397	165	12	212	212	NUM
ftr-397	165	13	(	(	PUNCT
ftr-397	165	14	1941	1941	NUM
ftr-397	165	15	)	)	PUNCT
ftr-397	165	16	;	;	PUNCT
ftr-397	166	1	chen	chen	PROPN
ftr-397	166	2	v.	v.	ADP
ftr-397	166	3	comm’r	comm’r	PROPN
ftr-397	166	4	,	,	PUNCT
ftr-397	166	5	2004	2004	NUM
ftr-397	166	6	t.c.m	t.c.m	NOUN
ftr-397	166	7	.	.	PUNCT
ftr-397	167	1	(	(	PUNCT
ftr-397	167	2	ria	ria	PROPN
ftr-397	167	3	)	)	PUNCT
ftr-397	167	4	¶	¶	PROPN
ftr-397	167	5	2004	2004	NUM
ftr-397	167	6	-	-	SYM
ftr-397	167	7	132	132	NUM
ftr-397	167	8	;	;	PUNCT
ftr-397	167	9	archaya	archaya	NOUN
ftr-397	167	10	v.	v.	ADP
ftr-397	167	11	comm’r	comm’r	NOUN
ftr-397	167	12	,	,	PUNCT
ftr-397	167	13	no	no	INTJ
ftr-397	167	14	.	.	NOUN
ftr-397	167	15	9461	9461	NUM
ftr-397	167	16	-	-	SYM
ftr-397	167	17	05	05	NUM
ftr-397	167	18	(	(	PUNCT
ftr-397	167	19	7th	7th	ADJ
ftr-397	167	20	cir	cir	NOUN
ftr-397	167	21	.	.	PROPN
ftr-397	167	22	2007	2007	NUM
ftr-397	167	23	)	)	PUNCT
ftr-397	168	1	(	(	PUNCT
ftr-397	168	2	fed	fed	PROPN
ftr-397	168	3	.	.	PUNCT
ftr-397	169	1	r.	r.	PROPN
ftr-397	169	2	app	app	PROPN
ftr-397	169	3	.	.	PUNCT
ftr-397	170	1	p.	p.	NOUN
ftr-397	170	2	32.1	32.1	NUM
ftr-397	170	3	nonprecedential	nonprecedential	ADJ
ftr-397	170	4	disposition	disposition	NOUN
ftr-397	170	5	)	)	PUNCT
ftr-397	170	6	.	.	PUNCT
ftr-397	171	1	23	23	NUM
ftr-397	171	2	.	.	PUNCT
ftr-397	171	3	boris	boris	PROPN
ftr-397	171	4	i.	i.	PROPN
ftr-397	171	5	bittker	bittker	PROPN
ftr-397	171	6	&	&	CCONJ
ftr-397	171	7	lawrence	lawrence	PROPN
ftr-397	171	8	lokken	lokken	PROPN
ftr-397	171	9	,	,	PUNCT
ftr-397	171	10	federal	federal	ADJ
ftr-397	171	11	income	income	NOUN
ftr-397	171	12	taxation	taxation	NOUN
ftr-397	171	13	of	of	ADP
ftr-397	171	14	income	income	NOUN
ftr-397	171	15	,	,	PUNCT
ftr-397	171	16	estates	estate	NOUN
ftr-397	171	17	&	&	CCONJ
ftr-397	171	18	gifts	gift	NOUN
ftr-397	171	19	,	,	PUNCT
ftr-397	171	20	at	at	ADP
ftr-397	171	21	¶	¶	PROPN
ftr-397	171	22	47.2	47.2	NUM
ftr-397	171	23	(	(	PUNCT
ftr-397	171	24	3d	3d	PROPN
ftr-397	171	25	ed	ed	NOUN
ftr-397	171	26	.	.	PROPN
ftr-397	171	27	2005	2005	NUM
ftr-397	171	28	)	)	PUNCT
ftr-397	171	29	(	(	PUNCT
ftr-397	171	30	“	"	PUNCT
ftr-397	171	31	the	the	DET
ftr-397	171	32	terms	term	NOUN
ftr-397	171	33	‘	'	PUNCT
ftr-397	171	34	dealer	dealer	NOUN
ftr-397	171	35	’	'	PUNCT
ftr-397	171	36	and	and	CCONJ
ftr-397	171	37	‘	'	PUNCT
ftr-397	171	38	trader	trader	NOUN
ftr-397	171	39	,	,	PUNCT
ftr-397	171	40	’	'	PUNCT
ftr-397	171	41	which	which	PRON
ftr-397	171	42	do	do	AUX
ftr-397	171	43	not	not	PART
ftr-397	171	44	appear	appear	VERB
ftr-397	171	45	in	in	ADP
ftr-397	171	46	§	§	PROPN
ftr-397	171	47	1221(a)(1	1221(a)(1	NUM
ftr-397	171	48	)	)	PUNCT
ftr-397	171	49	itself	itself	PRON
ftr-397	171	50	,	,	PUNCT
ftr-397	171	51	are	be	AUX
ftr-397	171	52	simply	simply	ADV
ftr-397	171	53	labels	label	NOUN
ftr-397	171	54	–	–	PUNCT
ftr-397	171	55	the	the	DET
ftr-397	171	56	‘	'	PUNCT
ftr-397	171	57	dealer	dealer	NOUN
ftr-397	171	58	’	'	PUNCT
ftr-397	171	59	referring	refer	VERB
ftr-397	171	60	to	to	ADP
ftr-397	171	61	a	a	DET
ftr-397	171	62	taxpayer	taxpayer	NOUN
ftr-397	171	63	who	who	PRON
ftr-397	171	64	holds	hold	VERB
ftr-397	171	65	securities	security	NOUN
ftr-397	171	66	for	for	ADP
ftr-397	171	67	sale	sale	NOUN
ftr-397	171	68	to	to	ADP
ftr-397	171	69	customers	customer	NOUN
ftr-397	171	70	in	in	ADP
ftr-397	171	71	the	the	DET
ftr-397	171	72	ordinary	ordinary	ADJ
ftr-397	171	73	course	course	NOUN
ftr-397	171	74	of	of	ADP
ftr-397	171	75	a	a	DET
ftr-397	171	76	trade	trade	NOUN
ftr-397	171	77	or	or	CCONJ
ftr-397	171	78	business	business	NOUN
ftr-397	171	79	and	and	CCONJ
ftr-397	171	80	the	the	DET
ftr-397	171	81	‘	'	PUNCT
ftr-397	171	82	trader	trader	NOUN
ftr-397	171	83	’	'	PUNCT
ftr-397	171	84	to	to	ADP
ftr-397	171	85	a	a	DET
ftr-397	171	86	taxpayer	taxpayer	NOUN
ftr-397	171	87	who	who	PRON
ftr-397	171	88	does	do	AUX
ftr-397	171	89	not	not	PART
ftr-397	171	90	have	have	VERB
ftr-397	171	91	‘	'	PUNCT
ftr-397	171	92	customers	customer	NOUN
ftr-397	171	93	’	'	PUNCT
ftr-397	171	94	even	even	ADV
ftr-397	171	95	though	though	SCONJ
ftr-397	171	96	he	he	PRON
ftr-397	171	97	or	or	CCONJ
ftr-397	171	98	she	she	PRON
ftr-397	171	99	buys	buy	VERB
ftr-397	171	100	and	and	CCONJ
ftr-397	171	101	sells	sell	VERB
ftr-397	171	102	securities	security	NOUN
ftr-397	171	103	with	with	ADP
ftr-397	171	104	great	great	ADJ
ftr-397	171	105	frequency	frequency	NOUN
ftr-397	171	106	”	"	PUNCT
ftr-397	171	107	)	)	PUNCT
ftr-397	171	108	.	.	PUNCT
ftr-397	172	1	24	24	NUM
ftr-397	172	2	.	.	PUNCT
ftr-397	172	3	irc	irc	PROPN
ftr-397	172	4	§	§	PROPN
ftr-397	172	5	162	162	NUM
ftr-397	172	6	.	.	PUNCT
ftr-397	172	7	1120	1120	NUM
ftr-397	172	8	florida	florida	PROPN
ftr-397	172	9	tax	tax	NOUN
ftr-397	172	10	review	review	NOUN
ftr-397	172	11	[	[	X
ftr-397	172	12	vol	vol	NOUN
ftr-397	172	13	.	.	PUNCT
ftr-397	172	14	8:10	8:10	NUM
ftr-397	172	15	deducted	deduct	VERB
ftr-397	172	16	on	on	ADP
ftr-397	172	17	the	the	DET
ftr-397	172	18	taxpayers	taxpayer	NOUN
ftr-397	172	19	schedule	schedule	NOUN
ftr-397	172	20	c	c	PROPN
ftr-397	172	21	(	(	PUNCT
ftr-397	172	22	profit	profit	NOUN
ftr-397	172	23	or	or	CCONJ
ftr-397	172	24	loss	loss	NOUN
ftr-397	172	25	from	from	ADP
ftr-397	172	26	business	business	NOUN
ftr-397	172	27	)	)	PUNCT
ftr-397	172	28	and	and	CCONJ
ftr-397	172	29	are	be	AUX
ftr-397	172	30	“	"	PUNCT
ftr-397	172	31	above	above	ADP
ftr-397	172	32	the	the	DET
ftr-397	172	33	line	line	NOUN
ftr-397	172	34	”	"	PUNCT
ftr-397	172	35	deductions	deduction	NOUN
ftr-397	172	36	that	that	PRON
ftr-397	172	37	reduce	reduce	VERB
ftr-397	172	38	adjusted	adjust	VERB
ftr-397	172	39	gross	gross	ADJ
ftr-397	172	40	income.25	income.25	NOUN
ftr-397	172	41	mere	mere	ADJ
ftr-397	172	42	investors	investor	NOUN
ftr-397	172	43	,	,	PUNCT
ftr-397	172	44	on	on	ADP
ftr-397	172	45	the	the	DET
ftr-397	172	46	other	other	ADJ
ftr-397	172	47	hand	hand	NOUN
ftr-397	172	48	,	,	PUNCT
ftr-397	172	49	not	not	PART
ftr-397	172	50	being	be	AUX
ftr-397	172	51	in	in	ADP
ftr-397	172	52	a	a	DET
ftr-397	172	53	trade	trade	NOUN
ftr-397	172	54	or	or	CCONJ
ftr-397	172	55	business	business	NOUN
ftr-397	172	56	,	,	PUNCT
ftr-397	172	57	are	be	AUX
ftr-397	172	58	not	not	PART
ftr-397	172	59	eligible	eligible	ADJ
ftr-397	172	60	for	for	ADP
ftr-397	172	61	irc	irc	PROPN
ftr-397	172	62	section	section	NOUN
ftr-397	172	63	162	162	NUM
ftr-397	172	64	’s	’s	PART
ftr-397	172	65	trade	trade	NOUN
ftr-397	172	66	or	or	CCONJ
ftr-397	172	67	business	business	NOUN
ftr-397	172	68	deductions	deduction	NOUN
ftr-397	172	69	,	,	PUNCT
ftr-397	172	70	and	and	CCONJ
ftr-397	172	71	instead	instead	ADV
ftr-397	172	72	will	will	AUX
ftr-397	172	73	deduct	deduct	VERB
ftr-397	172	74	most	most	ADJ
ftr-397	172	75	of	of	ADP
ftr-397	172	76	their	their	PRON
ftr-397	172	77	investment	investment	NOUN
ftr-397	172	78	expenses	expense	NOUN
ftr-397	172	79	under	under	ADP
ftr-397	172	80	irc	irc	PROPN
ftr-397	172	81	section	section	NOUN
ftr-397	172	82	212	212	NUM
ftr-397	172	83	as	as	ADP
ftr-397	172	84	“	"	PUNCT
ftr-397	172	85	below	below	ADP
ftr-397	172	86	the	the	DET
ftr-397	172	87	line	line	NOUN
ftr-397	172	88	”	"	PUNCT
ftr-397	172	89	itemized	itemize	VERB
ftr-397	172	90	deductions.26	deductions.26	ADJ
ftr-397	172	91	such	such	ADJ
ftr-397	172	92	itemized	itemized	ADJ
ftr-397	172	93	deductions	deduction	NOUN
ftr-397	172	94	are	be	AUX
ftr-397	172	95	subject	subject	ADJ
ftr-397	172	96	to	to	ADP
ftr-397	172	97	limitations	limitation	NOUN
ftr-397	172	98	,	,	PUNCT
ftr-397	172	99	such	such	ADJ
ftr-397	172	100	as	as	ADP
ftr-397	172	101	the	the	DET
ftr-397	172	102	2	2	NUM
ftr-397	172	103	%	%	NOUN
ftr-397	172	104	floor	floor	NOUN
ftr-397	172	105	on	on	ADP
ftr-397	172	106	miscellaneous	miscellaneous	ADJ
ftr-397	172	107	itemized	itemize	VERB
ftr-397	172	108	deductions	deduction	NOUN
ftr-397	172	109	,	,	PUNCT
ftr-397	172	110	and	and	CCONJ
ftr-397	172	111	may	may	AUX
ftr-397	172	112	be	be	AUX
ftr-397	172	113	completely	completely	ADV
ftr-397	172	114	eliminated	eliminate	VERB
ftr-397	172	115	if	if	SCONJ
ftr-397	172	116	the	the	DET
ftr-397	172	117	taxpayer	taxpayer	NOUN
ftr-397	172	118	is	be	AUX
ftr-397	172	119	subject	subject	ADJ
ftr-397	172	120	to	to	ADP
ftr-397	172	121	the	the	DET
ftr-397	172	122	alternative	alternative	ADJ
ftr-397	172	123	minimum	minimum	NOUN
ftr-397	172	124	tax.27	tax.27	PROPN
ftr-397	172	125	ii	ii	PROPN
ftr-397	172	126	.	.	PUNCT
ftr-397	173	1	applicability	applicability	NOUN
ftr-397	173	2	of	of	ADP
ftr-397	173	3	investment	investment	NOUN
ftr-397	173	4	interest	interest	NOUN
ftr-397	173	5	limitations	limitation	NOUN
ftr-397	173	6	irc	irc	AUX
ftr-397	173	7	section	section	NOUN
ftr-397	173	8	163	163	NUM
ftr-397	173	9	generally	generally	ADV
ftr-397	173	10	allows	allow	VERB
ftr-397	173	11	a	a	DET
ftr-397	173	12	deduction	deduction	NOUN
ftr-397	173	13	for	for	ADP
ftr-397	173	14	all	all	DET
ftr-397	173	15	interest	interest	NOUN
ftr-397	173	16	paid	pay	VERB
ftr-397	173	17	on	on	ADP
ftr-397	173	18	indebtedness	indebtedness	NOUN
ftr-397	173	19	during	during	ADP
ftr-397	173	20	the	the	DET
ftr-397	173	21	taxable	taxable	ADJ
ftr-397	173	22	year	year	NOUN
ftr-397	173	23	,	,	PUNCT
ftr-397	173	24	but	but	CCONJ
ftr-397	173	25	limits	limit	VERB
ftr-397	173	26	the	the	DET
ftr-397	173	27	deductibility	deductibility	NOUN
ftr-397	173	28	of	of	ADP
ftr-397	173	29	“	"	PUNCT
ftr-397	173	30	investment	investment	NOUN
ftr-397	173	31	interest	interest	NOUN
ftr-397	173	32	”	"	PUNCT
ftr-397	173	33	to	to	ADP
ftr-397	173	34	“	"	PUNCT
ftr-397	173	35	net	net	ADJ
ftr-397	173	36	investment	investment	NOUN
ftr-397	173	37	income	income	NOUN
ftr-397	173	38	.	.	PUNCT
ftr-397	174	1	”28	”28	NOUN
ftr-397	174	2	investors	investor	NOUN
ftr-397	174	3	will	will	AUX
ftr-397	174	4	therefore	therefore	ADV
ftr-397	174	5	only	only	ADV
ftr-397	174	6	be	be	AUX
ftr-397	174	7	able	able	ADJ
ftr-397	174	8	to	to	PART
ftr-397	174	9	deduct	deduct	VERB
ftr-397	174	10	their	their	PRON
ftr-397	174	11	interest	interest	NOUN
ftr-397	174	12	expenses	expense	NOUN
ftr-397	174	13	to	to	ADP
ftr-397	174	14	the	the	DET
ftr-397	174	15	extent	extent	NOUN
ftr-397	174	16	that	that	SCONJ
ftr-397	174	17	they	they	PRON
ftr-397	174	18	have	have	VERB
ftr-397	174	19	“	"	PUNCT
ftr-397	174	20	net	net	ADJ
ftr-397	174	21	investment	investment	NOUN
ftr-397	174	22	interest	interest	NOUN
ftr-397	174	23	,	,	PUNCT
ftr-397	174	24	”	"	PUNCT
ftr-397	174	25	that	that	PRON
ftr-397	174	26	is	be	AUX
ftr-397	174	27	,	,	PUNCT
ftr-397	174	28	the	the	DET
ftr-397	174	29	excess	excess	NOUN
ftr-397	174	30	of	of	ADP
ftr-397	174	31	“	"	PUNCT
ftr-397	174	32	investment	investment	NOUN
ftr-397	174	33	income	income	NOUN
ftr-397	174	34	”	"	PUNCT
ftr-397	174	35	over	over	ADP
ftr-397	174	36	“	"	PUNCT
ftr-397	174	37	investment	investment	NOUN
ftr-397	174	38	expenses	expense	NOUN
ftr-397	174	39	.	.	PUNCT
ftr-397	175	1	”29	”29	NOUN
ftr-397	175	2	traders	trader	NOUN
ftr-397	175	3	and	and	CCONJ
ftr-397	175	4	dealers	dealer	NOUN
ftr-397	175	5	,	,	PUNCT
ftr-397	175	6	however	however	ADV
ftr-397	175	7	,	,	PUNCT
ftr-397	175	8	who	who	PRON
ftr-397	175	9	are	be	AUX
ftr-397	175	10	actively	actively	ADV
ftr-397	175	11	engaged	engage	VERB
ftr-397	175	12	in	in	ADP
ftr-397	175	13	a	a	DET
ftr-397	175	14	trade	trade	NOUN
ftr-397	175	15	or	or	CCONJ
ftr-397	175	16	business	business	NOUN
ftr-397	175	17	,	,	PUNCT
ftr-397	175	18	may	may	AUX
ftr-397	175	19	be	be	AUX
ftr-397	175	20	able	able	ADJ
ftr-397	175	21	to	to	PART
ftr-397	175	22	take	take	VERB
ftr-397	175	23	unlimited	unlimited	ADJ
ftr-397	175	24	interest	interest	NOUN
ftr-397	175	25	expense	expense	NOUN
ftr-397	175	26	deductions	deduction	NOUN
ftr-397	175	27	,	,	PUNCT
ftr-397	175	28	although	although	SCONJ
ftr-397	175	29	their	their	PRON
ftr-397	175	30	ability	ability	NOUN
ftr-397	175	31	to	to	PART
ftr-397	175	32	take	take	VERB
ftr-397	175	33	such	such	ADJ
ftr-397	175	34	interest	interest	NOUN
ftr-397	175	35	deductions	deduction	NOUN
ftr-397	175	36	may	may	AUX
ftr-397	175	37	be	be	AUX
ftr-397	175	38	limited	limit	VERB
ftr-397	175	39	if	if	SCONJ
ftr-397	175	40	the	the	DET
ftr-397	175	41	trader	trader	NOUN
ftr-397	175	42	or	or	CCONJ
ftr-397	175	43	dealer	dealer	NOUN
ftr-397	175	44	is	be	AUX
ftr-397	175	45	found	find	VERB
ftr-397	175	46	to	to	PART
ftr-397	175	47	not	not	PART
ftr-397	175	48	“	"	PUNCT
ftr-397	175	49	materially	materially	ADV
ftr-397	175	50	participate	participate	VERB
ftr-397	175	51	”	"	PUNCT
ftr-397	175	52	in	in	ADP
ftr-397	175	53	the	the	DET
ftr-397	175	54	trade	trade	NOUN
ftr-397	175	55	or	or	CCONJ
ftr-397	175	56	business	business	NOUN
ftr-397	175	57	activity	activity	NOUN
ftr-397	175	58	to	to	PART
ftr-397	175	59	which	which	PRON
ftr-397	175	60	the	the	DET
ftr-397	175	61	interest	interest	NOUN
ftr-397	175	62	expense	expense	NOUN
ftr-397	175	63	relates.30	relates.30	VERB
ftr-397	175	64	25	25	NUM
ftr-397	175	65	.	.	PUNCT
ftr-397	176	1	see	see	VERB
ftr-397	176	2	schedule	schedule	NOUN
ftr-397	176	3	c	c	NOUN
ftr-397	176	4	to	to	PART
ftr-397	176	5	form	form	VERB
ftr-397	176	6	1040	1040	NUM
ftr-397	176	7	,	,	PUNCT
ftr-397	176	8	available	available	ADJ
ftr-397	176	9	at	at	ADP
ftr-397	176	10	http://www.irs.gov/pub/irspdf/f1040sc.pdf	http://www.irs.gov/pub/irspdf/f1040sc.pdf	PROPN
ftr-397	176	11	(	(	PUNCT
ftr-397	176	12	last	last	ADV
ftr-397	176	13	visited	visit	VERB
ftr-397	176	14	jan	jan	PROPN
ftr-397	176	15	.	.	PROPN
ftr-397	176	16	19	19	NUM
ftr-397	176	17	,	,	PUNCT
ftr-397	176	18	2008	2008	NUM
ftr-397	176	19	)	)	PUNCT
ftr-397	176	20	.	.	PUNCT
ftr-397	177	1	26	26	NUM
ftr-397	177	2	.	.	PUNCT
ftr-397	177	3	irc	irc	AUX
ftr-397	177	4	§	§	PROPN
ftr-397	177	5	212	212	NUM
ftr-397	177	6	(	(	PUNCT
ftr-397	177	7	providing	provide	VERB
ftr-397	177	8	that	that	SCONJ
ftr-397	177	9	“	"	PUNCT
ftr-397	177	10	[	[	X
ftr-397	177	11	i]n	i]n	VERB
ftr-397	177	12	the	the	DET
ftr-397	177	13	case	case	NOUN
ftr-397	177	14	of	of	ADP
ftr-397	177	15	an	an	DET
ftr-397	177	16	individual	individual	NOUN
ftr-397	177	17	,	,	PUNCT
ftr-397	177	18	there	there	PRON
ftr-397	177	19	shall	shall	AUX
ftr-397	177	20	be	be	AUX
ftr-397	177	21	allowed	allow	VERB
ftr-397	177	22	as	as	ADP
ftr-397	177	23	a	a	DET
ftr-397	177	24	deduction	deduction	NOUN
ftr-397	177	25	all	all	DET
ftr-397	177	26	the	the	DET
ftr-397	177	27	ordinary	ordinary	ADJ
ftr-397	177	28	and	and	CCONJ
ftr-397	177	29	necessary	necessary	ADJ
ftr-397	177	30	expenses	expense	NOUN
ftr-397	177	31	paid	pay	VERB
ftr-397	177	32	or	or	CCONJ
ftr-397	177	33	incurred	incur	VERB
ftr-397	177	34	during	during	ADP
ftr-397	177	35	the	the	DET
ftr-397	177	36	taxable	taxable	ADJ
ftr-397	177	37	year	year	NOUN
ftr-397	177	38	–	–	PUNCT
ftr-397	177	39	(	(	PUNCT
ftr-397	177	40	1	1	X
ftr-397	177	41	)	)	PUNCT
ftr-397	177	42	for	for	ADP
ftr-397	177	43	the	the	DET
ftr-397	177	44	production	production	NOUN
ftr-397	177	45	or	or	CCONJ
ftr-397	177	46	collection	collection	NOUN
ftr-397	177	47	of	of	ADP
ftr-397	177	48	income	income	NOUN
ftr-397	177	49	;	;	PUNCT
ftr-397	177	50	(	(	PUNCT
ftr-397	177	51	2	2	X
ftr-397	177	52	)	)	PUNCT
ftr-397	177	53	for	for	ADP
ftr-397	177	54	the	the	DET
ftr-397	177	55	management	management	NOUN
ftr-397	177	56	,	,	PUNCT
ftr-397	177	57	conservation	conservation	NOUN
ftr-397	177	58	,	,	PUNCT
ftr-397	177	59	or	or	CCONJ
ftr-397	177	60	maintenance	maintenance	NOUN
ftr-397	177	61	of	of	ADP
ftr-397	177	62	property	property	NOUN
ftr-397	177	63	held	hold	VERB
ftr-397	177	64	for	for	ADP
ftr-397	177	65	the	the	DET
ftr-397	177	66	production	production	NOUN
ftr-397	177	67	of	of	ADP
ftr-397	177	68	income	income	NOUN
ftr-397	177	69	;	;	PUNCT
ftr-397	177	70	or	or	CCONJ
ftr-397	177	71	(	(	PUNCT
ftr-397	177	72	3	3	X
ftr-397	177	73	)	)	PUNCT
ftr-397	177	74	in	in	ADP
ftr-397	177	75	connection	connection	NOUN
ftr-397	177	76	with	with	ADP
ftr-397	177	77	the	the	DET
ftr-397	177	78	determination	determination	NOUN
ftr-397	177	79	,	,	PUNCT
ftr-397	177	80	collection	collection	NOUN
ftr-397	177	81	,	,	PUNCT
ftr-397	177	82	or	or	CCONJ
ftr-397	177	83	refund	refund	NOUN
ftr-397	177	84	of	of	ADP
ftr-397	177	85	any	any	DET
ftr-397	177	86	tax	tax	NOUN
ftr-397	177	87	”	"	PUNCT
ftr-397	177	88	)	)	PUNCT
ftr-397	177	89	;	;	PUNCT
ftr-397	177	90	see	see	AUX
ftr-397	177	91	also	also	ADV
ftr-397	177	92	schedule	schedule	VERB
ftr-397	177	93	a	a	PRON
ftr-397	177	94	to	to	PART
ftr-397	177	95	form	form	VERB
ftr-397	177	96	1040	1040	NUM
ftr-397	177	97	,	,	PUNCT
ftr-397	177	98	available	available	ADJ
ftr-397	177	99	at	at	ADP
ftr-397	177	100	http://www.irs.gov/pub/irspdf/f1040sab.pdf	http://www.irs.gov/pub/irspdf/f1040sab.pdf	PROPN
ftr-397	177	101	(	(	PUNCT
ftr-397	177	102	last	last	ADV
ftr-397	177	103	visited	visit	VERB
ftr-397	177	104	jan	jan	PROPN
ftr-397	177	105	.	.	PROPN
ftr-397	177	106	19	19	NUM
ftr-397	177	107	,	,	PUNCT
ftr-397	177	108	2008	2008	NUM
ftr-397	177	109	)	)	PUNCT
ftr-397	177	110	;	;	PUNCT
ftr-397	177	111	see	see	VERB
ftr-397	177	112	also	also	ADV
ftr-397	177	113	federal	federal	ADJ
ftr-397	177	114	tax	tax	NOUN
ftr-397	177	115	coordinator	coordinator	NOUN
ftr-397	177	116	(	(	PUNCT
ftr-397	177	117	ria	ria	PROPN
ftr-397	177	118	)	)	PUNCT
ftr-397	177	119	2d	2d	PROPN
ftr-397	177	120	at	at	ADP
ftr-397	177	121	¶	¶	PROPN
ftr-397	177	122	l-4005	l-4005	PROPN
ftr-397	177	123	(	(	PUNCT
ftr-397	177	124	listing	list	VERB
ftr-397	177	125	some	some	PRON
ftr-397	177	126	of	of	ADP
ftr-397	177	127	the	the	DET
ftr-397	177	128	deductions	deduction	NOUN
ftr-397	177	129	that	that	PRON
ftr-397	177	130	have	have	AUX
ftr-397	177	131	been	be	AUX
ftr-397	177	132	allowed	allow	VERB
ftr-397	177	133	investors	investor	NOUN
ftr-397	177	134	under	under	ADP
ftr-397	177	135	irc	irc	PROPN
ftr-397	177	136	§	§	PROPN
ftr-397	177	137	212	212	NUM
ftr-397	177	138	)	)	PUNCT
ftr-397	177	139	.	.	PUNCT
ftr-397	178	1	27	27	NUM
ftr-397	178	2	.	.	PUNCT
ftr-397	179	1	irc	irc	PROPN
ftr-397	179	2	§	§	PROPN
ftr-397	179	3	67(a	67(a	PROPN
ftr-397	179	4	)	)	PUNCT
ftr-397	179	5	;	;	PUNCT
ftr-397	180	1	treas	treas	PROPN
ftr-397	180	2	.	.	PUNCT
ftr-397	181	1	reg	reg	PROPN
ftr-397	181	2	.	.	PUNCT
ftr-397	182	1	§	§	PROPN
ftr-397	182	2	1.67	1.67	NUM
ftr-397	182	3	-	-	PUNCT
ftr-397	182	4	1t(a)(1)(ii	1t(a)(1)(ii	NUM
ftr-397	182	5	)	)	PUNCT
ftr-397	182	6	)	)	PUNCT
ftr-397	182	7	;	;	PUNCT
ftr-397	182	8	see	see	VERB
ftr-397	182	9	,	,	PUNCT
ftr-397	182	10	e.g.	e.g.	ADV
ftr-397	182	11	,	,	PUNCT
ftr-397	182	12	mayer	mayer	PROPN
ftr-397	182	13	v.	v.	PROPN
ftr-397	182	14	united	united	PROPN
ftr-397	182	15	states	states	PROPN
ftr-397	182	16	,	,	PUNCT
ftr-397	182	17	67	67	NUM
ftr-397	182	18	t.c.m	t.c.m	NOUN
ftr-397	182	19	.	.	PUNCT
ftr-397	183	1	(	(	PUNCT
ftr-397	183	2	cch	cch	NOUN
ftr-397	183	3	)	)	PUNCT
ftr-397	183	4	2949	2949	NUM
ftr-397	183	5	,	,	PUNCT
ftr-397	183	6	2949	2949	NUM
ftr-397	183	7	-	-	SYM
ftr-397	183	8	5	5	NUM
ftr-397	183	9	n.	n.	NOUN
ftr-397	183	10	11	11	NUM
ftr-397	183	11	(	(	PUNCT
ftr-397	183	12	1994	1994	NUM
ftr-397	183	13	)	)	PUNCT
ftr-397	183	14	;	;	PUNCT
ftr-397	183	15	see	see	VERB
ftr-397	183	16	also	also	ADV
ftr-397	183	17	raby	raby	NOUN
ftr-397	183	18	,	,	PUNCT
ftr-397	183	19	ordinary	ordinary	ADJ
ftr-397	183	20	deductions	deduction	NOUN
ftr-397	183	21	but	but	CCONJ
ftr-397	183	22	capital	capital	NOUN
ftr-397	183	23	losses	loss	NOUN
ftr-397	183	24	,	,	PUNCT
ftr-397	183	25	supra	supra	PROPN
ftr-397	183	26	note	note	NOUN
ftr-397	183	27	5	5	NUM
ftr-397	183	28	,	,	PUNCT
ftr-397	183	29	at	at	ADP
ftr-397	183	30	612	612	NUM
ftr-397	183	31	(	(	PUNCT
ftr-397	183	32	discussing	discuss	VERB
ftr-397	183	33	mayer	mayer	PROPN
ftr-397	183	34	)	)	PUNCT
ftr-397	183	35	.	.	PUNCT
ftr-397	184	1	28	28	NUM
ftr-397	184	2	.	.	PUNCT
ftr-397	185	1	irc	irc	PROPN
ftr-397	185	2	§	§	PROPN
ftr-397	185	3	163	163	NUM
ftr-397	185	4	.	.	NOUN
ftr-397	185	5	29	29	NUM
ftr-397	185	6	.	.	PUNCT
ftr-397	186	1	irc	irc	PROPN
ftr-397	186	2	§	§	PROPN
ftr-397	186	3	163(d)(4	163(d)(4	NUM
ftr-397	186	4	)	)	PUNCT
ftr-397	186	5	.	.	PUNCT
ftr-397	187	1	30	30	NUM
ftr-397	187	2	.	.	PUNCT
ftr-397	188	1	“	"	PUNCT
ftr-397	188	2	investment	investment	NOUN
ftr-397	188	3	interest	interest	NOUN
ftr-397	188	4	”	"	PUNCT
ftr-397	188	5	is	be	AUX
ftr-397	188	6	defined	define	VERB
ftr-397	188	7	as	as	ADP
ftr-397	188	8	interest	interest	NOUN
ftr-397	188	9	on	on	ADP
ftr-397	188	10	indebtedness	indebtedness	NOUN
ftr-397	188	11	that	that	PRON
ftr-397	188	12	is	be	AUX
ftr-397	188	13	properly	properly	ADV
ftr-397	188	14	allocable	allocable	ADJ
ftr-397	188	15	to	to	ADP
ftr-397	188	16	“	"	PUNCT
ftr-397	188	17	property	property	NOUN
ftr-397	188	18	held	hold	VERB
ftr-397	188	19	for	for	ADP
ftr-397	188	20	investment	investment	NOUN
ftr-397	188	21	,	,	PUNCT
ftr-397	188	22	”	"	PUNCT
ftr-397	188	23	and	and	CCONJ
ftr-397	188	24	“	"	PUNCT
ftr-397	188	25	net	net	ADJ
ftr-397	188	26	investment	investment	NOUN
ftr-397	188	27	income	income	NOUN
ftr-397	188	28	”	"	PUNCT
ftr-397	188	29	is	be	AUX
ftr-397	188	30	defined	define	VERB
ftr-397	188	31	,	,	PUNCT
ftr-397	188	32	generally	generally	ADV
ftr-397	188	33	,	,	PUNCT
ftr-397	188	34	as	as	ADP
ftr-397	188	35	the	the	DET
ftr-397	188	36	taxpayer	taxpayer	NOUN
ftr-397	188	37	’s	’s	PART
ftr-397	188	38	net	net	ADJ
ftr-397	188	39	income	income	NOUN
ftr-397	188	40	from	from	ADP
ftr-397	188	41	“	"	PUNCT
ftr-397	188	42	property	property	NOUN
ftr-397	188	43	held	hold	VERB
ftr-397	188	44	for	for	ADP
ftr-397	188	45	investment	investment	NOUN
ftr-397	188	46	”	"	PUNCT
ftr-397	188	47	plus	plus	CCONJ
ftr-397	188	48	certain	certain	ADJ
ftr-397	188	49	gains	gain	NOUN
ftr-397	188	50	from	from	ADP
ftr-397	188	51	the	the	DET
ftr-397	188	52	disposition	disposition	NOUN
ftr-397	188	53	of	of	ADP
ftr-397	188	54	such	such	ADJ
ftr-397	188	55	property	property	NOUN
ftr-397	188	56	.	.	PUNCT
ftr-397	189	1	irc	irc	PROPN
ftr-397	189	2	§	§	PROPN
ftr-397	189	3	163(d	163(d	PROPN
ftr-397	189	4	)	)	PUNCT
ftr-397	189	5	.	.	PUNCT
ftr-397	190	1	generally	generally	ADV
ftr-397	190	2	,	,	PUNCT
ftr-397	190	3	gain	gain	VERB
ftr-397	190	4	from	from	ADP
ftr-397	190	5	dispositions	disposition	NOUN
ftr-397	190	6	that	that	PRON
ftr-397	190	7	is	be	AUX
ftr-397	190	8	included	include	VERB
ftr-397	190	9	in	in	ADP
ftr-397	190	10	“	"	PUNCT
ftr-397	190	11	investment	investment	NOUN
ftr-397	190	12	income	income	NOUN
ftr-397	190	13	”	"	PUNCT
ftr-397	190	14	is	be	AUX
ftr-397	190	15	the	the	DET
ftr-397	190	16	excess	excess	NOUN
ftr-397	190	17	of	of	ADP
ftr-397	190	18	any	any	DET
ftr-397	190	19	net	net	ADJ
ftr-397	190	20	gain	gain	NOUN
ftr-397	190	21	over	over	ADP
ftr-397	190	22	any	any	DET
ftr-397	190	23	net	net	ADJ
ftr-397	190	24	capital	capital	NOUN
ftr-397	190	25	gain	gain	NOUN
ftr-397	190	26	from	from	ADP
ftr-397	190	27	dispositions	disposition	NOUN
ftr-397	190	28	of	of	ADP
ftr-397	190	29	property	property	NOUN
ftr-397	190	30	held	hold	VERB
ftr-397	190	31	for	for	ADP
ftr-397	190	32	investment	investment	NOUN
ftr-397	190	33	,	,	PUNCT
ftr-397	190	34	subject	subject	ADJ
ftr-397	190	35	to	to	ADP
ftr-397	190	36	an	an	DET
ftr-397	190	37	election	election	NOUN
ftr-397	190	38	to	to	PART
ftr-397	190	39	include	include	VERB
ftr-397	190	40	the	the	DET
ftr-397	190	41	taxpayer	taxpayer	NOUN
ftr-397	190	42	’s	’s	PART
ftr-397	190	43	net	net	ADJ
ftr-397	190	44	capital	capital	NOUN
ftr-397	190	45	gain	gain	NOUN
ftr-397	190	46	as	as	ADP
ftr-397	190	47	“	"	PUNCT
ftr-397	190	48	investment	investment	NOUN
ftr-397	190	49	2008	2008	NUM
ftr-397	190	50	]	]	PUNCT
ftr-397	190	51	a	a	DET
ftr-397	190	52	structural	structural	ADJ
ftr-397	190	53	critique	critique	NOUN
ftr-397	190	54	of	of	ADP
ftr-397	190	55	trader	trader	NOUN
ftr-397	190	56	taxation	taxation	NOUN
ftr-397	190	57	1121	1121	NUM
ftr-397	190	58	therefore	therefore	ADV
ftr-397	190	59	,	,	PUNCT
ftr-397	190	60	traders	trader	NOUN
ftr-397	190	61	who	who	PRON
ftr-397	190	62	hold	hold	VERB
ftr-397	190	63	large	large	ADJ
ftr-397	190	64	amounts	amount	NOUN
ftr-397	190	65	of	of	ADP
ftr-397	190	66	debt	debt	NOUN
ftr-397	190	67	,	,	PUNCT
ftr-397	190	68	which	which	PRON
ftr-397	190	69	exceed	exceed	VERB
ftr-397	190	70	their	their	PRON
ftr-397	190	71	income	income	NOUN
ftr-397	190	72	from	from	ADP
ftr-397	190	73	investments	investment	NOUN
ftr-397	190	74	,	,	PUNCT
ftr-397	190	75	will	will	AUX
ftr-397	190	76	be	be	AUX
ftr-397	190	77	at	at	ADP
ftr-397	190	78	an	an	DET
ftr-397	190	79	advantage	advantage	NOUN
ftr-397	190	80	as	as	SCONJ
ftr-397	190	81	compared	compare	VERB
ftr-397	190	82	to	to	ADP
ftr-397	190	83	investors	investor	NOUN
ftr-397	190	84	who	who	PRON
ftr-397	190	85	attempt	attempt	VERB
ftr-397	190	86	to	to	PART
ftr-397	190	87	do	do	VERB
ftr-397	190	88	the	the	DET
ftr-397	190	89	same.31	same.31	NOUN
ftr-397	190	90	iii	iii	PROPN
ftr-397	190	91	.	.	PUNCT
ftr-397	191	1	election	election	NOUN
ftr-397	191	2	to	to	PART
ftr-397	191	3	deduct	deduct	VERB
ftr-397	191	4	certain	certain	ADJ
ftr-397	191	5	depreciable	depreciable	ADJ
ftr-397	191	6	property	property	NOUN
ftr-397	191	7	traders	trader	NOUN
ftr-397	191	8	and	and	CCONJ
ftr-397	191	9	dealers	dealer	NOUN
ftr-397	191	10	may	may	AUX
ftr-397	191	11	be	be	AUX
ftr-397	191	12	able	able	ADJ
ftr-397	191	13	to	to	PART
ftr-397	191	14	elect	elect	VERB
ftr-397	191	15	to	to	PART
ftr-397	191	16	deduct	deduct	VERB
ftr-397	191	17	expenses	expense	NOUN
ftr-397	191	18	for	for	ADP
ftr-397	191	19	certain	certain	ADJ
ftr-397	191	20	depreciable	depreciable	ADJ
ftr-397	191	21	property	property	NOUN
ftr-397	191	22	under	under	ADP
ftr-397	191	23	irc	irc	PROPN
ftr-397	191	24	section	section	NOUN
ftr-397	191	25	179(a).32	179(a).32	NUM
ftr-397	191	26	that	that	DET
ftr-397	191	27	section	section	NOUN
ftr-397	191	28	provides	provide	VERB
ftr-397	191	29	that	that	SCONJ
ftr-397	191	30	“	"	PUNCT
ftr-397	191	31	[	[	X
ftr-397	191	32	a	a	X
ftr-397	191	33	]	]	X
ftr-397	191	34	taxpayer	taxpayer	NOUN
ftr-397	191	35	may	may	AUX
ftr-397	191	36	elect	elect	VERB
ftr-397	191	37	to	to	PART
ftr-397	191	38	treat	treat	VERB
ftr-397	191	39	the	the	DET
ftr-397	191	40	cost	cost	NOUN
ftr-397	191	41	of	of	ADP
ftr-397	191	42	any	any	DET
ftr-397	191	43	section	section	NOUN
ftr-397	191	44	179	179	NUM
ftr-397	191	45	property	property	NOUN
ftr-397	191	46	[	[	X
ftr-397	191	47	i.e.	i.e.	X
ftr-397	191	48	,	,	PUNCT
ftr-397	191	49	certain	certain	ADJ
ftr-397	191	50	depreciable	depreciable	ADJ
ftr-397	191	51	property	property	NOUN
ftr-397	191	52	]	]	PUNCT
ftr-397	191	53	as	as	ADP
ftr-397	191	54	an	an	DET
ftr-397	191	55	expense	expense	NOUN
ftr-397	191	56	which	which	PRON
ftr-397	191	57	is	be	AUX
ftr-397	191	58	not	not	PART
ftr-397	191	59	chargeable	chargeable	ADJ
ftr-397	191	60	to	to	ADP
ftr-397	191	61	capital	capital	PROPN
ftr-397	191	62	account	account	PROPN
ftr-397	191	63	”	"	PUNCT
ftr-397	191	64	and	and	CCONJ
ftr-397	191	65	that	that	SCONJ
ftr-397	191	66	“	"	PUNCT
ftr-397	191	67	[	[	X
ftr-397	191	68	a]ny	a]ny	ADJ
ftr-397	191	69	cost	cost	NOUN
ftr-397	191	70	so	so	ADV
ftr-397	191	71	treated	treat	VERB
ftr-397	191	72	shall	shall	AUX
ftr-397	191	73	be	be	AUX
ftr-397	191	74	allowed	allow	VERB
ftr-397	191	75	as	as	ADP
ftr-397	191	76	a	a	DET
ftr-397	191	77	deduction	deduction	NOUN
ftr-397	191	78	for	for	ADP
ftr-397	191	79	the	the	DET
ftr-397	191	80	taxable	taxable	ADJ
ftr-397	191	81	year	year	NOUN
ftr-397	191	82	in	in	ADP
ftr-397	191	83	which	which	PRON
ftr-397	191	84	the	the	DET
ftr-397	191	85	section	section	NOUN
ftr-397	191	86	179	179	NUM
ftr-397	191	87	property	property	NOUN
ftr-397	191	88	is	be	AUX
ftr-397	191	89	placed	place	VERB
ftr-397	191	90	in	in	ADP
ftr-397	191	91	service	service	NOUN
ftr-397	191	92	.	.	PUNCT
ftr-397	192	1	”33	”33	NOUN
ftr-397	192	2	however	however	ADV
ftr-397	192	3	,	,	PUNCT
ftr-397	192	4	one	one	NUM
ftr-397	192	5	of	of	ADP
ftr-397	192	6	the	the	DET
ftr-397	192	7	requirements	requirement	NOUN
ftr-397	192	8	for	for	ADP
ftr-397	192	9	qualification	qualification	NOUN
ftr-397	192	10	as	as	ADP
ftr-397	192	11	“	"	PUNCT
ftr-397	192	12	section	section	NOUN
ftr-397	192	13	179	179	NUM
ftr-397	192	14	property	property	NOUN
ftr-397	192	15	”	"	PUNCT
ftr-397	192	16	is	be	AUX
ftr-397	192	17	that	that	SCONJ
ftr-397	192	18	the	the	DET
ftr-397	192	19	property	property	NOUN
ftr-397	192	20	must	must	AUX
ftr-397	192	21	be	be	AUX
ftr-397	192	22	“	"	PUNCT
ftr-397	192	23	acquired	acquire	VERB
ftr-397	192	24	by	by	ADP
ftr-397	192	25	purchase	purchase	NOUN
ftr-397	192	26	for	for	ADP
ftr-397	192	27	use	use	NOUN
ftr-397	192	28	in	in	ADP
ftr-397	192	29	the	the	DET
ftr-397	192	30	active	active	ADJ
ftr-397	192	31	conduct	conduct	NOUN
ftr-397	192	32	of	of	ADP
ftr-397	192	33	a	a	DET
ftr-397	192	34	trade	trade	NOUN
ftr-397	192	35	or	or	CCONJ
ftr-397	192	36	business	business	NOUN
ftr-397	192	37	.	.	PUNCT
ftr-397	193	1	”34	”34	PROPN
ftr-397	193	2	therefore	therefore	ADV
ftr-397	193	3	,	,	PUNCT
ftr-397	193	4	investors	investor	NOUN
ftr-397	193	5	who	who	PRON
ftr-397	193	6	,	,	PUNCT
ftr-397	193	7	unlike	unlike	ADP
ftr-397	193	8	traders	trader	NOUN
ftr-397	193	9	and	and	CCONJ
ftr-397	193	10	dealers	dealer	NOUN
ftr-397	193	11	,	,	PUNCT
ftr-397	193	12	are	be	AUX
ftr-397	193	13	not	not	PART
ftr-397	193	14	engaged	engage	VERB
ftr-397	193	15	in	in	ADP
ftr-397	193	16	the	the	DET
ftr-397	193	17	“	"	PUNCT
ftr-397	193	18	active	active	ADJ
ftr-397	193	19	conduct	conduct	NOUN
ftr-397	193	20	of	of	ADP
ftr-397	193	21	a	a	DET
ftr-397	193	22	trade	trade	NOUN
ftr-397	193	23	income	income	NOUN
ftr-397	193	24	”	"	PUNCT
ftr-397	193	25	by	by	ADP
ftr-397	193	26	foregoing	forego	VERB
ftr-397	193	27	favorable	favorable	ADJ
ftr-397	193	28	capital	capital	NOUN
ftr-397	193	29	asset	asset	NOUN
ftr-397	193	30	treatment	treatment	NOUN
ftr-397	193	31	with	with	ADP
ftr-397	193	32	respect	respect	NOUN
ftr-397	193	33	to	to	ADP
ftr-397	193	34	such	such	ADJ
ftr-397	193	35	gain	gain	NOUN
ftr-397	193	36	.	.	PUNCT
ftr-397	194	1	since	since	SCONJ
ftr-397	194	2	“	"	PUNCT
ftr-397	194	3	property	property	NOUN
ftr-397	194	4	held	hold	VERB
ftr-397	194	5	for	for	ADP
ftr-397	194	6	investment	investment	NOUN
ftr-397	194	7	”	"	PUNCT
ftr-397	194	8	includes	include	VERB
ftr-397	194	9	property	property	NOUN
ftr-397	194	10	that	that	PRON
ftr-397	194	11	produces	produce	VERB
ftr-397	194	12	,	,	PUNCT
ftr-397	194	13	in	in	ADP
ftr-397	194	14	general	general	ADJ
ftr-397	194	15	,	,	PUNCT
ftr-397	194	16	interest	interest	NOUN
ftr-397	194	17	,	,	PUNCT
ftr-397	194	18	dividends	dividend	NOUN
ftr-397	194	19	,	,	PUNCT
ftr-397	194	20	annuities	annuity	NOUN
ftr-397	194	21	,	,	PUNCT
ftr-397	194	22	or	or	CCONJ
ftr-397	194	23	royalties	royalty	NOUN
ftr-397	194	24	“	"	PUNCT
ftr-397	194	25	not	not	PART
ftr-397	194	26	derived	derive	VERB
ftr-397	194	27	in	in	ADP
ftr-397	194	28	the	the	DET
ftr-397	194	29	ordinary	ordinary	ADJ
ftr-397	194	30	course	course	NOUN
ftr-397	194	31	of	of	ADP
ftr-397	194	32	a	a	DET
ftr-397	194	33	trade	trade	NOUN
ftr-397	194	34	or	or	CCONJ
ftr-397	194	35	business	business	NOUN
ftr-397	194	36	,	,	PUNCT
ftr-397	194	37	”	"	PUNCT
ftr-397	194	38	or	or	CCONJ
ftr-397	194	39	gain	gain	VERB
ftr-397	194	40	or	or	CCONJ
ftr-397	194	41	loss	loss	NOUN
ftr-397	194	42	on	on	ADP
ftr-397	194	43	the	the	DET
ftr-397	194	44	disposition	disposition	NOUN
ftr-397	194	45	of	of	ADP
ftr-397	194	46	property	property	NOUN
ftr-397	194	47	producing	produce	VERB
ftr-397	194	48	such	such	ADJ
ftr-397	194	49	income	income	NOUN
ftr-397	194	50	(	(	PUNCT
ftr-397	194	51	irc	irc	PROPN
ftr-397	194	52	§	§	PROPN
ftr-397	194	53	§	§	PROPN
ftr-397	194	54	163(d)(5	163(d)(5	NUM
ftr-397	194	55	)	)	PUNCT
ftr-397	194	56	,	,	PUNCT
ftr-397	194	57	469(e)(1	469(e)(1	NOUN
ftr-397	194	58	)	)	PUNCT
ftr-397	194	59	)	)	PUNCT
ftr-397	194	60	,	,	PUNCT
ftr-397	194	61	traders	trader	NOUN
ftr-397	194	62	and	and	CCONJ
ftr-397	194	63	dealers	dealer	NOUN
ftr-397	194	64	for	for	ADP
ftr-397	194	65	whom	whom	PRON
ftr-397	194	66	such	such	ADJ
ftr-397	194	67	income	income	NOUN
ftr-397	194	68	is	be	AUX
ftr-397	194	69	,	,	PUNCT
ftr-397	194	70	in	in	ADP
ftr-397	194	71	fact	fact	NOUN
ftr-397	194	72	,	,	PUNCT
ftr-397	194	73	“	"	PUNCT
ftr-397	194	74	derived	derive	VERB
ftr-397	194	75	in	in	ADP
ftr-397	194	76	the	the	DET
ftr-397	194	77	ordinary	ordinary	ADJ
ftr-397	194	78	course	course	NOUN
ftr-397	194	79	of	of	ADP
ftr-397	194	80	a	a	DET
ftr-397	194	81	trade	trade	NOUN
ftr-397	194	82	or	or	CCONJ
ftr-397	194	83	business	business	NOUN
ftr-397	194	84	”	"	PUNCT
ftr-397	194	85	are	be	AUX
ftr-397	194	86	not	not	PART
ftr-397	194	87	considered	consider	VERB
ftr-397	194	88	to	to	PART
ftr-397	194	89	hold	hold	VERB
ftr-397	194	90	“	"	PUNCT
ftr-397	194	91	property	property	NOUN
ftr-397	194	92	held	hold	VERB
ftr-397	194	93	for	for	ADP
ftr-397	194	94	investment	investment	NOUN
ftr-397	194	95	”	"	PUNCT
ftr-397	194	96	(	(	PUNCT
ftr-397	194	97	in	in	ADP
ftr-397	194	98	this	this	DET
ftr-397	194	99	case	case	NOUN
ftr-397	194	100	,	,	PUNCT
ftr-397	194	101	securities	security	NOUN
ftr-397	194	102	)	)	PUNCT
ftr-397	194	103	,	,	PUNCT
ftr-397	194	104	and	and	CCONJ
ftr-397	194	105	their	their	PRON
ftr-397	194	106	interest	interest	NOUN
ftr-397	194	107	expense	expense	NOUN
ftr-397	194	108	incurred	incur	VERB
ftr-397	194	109	to	to	PART
ftr-397	194	110	purchase	purchase	VERB
ftr-397	194	111	such	such	ADJ
ftr-397	194	112	securities	security	NOUN
ftr-397	194	113	will	will	AUX
ftr-397	194	114	not	not	PART
ftr-397	194	115	be	be	AUX
ftr-397	194	116	subject	subject	ADJ
ftr-397	194	117	to	to	ADP
ftr-397	194	118	the	the	DET
ftr-397	194	119	limitations	limitation	NOUN
ftr-397	194	120	on	on	ADP
ftr-397	194	121	investment	investment	NOUN
ftr-397	194	122	interest	interest	NOUN
ftr-397	194	123	.	.	PUNCT
ftr-397	195	1	however	however	ADV
ftr-397	195	2	,	,	PUNCT
ftr-397	195	3	the	the	DET
ftr-397	195	4	trader	trader	NOUN
ftr-397	195	5	or	or	CCONJ
ftr-397	195	6	dealer	dealer	NOUN
ftr-397	195	7	may	may	AUX
ftr-397	195	8	nonetheless	nonetheless	ADV
ftr-397	195	9	be	be	AUX
ftr-397	195	10	subject	subject	ADJ
ftr-397	195	11	to	to	ADP
ftr-397	195	12	the	the	DET
ftr-397	195	13	investment	investment	NOUN
ftr-397	195	14	interest	interest	NOUN
ftr-397	195	15	limitations	limitation	NOUN
ftr-397	195	16	if	if	SCONJ
ftr-397	195	17	the	the	DET
ftr-397	195	18	interest	interest	NOUN
ftr-397	195	19	is	be	AUX
ftr-397	195	20	held	hold	VERB
ftr-397	195	21	by	by	ADP
ftr-397	195	22	the	the	DET
ftr-397	195	23	trader	trader	NOUN
ftr-397	195	24	or	or	CCONJ
ftr-397	195	25	dealer	dealer	NOUN
ftr-397	195	26	in	in	ADP
ftr-397	195	27	an	an	DET
ftr-397	195	28	activity	activity	NOUN
ftr-397	195	29	involving	involve	VERB
ftr-397	195	30	the	the	DET
ftr-397	195	31	conduct	conduct	NOUN
ftr-397	195	32	of	of	ADP
ftr-397	195	33	a	a	DET
ftr-397	195	34	trade	trade	NOUN
ftr-397	195	35	or	or	CCONJ
ftr-397	195	36	business	business	NOUN
ftr-397	195	37	that	that	PRON
ftr-397	195	38	is	be	AUX
ftr-397	195	39	not	not	PART
ftr-397	195	40	a	a	DET
ftr-397	195	41	“	"	PUNCT
ftr-397	195	42	passive	passive	ADJ
ftr-397	195	43	activity	activity	NOUN
ftr-397	195	44	within	within	ADP
ftr-397	195	45	the	the	DET
ftr-397	195	46	meaning	meaning	NOUN
ftr-397	195	47	of	of	ADP
ftr-397	195	48	the	the	DET
ftr-397	195	49	code	code	NOUN
ftr-397	195	50	and	and	CCONJ
ftr-397	195	51	with	with	ADP
ftr-397	195	52	respect	respect	NOUN
ftr-397	195	53	to	to	ADP
ftr-397	195	54	which	which	PRON
ftr-397	195	55	the	the	DET
ftr-397	195	56	trader	trader	NOUN
ftr-397	195	57	or	or	CCONJ
ftr-397	195	58	dealer	dealer	NOUN
ftr-397	195	59	does	do	AUX
ftr-397	195	60	not	not	PART
ftr-397	195	61	“	"	PUNCT
ftr-397	195	62	materially	materially	ADV
ftr-397	195	63	participate	participate	VERB
ftr-397	195	64	.	.	PUNCT
ftr-397	195	65	”	"	PUNCT
ftr-397	196	1	if	if	SCONJ
ftr-397	196	2	the	the	DET
ftr-397	196	3	trader	trader	NOUN
ftr-397	196	4	or	or	CCONJ
ftr-397	196	5	dealer	dealer	NOUN
ftr-397	196	6	does	do	AUX
ftr-397	196	7	not	not	PART
ftr-397	196	8	“	"	PUNCT
ftr-397	196	9	materially	materially	ADV
ftr-397	196	10	participate	participate	VERB
ftr-397	196	11	”	"	PUNCT
ftr-397	196	12	in	in	ADP
ftr-397	196	13	the	the	DET
ftr-397	196	14	trade	trade	NOUN
ftr-397	196	15	or	or	CCONJ
ftr-397	196	16	business	business	NOUN
ftr-397	196	17	,	,	PUNCT
ftr-397	196	18	then	then	ADV
ftr-397	196	19	the	the	DET
ftr-397	196	20	property	property	NOUN
ftr-397	196	21	held	hold	VERB
ftr-397	196	22	by	by	ADP
ftr-397	196	23	the	the	DET
ftr-397	196	24	trader	trader	NOUN
ftr-397	196	25	or	or	CCONJ
ftr-397	196	26	dealer	dealer	NOUN
ftr-397	196	27	may	may	AUX
ftr-397	196	28	be	be	AUX
ftr-397	196	29	treated	treat	VERB
ftr-397	196	30	as	as	ADP
ftr-397	196	31	“	"	PUNCT
ftr-397	196	32	property	property	NOUN
ftr-397	196	33	held	hold	VERB
ftr-397	196	34	for	for	ADP
ftr-397	196	35	investment	investment	NOUN
ftr-397	196	36	”	"	PUNCT
ftr-397	196	37	the	the	DET
ftr-397	196	38	interest	interest	NOUN
ftr-397	196	39	expense	expense	NOUN
ftr-397	196	40	may	may	AUX
ftr-397	196	41	be	be	AUX
ftr-397	196	42	subject	subject	ADJ
ftr-397	196	43	to	to	ADP
ftr-397	196	44	the	the	DET
ftr-397	196	45	limitation	limitation	NOUN
ftr-397	196	46	on	on	ADP
ftr-397	196	47	investment	investment	NOUN
ftr-397	196	48	interest	interest	NOUN
ftr-397	196	49	notwithstanding	notwithstanding	ADP
ftr-397	196	50	the	the	DET
ftr-397	196	51	existence	existence	NOUN
ftr-397	196	52	of	of	ADP
ftr-397	196	53	the	the	DET
ftr-397	196	54	trade	trade	NOUN
ftr-397	196	55	or	or	CCONJ
ftr-397	196	56	business	business	NOUN
ftr-397	196	57	.	.	PUNCT
ftr-397	197	1	irc	irc	PROPN
ftr-397	197	2	§	§	PROPN
ftr-397	197	3	163(d)(5	163(d)(5	PROPN
ftr-397	197	4	)	)	PUNCT
ftr-397	197	5	;	;	PUNCT
ftr-397	197	6	see	see	VERB
ftr-397	197	7	also	also	ADV
ftr-397	197	8	rev	rev	VERB
ftr-397	197	9	.	.	PUNCT
ftr-397	198	1	rul	rul	PROPN
ftr-397	198	2	.	.	PUNCT
ftr-397	198	3	2008	2008	NUM
ftr-397	198	4	-	-	SYM
ftr-397	198	5	12	12	NUM
ftr-397	198	6	,	,	PUNCT
ftr-397	198	7	2008	2008	NUM
ftr-397	198	8	-	-	SYM
ftr-397	198	9	10	10	NUM
ftr-397	198	10	irb	irb	NOUN
ftr-397	198	11	520	520	NUM
ftr-397	198	12	(	(	PUNCT
ftr-397	198	13	feb	feb	PROPN
ftr-397	198	14	.	.	PROPN
ftr-397	198	15	19	19	NUM
ftr-397	198	16	,	,	PUNCT
ftr-397	198	17	2008	2008	NUM
ftr-397	198	18	)	)	PUNCT
ftr-397	198	19	(	(	PUNCT
ftr-397	198	20	non	non	ADJ
ftr-397	198	21	-	-	ADJ
ftr-397	198	22	corporate	corporate	ADJ
ftr-397	198	23	limited	limited	ADJ
ftr-397	198	24	partner	partner	NOUN
ftr-397	198	25	’s	’s	PART
ftr-397	198	26	distributive	distributive	ADJ
ftr-397	198	27	share	share	NOUN
ftr-397	198	28	of	of	ADP
ftr-397	198	29	partnership	partnership	NOUN
ftr-397	198	30	interest	interest	NOUN
ftr-397	198	31	expense	expense	NOUN
ftr-397	198	32	allocable	allocable	ADJ
ftr-397	198	33	to	to	ADP
ftr-397	198	34	securities	security	NOUN
ftr-397	198	35	trading	trading	NOUN
ftr-397	198	36	was	be	AUX
ftr-397	198	37	subject	subject	ADJ
ftr-397	198	38	to	to	ADP
ftr-397	198	39	investment	investment	NOUN
ftr-397	198	40	interest	interest	NOUN
ftr-397	198	41	deduction	deduction	NOUN
ftr-397	198	42	limitation	limitation	NOUN
ftr-397	198	43	,	,	PUNCT
ftr-397	198	44	where	where	SCONJ
ftr-397	198	45	limited	limited	ADJ
ftr-397	198	46	partners	partner	NOUN
ftr-397	198	47	did	do	AUX
ftr-397	198	48	not	not	PART
ftr-397	198	49	“	"	PUNCT
ftr-397	198	50	materially	materially	ADV
ftr-397	198	51	participate	participate	VERB
ftr-397	198	52	”	"	PUNCT
ftr-397	198	53	)	)	PUNCT
ftr-397	198	54	.	.	PUNCT
ftr-397	199	1	31	31	NUM
ftr-397	199	2	.	.	PUNCT
ftr-397	200	1	see	see	VERB
ftr-397	200	2	also	also	ADV
ftr-397	200	3	instructions	instruction	NOUN
ftr-397	200	4	to	to	ADP
ftr-397	200	5	2007	2007	NUM
ftr-397	200	6	internal	internal	ADJ
ftr-397	200	7	revenue	revenue	NOUN
ftr-397	200	8	service	service	NOUN
ftr-397	200	9	form	form	NOUN
ftr-397	200	10	1040	1040	NUM
ftr-397	200	11	schedule	schedule	NOUN
ftr-397	200	12	d	d	NOUN
ftr-397	200	13	,	,	PUNCT
ftr-397	200	14	at	at	ADP
ftr-397	200	15	d-3	d-3	NOUN
ftr-397	200	16	(	(	PUNCT
ftr-397	200	17	“	"	PUNCT
ftr-397	200	18	[	[	X
ftr-397	200	19	t]he	t]he	ADV
ftr-397	200	20	limitation	limitation	NOUN
ftr-397	200	21	on	on	ADP
ftr-397	200	22	investment	investment	NOUN
ftr-397	200	23	interest	interest	NOUN
ftr-397	200	24	expense	expense	NOUN
ftr-397	200	25	that	that	PRON
ftr-397	200	26	applies	apply	VERB
ftr-397	200	27	to	to	ADP
ftr-397	200	28	investors	investor	NOUN
ftr-397	200	29	does	do	AUX
ftr-397	200	30	not	not	PART
ftr-397	200	31	apply	apply	VERB
ftr-397	200	32	to	to	ADP
ftr-397	200	33	interest	interest	NOUN
ftr-397	200	34	paid	pay	VERB
ftr-397	200	35	or	or	CCONJ
ftr-397	200	36	incurred	incur	VERB
ftr-397	200	37	in	in	ADP
ftr-397	200	38	a	a	DET
ftr-397	200	39	trading	trading	NOUN
ftr-397	200	40	business	business	NOUN
ftr-397	200	41	”	"	PUNCT
ftr-397	200	42	)	)	PUNCT
ftr-397	200	43	,	,	PUNCT
ftr-397	200	44	available	available	ADJ
ftr-397	200	45	at	at	ADP
ftr-397	200	46	http://www.irs.gov/pub/irs-pdf/i1040sd.pdf	http://www.irs.gov/pub/irs-pdf/i1040sd.pdf	PROPN
ftr-397	200	47	(	(	PUNCT
ftr-397	200	48	last	last	ADV
ftr-397	200	49	visited	visit	VERB
ftr-397	200	50	jan	jan	PROPN
ftr-397	200	51	.	.	PROPN
ftr-397	200	52	6	6	NUM
ftr-397	200	53	,	,	PUNCT
ftr-397	200	54	2008	2008	NUM
ftr-397	200	55	)	)	PUNCT
ftr-397	200	56	.	.	PUNCT
ftr-397	201	1	32	32	NUM
ftr-397	201	2	.	.	PUNCT
ftr-397	202	1	irc	irc	PROPN
ftr-397	202	2	§	§	PROPN
ftr-397	202	3	179(a	179(a	PROPN
ftr-397	202	4	)	)	PUNCT
ftr-397	202	5	.	.	PUNCT
ftr-397	203	1	such	such	ADJ
ftr-397	203	2	property	property	NOUN
ftr-397	203	3	would	would	AUX
ftr-397	203	4	include	include	VERB
ftr-397	203	5	tangible	tangible	ADJ
ftr-397	203	6	macrs	macrs	NOUN
ftr-397	203	7	property	property	NOUN
ftr-397	203	8	and	and	CCONJ
ftr-397	203	9	certain	certain	ADJ
ftr-397	203	10	computer	computer	NOUN
ftr-397	203	11	software	software	NOUN
ftr-397	203	12	,	,	PUNCT
ftr-397	203	13	if	if	SCONJ
ftr-397	203	14	such	such	ADJ
ftr-397	203	15	property	property	NOUN
ftr-397	203	16	meets	meet	VERB
ftr-397	203	17	certain	certain	ADJ
ftr-397	203	18	other	other	ADJ
ftr-397	203	19	requirements	requirement	NOUN
ftr-397	203	20	.	.	PUNCT
ftr-397	204	1	irc	irc	PROPN
ftr-397	204	2	§	§	PROPN
ftr-397	204	3	§	§	PROPN
ftr-397	204	4	179(d)(1)(a	179(d)(1)(a	PROPN
ftr-397	204	5	)	)	PUNCT
ftr-397	204	6	;	;	PUNCT
ftr-397	204	7	168	168	NUM
ftr-397	204	8	.	.	X
ftr-397	205	1	33	33	NUM
ftr-397	205	2	.	.	PUNCT
ftr-397	206	1	irc	irc	PROPN
ftr-397	206	2	§	§	PROPN
ftr-397	206	3	179(a	179(a	PROPN
ftr-397	206	4	)	)	PUNCT
ftr-397	206	5	.	.	PUNCT
ftr-397	207	1	34	34	NUM
ftr-397	207	2	.	.	PUNCT
ftr-397	207	3	irc	irc	PROPN
ftr-397	207	4	§	§	PROPN
ftr-397	207	5	179(d)(1)(c	179(d)(1)(c	PROPN
ftr-397	207	6	)	)	PUNCT
ftr-397	207	7	.	.	PUNCT
ftr-397	208	1	1122	1122	NUM
ftr-397	208	2	florida	florida	PROPN
ftr-397	208	3	tax	tax	NOUN
ftr-397	208	4	review	review	NOUN
ftr-397	208	5	[	[	X
ftr-397	208	6	vol	vol	NOUN
ftr-397	208	7	.	.	PUNCT
ftr-397	209	1	8:10	8:10	NUM
ftr-397	209	2	or	or	CCONJ
ftr-397	209	3	business	business	NOUN
ftr-397	209	4	”	"	PUNCT
ftr-397	209	5	will	will	AUX
ftr-397	209	6	not	not	PART
ftr-397	209	7	be	be	AUX
ftr-397	209	8	eligible	eligible	ADJ
ftr-397	209	9	to	to	PART
ftr-397	209	10	expense	expense	VERB
ftr-397	209	11	such	such	ADJ
ftr-397	209	12	property	property	NOUN
ftr-397	209	13	as	as	ADP
ftr-397	209	14	a	a	DET
ftr-397	209	15	deduction	deduction	NOUN
ftr-397	209	16	under	under	ADP
ftr-397	209	17	irc	irc	PROPN
ftr-397	209	18	section	section	NOUN
ftr-397	209	19	179	179	NUM
ftr-397	209	20	but	but	CCONJ
ftr-397	209	21	must	must	AUX
ftr-397	209	22	instead	instead	ADV
ftr-397	209	23	capitalize	capitalize	VERB
ftr-397	209	24	their	their	PRON
ftr-397	209	25	costs	cost	NOUN
ftr-397	209	26	.	.	PUNCT
ftr-397	210	1	iv	iv	X
ftr-397	210	2	.	.	X
ftr-397	210	3	election	election	NOUN
ftr-397	210	4	to	to	PART
ftr-397	210	5	deduct	deduct	VERB
ftr-397	210	6	certain	certain	ADJ
ftr-397	210	7	start	start	VERB
ftr-397	210	8	-	-	PUNCT
ftr-397	210	9	up	up	ADP
ftr-397	210	10	expenditures	expenditure	NOUN
ftr-397	210	11	under	under	ADP
ftr-397	210	12	irc	irc	PROPN
ftr-397	210	13	section	section	NOUN
ftr-397	210	14	195	195	NUM
ftr-397	210	15	,	,	PUNCT
ftr-397	210	16	a	a	DET
ftr-397	210	17	taxpayer	taxpayer	NOUN
ftr-397	210	18	who	who	PRON
ftr-397	210	19	begins	begin	VERB
ftr-397	210	20	an	an	DET
ftr-397	210	21	active	active	ADJ
ftr-397	210	22	trade	trade	NOUN
ftr-397	210	23	or	or	CCONJ
ftr-397	210	24	business	business	NOUN
ftr-397	210	25	during	during	ADP
ftr-397	210	26	a	a	DET
ftr-397	210	27	taxable	taxable	ADJ
ftr-397	210	28	year	year	NOUN
ftr-397	210	29	may	may	AUX
ftr-397	210	30	elect	elect	VERB
ftr-397	210	31	to	to	PART
ftr-397	210	32	deduct	deduct	VERB
ftr-397	210	33	certain	certain	ADJ
ftr-397	210	34	start	start	VERB
ftr-397	210	35	-	-	PUNCT
ftr-397	210	36	up	up	ADP
ftr-397	210	37	expenses	expense	NOUN
ftr-397	210	38	rather	rather	ADV
ftr-397	210	39	than	than	ADP
ftr-397	210	40	capitalizing	capitalize	VERB
ftr-397	210	41	them.35	them.35	NOUN
ftr-397	210	42	a	a	DET
ftr-397	210	43	trader	trader	NOUN
ftr-397	210	44	or	or	CCONJ
ftr-397	210	45	dealer	dealer	NOUN
ftr-397	210	46	in	in	ADP
ftr-397	210	47	securities	security	NOUN
ftr-397	210	48	,	,	PUNCT
ftr-397	210	49	being	be	AUX
ftr-397	210	50	in	in	ADP
ftr-397	210	51	the	the	DET
ftr-397	210	52	trade	trade	NOUN
ftr-397	210	53	or	or	CCONJ
ftr-397	210	54	business	business	NOUN
ftr-397	210	55	of	of	ADP
ftr-397	210	56	trading	trading	NOUN
ftr-397	210	57	,	,	PUNCT
ftr-397	210	58	may	may	AUX
ftr-397	210	59	be	be	AUX
ftr-397	210	60	eligible	eligible	ADJ
ftr-397	210	61	to	to	PART
ftr-397	210	62	elect	elect	VERB
ftr-397	210	63	to	to	PART
ftr-397	210	64	take	take	VERB
ftr-397	210	65	such	such	ADJ
ftr-397	210	66	deductions	deduction	NOUN
ftr-397	210	67	in	in	ADP
ftr-397	210	68	the	the	DET
ftr-397	210	69	year	year	NOUN
ftr-397	210	70	he	he	PRON
ftr-397	210	71	starts	start	VERB
ftr-397	210	72	his	his	PRON
ftr-397	210	73	trade	trade	NOUN
ftr-397	210	74	or	or	CCONJ
ftr-397	210	75	business	business	NOUN
ftr-397	210	76	of	of	ADP
ftr-397	210	77	trading	trading	NOUN
ftr-397	210	78	.	.	PUNCT
ftr-397	211	1	however	however	ADV
ftr-397	211	2	,	,	PUNCT
ftr-397	211	3	such	such	DET
ftr-397	211	4	an	an	DET
ftr-397	211	5	election	election	NOUN
ftr-397	211	6	would	would	AUX
ftr-397	211	7	not	not	PART
ftr-397	211	8	be	be	AUX
ftr-397	211	9	available	available	ADJ
ftr-397	211	10	to	to	ADP
ftr-397	211	11	an	an	DET
ftr-397	211	12	investor	investor	NOUN
ftr-397	211	13	,	,	PUNCT
ftr-397	211	14	since	since	SCONJ
ftr-397	211	15	an	an	DET
ftr-397	211	16	investor	investor	NOUN
ftr-397	211	17	is	be	AUX
ftr-397	211	18	not	not	PART
ftr-397	211	19	similarly	similarly	ADV
ftr-397	211	20	engaged	engage	VERB
ftr-397	211	21	in	in	ADP
ftr-397	211	22	a	a	DET
ftr-397	211	23	trade	trade	NOUN
ftr-397	211	24	or	or	CCONJ
ftr-397	211	25	business	business	NOUN
ftr-397	211	26	.	.	PUNCT
ftr-397	212	1	v.	v.	ADP
ftr-397	212	2	home	home	NOUN
ftr-397	212	3	office	office	NOUN
ftr-397	212	4	deductions	deduction	NOUN
ftr-397	212	5	unlike	unlike	ADP
ftr-397	212	6	investors	investor	NOUN
ftr-397	212	7	,	,	PUNCT
ftr-397	212	8	traders	trader	NOUN
ftr-397	212	9	and	and	CCONJ
ftr-397	212	10	dealers	dealer	NOUN
ftr-397	212	11	may	may	AUX
ftr-397	212	12	be	be	AUX
ftr-397	212	13	able	able	ADJ
ftr-397	212	14	to	to	PART
ftr-397	212	15	take	take	VERB
ftr-397	212	16	a	a	DET
ftr-397	212	17	deduction	deduction	NOUN
ftr-397	212	18	for	for	ADP
ftr-397	212	19	expenses	expense	NOUN
ftr-397	212	20	incurred	incur	VERB
ftr-397	212	21	for	for	ADP
ftr-397	212	22	a	a	DET
ftr-397	212	23	“	"	PUNCT
ftr-397	212	24	home	home	NOUN
ftr-397	212	25	office	office	NOUN
ftr-397	212	26	.	.	PUNCT
ftr-397	212	27	”	"	PUNCT
ftr-397	213	1	irc	irc	PROPN
ftr-397	213	2	section	section	NOUN
ftr-397	213	3	280a(a	280a(a	NUM
ftr-397	213	4	)	)	PUNCT
ftr-397	213	5	generally	generally	ADV
ftr-397	213	6	disallows	disallow	VERB
ftr-397	213	7	deductions	deduction	NOUN
ftr-397	213	8	that	that	PRON
ftr-397	213	9	might	might	AUX
ftr-397	213	10	otherwise	otherwise	ADV
ftr-397	213	11	be	be	AUX
ftr-397	213	12	allowable	allowable	ADJ
ftr-397	213	13	with	with	ADP
ftr-397	213	14	respect	respect	NOUN
ftr-397	213	15	to	to	ADP
ftr-397	213	16	the	the	DET
ftr-397	213	17	use	use	NOUN
ftr-397	213	18	of	of	ADP
ftr-397	213	19	a	a	DET
ftr-397	213	20	“	"	PUNCT
ftr-397	213	21	dwelling	dwelling	ADJ
ftr-397	213	22	unit	unit	NOUN
ftr-397	213	23	”	"	PUNCT
ftr-397	213	24	that	that	PRON
ftr-397	213	25	is	be	AUX
ftr-397	213	26	also	also	ADV
ftr-397	213	27	used	use	VERB
ftr-397	213	28	by	by	ADP
ftr-397	213	29	the	the	DET
ftr-397	213	30	taxpayer	taxpayer	NOUN
ftr-397	213	31	as	as	ADP
ftr-397	213	32	a	a	DET
ftr-397	213	33	residence	residence	NOUN
ftr-397	213	34	during	during	ADP
ftr-397	213	35	the	the	DET
ftr-397	213	36	taxable	taxable	ADJ
ftr-397	213	37	year.36	year.36	PROPN
ftr-397	213	38	therefore	therefore	ADV
ftr-397	213	39	,	,	PUNCT
ftr-397	213	40	an	an	DET
ftr-397	213	41	investor	investor	NOUN
ftr-397	213	42	who	who	PRON
ftr-397	213	43	has	have	VERB
ftr-397	213	44	a	a	DET
ftr-397	213	45	“	"	PUNCT
ftr-397	213	46	home	home	NOUN
ftr-397	213	47	office	office	NOUN
ftr-397	213	48	”	"	PUNCT
ftr-397	213	49	may	may	AUX
ftr-397	213	50	not	not	PART
ftr-397	213	51	take	take	VERB
ftr-397	213	52	any	any	DET
ftr-397	213	53	deductions	deduction	NOUN
ftr-397	213	54	attributable	attributable	ADJ
ftr-397	213	55	to	to	ADP
ftr-397	213	56	that	that	DET
ftr-397	213	57	home	home	NOUN
ftr-397	213	58	office	office	NOUN
ftr-397	213	59	.	.	PUNCT
ftr-397	214	1	however	however	ADV
ftr-397	214	2	,	,	PUNCT
ftr-397	214	3	irc	irc	AUX
ftr-397	214	4	section	section	NOUN
ftr-397	214	5	280a(c)(1	280a(c)(1	NUM
ftr-397	214	6	)	)	PUNCT
ftr-397	214	7	creates	create	VERB
ftr-397	214	8	an	an	DET
ftr-397	214	9	exception	exception	NOUN
ftr-397	214	10	for	for	ADP
ftr-397	214	11	the	the	DET
ftr-397	214	12	portion	portion	NOUN
ftr-397	214	13	of	of	ADP
ftr-397	214	14	the	the	DET
ftr-397	214	15	“	"	PUNCT
ftr-397	214	16	dwelling	dwelling	ADJ
ftr-397	214	17	unit	unit	NOUN
ftr-397	214	18	”	"	PUNCT
ftr-397	214	19	that	that	PRON
ftr-397	214	20	is	be	AUX
ftr-397	214	21	used	use	VERB
ftr-397	214	22	exclusively	exclusively	ADV
ftr-397	214	23	and	and	CCONJ
ftr-397	214	24	regularly	regularly	ADV
ftr-397	214	25	by	by	ADP
ftr-397	214	26	the	the	DET
ftr-397	214	27	taxpayer	taxpayer	NOUN
ftr-397	214	28	as	as	ADP
ftr-397	214	29	its	its	PRON
ftr-397	214	30	“	"	PUNCT
ftr-397	214	31	principal	principal	ADJ
ftr-397	214	32	place	place	NOUN
ftr-397	214	33	of	of	ADP
ftr-397	214	34	business	business	NOUN
ftr-397	214	35	for	for	ADP
ftr-397	214	36	any	any	DET
ftr-397	214	37	trade	trade	NOUN
ftr-397	214	38	or	or	CCONJ
ftr-397	214	39	business	business	NOUN
ftr-397	214	40	.	.	PUNCT
ftr-397	215	1	”37	”37	PROPN
ftr-397	215	2	therefore	therefore	ADV
ftr-397	215	3	,	,	PUNCT
ftr-397	215	4	a	a	DET
ftr-397	215	5	trader	trader	NOUN
ftr-397	215	6	who	who	PRON
ftr-397	215	7	is	be	AUX
ftr-397	215	8	engaged	engage	VERB
ftr-397	215	9	in	in	ADP
ftr-397	215	10	the	the	DET
ftr-397	215	11	trade	trade	NOUN
ftr-397	215	12	or	or	CCONJ
ftr-397	215	13	business	business	NOUN
ftr-397	215	14	of	of	ADP
ftr-397	215	15	trading	trading	NOUN
ftr-397	215	16	and	and	CCONJ
ftr-397	215	17	who	who	PRON
ftr-397	215	18	uses	use	VERB
ftr-397	215	19	a	a	DET
ftr-397	215	20	home	home	NOUN
ftr-397	215	21	office	office	NOUN
ftr-397	215	22	as	as	ADP
ftr-397	215	23	the	the	DET
ftr-397	215	24	principal	principal	ADJ
ftr-397	215	25	place	place	NOUN
ftr-397	215	26	of	of	ADP
ftr-397	215	27	his	his	PRON
ftr-397	215	28	business	business	NOUN
ftr-397	215	29	may	may	AUX
ftr-397	215	30	be	be	AUX
ftr-397	215	31	able	able	ADJ
ftr-397	215	32	to	to	PART
ftr-397	215	33	deduct	deduct	VERB
ftr-397	215	34	expenses	expense	NOUN
ftr-397	215	35	incurred	incur	VERB
ftr-397	215	36	for	for	ADP
ftr-397	215	37	that	that	DET
ftr-397	215	38	home	home	NOUN
ftr-397	215	39	office	office	NOUN
ftr-397	215	40	,	,	PUNCT
ftr-397	215	41	while	while	SCONJ
ftr-397	215	42	an	an	DET
ftr-397	215	43	investor	investor	NOUN
ftr-397	215	44	will	will	AUX
ftr-397	215	45	not	not	PART
ftr-397	215	46	.	.	PUNCT
ftr-397	216	1	vi	vi	X
ftr-397	216	2	.	.	PUNCT
ftr-397	216	3	other	other	ADJ
ftr-397	216	4	deductions	deduction	NOUN
ftr-397	216	5	in	in	ADP
ftr-397	216	6	addition	addition	NOUN
ftr-397	216	7	to	to	ADP
ftr-397	216	8	the	the	DET
ftr-397	216	9	deductions	deduction	NOUN
ftr-397	216	10	mentioned	mention	VERB
ftr-397	216	11	above	above	ADV
ftr-397	216	12	,	,	PUNCT
ftr-397	216	13	dealers	dealer	NOUN
ftr-397	216	14	and	and	CCONJ
ftr-397	216	15	traders	trader	NOUN
ftr-397	216	16	may	may	AUX
ftr-397	216	17	be	be	AUX
ftr-397	216	18	able	able	ADJ
ftr-397	216	19	to	to	PART
ftr-397	216	20	take	take	VERB
ftr-397	216	21	various	various	ADJ
ftr-397	216	22	other	other	ADJ
ftr-397	216	23	deductions	deduction	NOUN
ftr-397	216	24	for	for	ADP
ftr-397	216	25	trade	trade	NOUN
ftr-397	216	26	or	or	CCONJ
ftr-397	216	27	business	business	NOUN
ftr-397	216	28	–	–	PUNCT
ftr-397	216	29	related	relate	VERB
ftr-397	216	30	expenses	expense	NOUN
ftr-397	216	31	.	.	PUNCT
ftr-397	217	1	these	these	DET
ftr-397	217	2	deductions	deduction	NOUN
ftr-397	217	3	may	may	AUX
ftr-397	217	4	include	include	VERB
ftr-397	217	5	depreciation	depreciation	NOUN
ftr-397	217	6	deductions	deduction	NOUN
ftr-397	217	7	and	and	CCONJ
ftr-397	217	8	net	net	ADJ
ftr-397	217	9	operating	operating	NOUN
ftr-397	217	10	loss	loss	NOUN
ftr-397	217	11	deductions.38	deductions.38	NOUN
ftr-397	217	12	35	35	NUM
ftr-397	217	13	.	.	PUNCT
ftr-397	218	1	irc	irc	PROPN
ftr-397	218	2	§	§	PROPN
ftr-397	218	3	195	195	NUM
ftr-397	218	4	.	.	NOUN
ftr-397	218	5	36	36	NUM
ftr-397	218	6	.	.	PUNCT
ftr-397	219	1	irc	irc	PROPN
ftr-397	219	2	§	§	PROPN
ftr-397	219	3	280a	280a	PROPN
ftr-397	219	4	.	.	PUNCT
ftr-397	220	1	37	37	NUM
ftr-397	220	2	.	.	PUNCT
ftr-397	221	1	irc	irc	PROPN
ftr-397	221	2	§	§	PROPN
ftr-397	221	3	280a(c)(1	280a(c)(1	NUM
ftr-397	221	4	)	)	PUNCT
ftr-397	221	5	.	.	PUNCT
ftr-397	222	1	38	38	NUM
ftr-397	222	2	.	.	PUNCT
ftr-397	223	1	irc	irc	VERB
ftr-397	223	2	§	§	PROPN
ftr-397	223	3	§	§	PROPN
ftr-397	223	4	167	167	NUM
ftr-397	223	5	,	,	PUNCT
ftr-397	223	6	168	168	NUM
ftr-397	223	7	,	,	PUNCT
ftr-397	223	8	172	172	NUM
ftr-397	223	9	.	.	PUNCT
ftr-397	224	1	see	see	VERB
ftr-397	224	2	hart	hart	PROPN
ftr-397	224	3	v.	v.	ADP
ftr-397	224	4	comm’r	comm’r	PROPN
ftr-397	224	5	,	,	PUNCT
ftr-397	224	6	73	73	NUM
ftr-397	224	7	t.c.m	t.c.m	NOUN
ftr-397	224	8	.	.	PUNCT
ftr-397	225	1	(	(	PUNCT
ftr-397	225	2	cch	cch	NOUN
ftr-397	225	3	)	)	PUNCT
ftr-397	225	4	1684	1684	NUM
ftr-397	225	5	(	(	PUNCT
ftr-397	225	6	1997	1997	NUM
ftr-397	225	7	)	)	PUNCT
ftr-397	225	8	,	,	PUNCT
ftr-397	225	9	aff’d	aff’d	VERB
ftr-397	225	10	135	135	NUM
ftr-397	225	11	f.3d	f.3d	NUM
ftr-397	225	12	764	764	NUM
ftr-397	225	13	(	(	PUNCT
ftr-397	225	14	3d	3d	PROPN
ftr-397	225	15	cir	cir	NOUN
ftr-397	225	16	.	.	PUNCT
ftr-397	225	17	1997	1997	NUM
ftr-397	225	18	)	)	PUNCT
ftr-397	226	1	(	(	PUNCT
ftr-397	226	2	investor	investor	NOUN
ftr-397	226	3	taxpayer	taxpayer	NOUN
ftr-397	226	4	was	be	AUX
ftr-397	226	5	denied	deny	VERB
ftr-397	226	6	net	net	ADJ
ftr-397	226	7	operating	operating	NOUN
ftr-397	226	8	loss	loss	NOUN
ftr-397	226	9	deduction	deduction	NOUN
ftr-397	226	10	)	)	PUNCT
ftr-397	226	11	;	;	PUNCT
ftr-397	227	1	ball	ball	NOUN
ftr-397	227	2	v.	v.	ADV
ftr-397	227	3	comm’r	comm’r	NOUN
ftr-397	227	4	,	,	PUNCT
ftr-397	227	5	80	80	NUM
ftr-397	227	6	t.c.m	t.c.m	NOUN
ftr-397	227	7	.	.	PUNCT
ftr-397	228	1	(	(	PUNCT
ftr-397	228	2	cch	cch	PROPN
ftr-397	228	3	)	)	PUNCT
ftr-397	228	4	184	184	NUM
ftr-397	228	5	(	(	PUNCT
ftr-397	228	6	2000	2000	NUM
ftr-397	228	7	)	)	PUNCT
ftr-397	228	8	(	(	PUNCT
ftr-397	228	9	investor	investor	NOUN
ftr-397	228	10	taxpayer	taxpayer	NOUN
ftr-397	228	11	was	be	AUX
ftr-397	228	12	denied	deny	VERB
ftr-397	228	13	deductions	deduction	NOUN
ftr-397	228	14	for	for	ADP
ftr-397	228	15	office	office	NOUN
ftr-397	228	16	expenses	expense	NOUN
ftr-397	228	17	,	,	PUNCT
ftr-397	228	18	interest	interest	NOUN
ftr-397	228	19	and	and	CCONJ
ftr-397	228	20	depreciation	depreciation	NOUN
ftr-397	228	21	)	)	PUNCT
ftr-397	228	22	.	.	PUNCT
ftr-397	229	1	2008	2008	NUM
ftr-397	229	2	]	]	PUNCT
ftr-397	230	1	a	a	DET
ftr-397	230	2	structural	structural	ADJ
ftr-397	230	3	critique	critique	NOUN
ftr-397	230	4	of	of	ADP
ftr-397	230	5	trader	trader	NOUN
ftr-397	230	6	taxation	taxation	NOUN
ftr-397	230	7	1123	1123	NUM
ftr-397	230	8	vii	vii	PROPN
ftr-397	230	9	.	.	PROPN
ftr-397	231	1	application	application	NOUN
ftr-397	231	2	of	of	ADP
ftr-397	231	3	irc	irc	PROPN
ftr-397	231	4	section	section	NOUN
ftr-397	231	5	469	469	NUM
ftr-397	231	6	“	"	PUNCT
ftr-397	231	7	passive	passive	ADJ
ftr-397	231	8	loss	loss	NOUN
ftr-397	231	9	”	"	PUNCT
ftr-397	231	10	rules	rule	VERB
ftr-397	231	11	the	the	DET
ftr-397	231	12	application	application	NOUN
ftr-397	231	13	of	of	ADP
ftr-397	231	14	the	the	DET
ftr-397	231	15	passive	passive	ADJ
ftr-397	231	16	activity	activity	NOUN
ftr-397	231	17	loss	loss	NOUN
ftr-397	231	18	rules	rule	NOUN
ftr-397	231	19	to	to	ADP
ftr-397	231	20	traders	trader	NOUN
ftr-397	231	21	is	be	AUX
ftr-397	231	22	also	also	ADV
ftr-397	231	23	worth	worth	ADJ
ftr-397	231	24	noting	note	VERB
ftr-397	231	25	.	.	PUNCT
ftr-397	232	1	these	these	DET
ftr-397	232	2	rules	rule	NOUN
ftr-397	232	3	were	be	AUX
ftr-397	232	4	enacted	enact	VERB
ftr-397	232	5	in	in	ADP
ftr-397	232	6	1986	1986	NUM
ftr-397	232	7	to	to	PART
ftr-397	232	8	prevent	prevent	VERB
ftr-397	232	9	individuals	individual	NOUN
ftr-397	232	10	from	from	ADP
ftr-397	232	11	using	use	VERB
ftr-397	232	12	passive	passive	ADJ
ftr-397	232	13	losses	loss	NOUN
ftr-397	232	14	from	from	ADP
ftr-397	232	15	tax	tax	NOUN
ftr-397	232	16	shelters	shelter	NOUN
ftr-397	232	17	to	to	PART
ftr-397	232	18	reduce	reduce	VERB
ftr-397	232	19	taxable	taxable	ADJ
ftr-397	232	20	income	income	NOUN
ftr-397	232	21	by	by	ADP
ftr-397	232	22	offsetting	offset	VERB
ftr-397	232	23	such	such	ADJ
ftr-397	232	24	passive	passive	ADJ
ftr-397	232	25	losses	loss	NOUN
ftr-397	232	26	against	against	ADP
ftr-397	232	27	non	non	ADJ
ftr-397	232	28	-	-	ADJ
ftr-397	232	29	passive	passive	ADJ
ftr-397	232	30	income.39	income.39	NOUN
ftr-397	232	31	the	the	DET
ftr-397	232	32	passive	passive	ADJ
ftr-397	232	33	loss	loss	NOUN
ftr-397	232	34	rules	rule	NOUN
ftr-397	232	35	define	define	VERB
ftr-397	232	36	a	a	DET
ftr-397	232	37	“	"	PUNCT
ftr-397	232	38	passive	passive	ADJ
ftr-397	232	39	activity	activity	NOUN
ftr-397	232	40	”	"	PUNCT
ftr-397	232	41	as	as	ADP
ftr-397	232	42	any	any	DET
ftr-397	232	43	activity	activity	NOUN
ftr-397	232	44	involving	involve	VERB
ftr-397	232	45	the	the	DET
ftr-397	232	46	conduct	conduct	NOUN
ftr-397	232	47	of	of	ADP
ftr-397	232	48	any	any	DET
ftr-397	232	49	“	"	PUNCT
ftr-397	232	50	trade	trade	NOUN
ftr-397	232	51	or	or	CCONJ
ftr-397	232	52	business	business	NOUN
ftr-397	232	53	”	"	PUNCT
ftr-397	232	54	in	in	ADP
ftr-397	232	55	which	which	PRON
ftr-397	232	56	the	the	DET
ftr-397	232	57	taxpayer	taxpayer	NOUN
ftr-397	232	58	does	do	AUX
ftr-397	232	59	not	not	PART
ftr-397	232	60	“	"	PUNCT
ftr-397	232	61	materially	materially	ADV
ftr-397	232	62	participate	participate	VERB
ftr-397	232	63	.	.	PUNCT
ftr-397	233	1	”40	”40	PROPN
ftr-397	233	2	however	however	ADV
ftr-397	233	3	,	,	PUNCT
ftr-397	233	4	for	for	ADP
ftr-397	233	5	purposes	purpose	NOUN
ftr-397	233	6	of	of	ADP
ftr-397	233	7	the	the	DET
ftr-397	233	8	passive	passive	ADJ
ftr-397	233	9	loss	loss	NOUN
ftr-397	233	10	rules	rule	NOUN
ftr-397	233	11	,	,	PUNCT
ftr-397	233	12	the	the	DET
ftr-397	233	13	term	term	NOUN
ftr-397	233	14	“	"	PUNCT
ftr-397	233	15	trade	trade	NOUN
ftr-397	233	16	or	or	CCONJ
ftr-397	233	17	business	business	NOUN
ftr-397	233	18	”	"	PUNCT
ftr-397	233	19	includes	include	VERB
ftr-397	233	20	an	an	DET
ftr-397	233	21	“	"	PUNCT
ftr-397	233	22	activity	activity	NOUN
ftr-397	233	23	in	in	ADP
ftr-397	233	24	connection	connection	NOUN
ftr-397	233	25	with	with	ADP
ftr-397	233	26	a	a	DET
ftr-397	233	27	trade	trade	NOUN
ftr-397	233	28	or	or	CCONJ
ftr-397	233	29	business	business	NOUN
ftr-397	233	30	”	"	PUNCT
ftr-397	233	31	as	as	ADV
ftr-397	233	32	well	well	ADV
ftr-397	233	33	as	as	ADP
ftr-397	233	34	an	an	DET
ftr-397	233	35	activity	activity	NOUN
ftr-397	233	36	with	with	ADP
ftr-397	233	37	respect	respect	NOUN
ftr-397	233	38	to	to	ADP
ftr-397	233	39	which	which	PRON
ftr-397	233	40	expenses	expense	NOUN
ftr-397	233	41	are	be	AUX
ftr-397	233	42	allowable	allowable	ADJ
ftr-397	233	43	as	as	ADP
ftr-397	233	44	a	a	DET
ftr-397	233	45	deduction	deduction	NOUN
ftr-397	233	46	under	under	ADP
ftr-397	233	47	irc	irc	PROPN
ftr-397	233	48	section	section	NOUN
ftr-397	233	49	212.41	212.41	NUM
ftr-397	233	50	since	since	SCONJ
ftr-397	233	51	investors	investor	NOUN
ftr-397	233	52	may	may	AUX
ftr-397	233	53	take	take	VERB
ftr-397	233	54	deductions	deduction	NOUN
ftr-397	233	55	under	under	ADP
ftr-397	233	56	irc	irc	PROPN
ftr-397	233	57	section	section	NOUN
ftr-397	233	58	212	212	NUM
ftr-397	233	59	,	,	PUNCT
ftr-397	233	60	both	both	DET
ftr-397	233	61	traders	trader	NOUN
ftr-397	233	62	and	and	CCONJ
ftr-397	233	63	investors	investor	NOUN
ftr-397	233	64	have	have	VERB
ftr-397	233	65	the	the	DET
ftr-397	233	66	potential	potential	NOUN
ftr-397	233	67	to	to	PART
ftr-397	233	68	be	be	AUX
ftr-397	233	69	subject	subject	ADJ
ftr-397	233	70	to	to	ADP
ftr-397	233	71	the	the	DET
ftr-397	233	72	passive	passive	ADJ
ftr-397	233	73	loss	loss	NOUN
ftr-397	233	74	limitations	limitation	NOUN
ftr-397	233	75	of	of	ADP
ftr-397	233	76	irc	irc	PROPN
ftr-397	233	77	section	section	NOUN
ftr-397	233	78	469	469	NUM
ftr-397	233	79	.	.	PUNCT
ftr-397	234	1	however	however	ADV
ftr-397	234	2	,	,	PUNCT
ftr-397	234	3	in	in	ADP
ftr-397	234	4	the	the	DET
ftr-397	234	5	case	case	NOUN
ftr-397	234	6	of	of	ADP
ftr-397	234	7	a	a	DET
ftr-397	234	8	trader	trader	NOUN
ftr-397	234	9	(	(	PUNCT
ftr-397	234	10	or	or	CCONJ
ftr-397	234	11	dealer	dealer	NOUN
ftr-397	234	12	)	)	PUNCT
ftr-397	234	13	taxpayer	taxpayer	NOUN
ftr-397	234	14	who	who	PRON
ftr-397	234	15	actively	actively	ADV
ftr-397	234	16	carries	carry	VERB
ftr-397	234	17	out	out	ADP
ftr-397	234	18	his	his	PRON
ftr-397	234	19	trading	trading	NOUN
ftr-397	234	20	or	or	CCONJ
ftr-397	234	21	dealing	deal	VERB
ftr-397	234	22	activities	activity	NOUN
ftr-397	234	23	himself	himself	PRON
ftr-397	234	24	,	,	PUNCT
ftr-397	234	25	such	such	ADJ
ftr-397	234	26	trading	trading	NOUN
ftr-397	234	27	activity	activity	NOUN
ftr-397	234	28	should	should	AUX
ftr-397	234	29	not	not	PART
ftr-397	234	30	normally	normally	ADV
ftr-397	234	31	be	be	AUX
ftr-397	234	32	considered	consider	VERB
ftr-397	234	33	a	a	DET
ftr-397	234	34	passive	passive	ADJ
ftr-397	234	35	activity	activity	NOUN
ftr-397	234	36	,	,	PUNCT
ftr-397	234	37	as	as	ADV
ftr-397	234	38	long	long	ADV
ftr-397	234	39	as	as	SCONJ
ftr-397	234	40	that	that	DET
ftr-397	234	41	taxpayer	taxpayer	NOUN
ftr-397	234	42	“	"	PUNCT
ftr-397	234	43	materially	materially	ADV
ftr-397	234	44	participates	participate	VERB
ftr-397	234	45	”	"	PUNCT
ftr-397	234	46	in	in	ADP
ftr-397	234	47	such	such	ADJ
ftr-397	234	48	activity.42	activity.42	NOUN
ftr-397	234	49	therefore	therefore	ADV
ftr-397	234	50	,	,	PUNCT
ftr-397	234	51	if	if	SCONJ
ftr-397	234	52	the	the	DET
ftr-397	234	53	trader	trader	NOUN
ftr-397	234	54	–	–	PUNCT
ftr-397	234	55	taxpayer	taxpayer	NOUN
ftr-397	234	56	shows	show	VERB
ftr-397	234	57	a	a	DET
ftr-397	234	58	business	business	NOUN
ftr-397	234	59	loss	loss	NOUN
ftr-397	234	60	on	on	ADP
ftr-397	234	61	schedule	schedule	NOUN
ftr-397	234	62	c	c	NOUN
ftr-397	234	63	after	after	ADP
ftr-397	234	64	taking	take	VERB
ftr-397	234	65	these	these	DET
ftr-397	234	66	deductions	deduction	NOUN
ftr-397	234	67	,	,	PUNCT
ftr-397	234	68	such	such	ADJ
ftr-397	234	69	loss	loss	NOUN
ftr-397	234	70	should	should	AUX
ftr-397	234	71	normally	normally	ADV
ftr-397	234	72	be	be	AUX
ftr-397	234	73	available	available	ADJ
ftr-397	234	74	to	to	PART
ftr-397	234	75	offset	offset	VERB
ftr-397	234	76	ordinary	ordinary	ADJ
ftr-397	234	77	,	,	PUNCT
ftr-397	234	78	non	non	ADJ
ftr-397	234	79	-	-	ADJ
ftr-397	234	80	passive	passive	ADJ
ftr-397	234	81	income	income	NOUN
ftr-397	234	82	,	,	PUNCT
ftr-397	234	83	(	(	PUNCT
ftr-397	234	84	including	include	VERB
ftr-397	234	85	personal	personal	ADJ
ftr-397	234	86	services	service	NOUN
ftr-397	234	87	income	income	NOUN
ftr-397	234	88	)	)	PUNCT
ftr-397	234	89	.	.	PUNCT
ftr-397	235	1	such	such	ADJ
ftr-397	235	2	deductions	deduction	NOUN
ftr-397	235	3	would	would	AUX
ftr-397	235	4	therefore	therefore	ADV
ftr-397	235	5	be	be	AUX
ftr-397	235	6	beneficial	beneficial	ADJ
ftr-397	235	7	to	to	ADP
ftr-397	235	8	a	a	DET
ftr-397	235	9	trader	trader	NOUN
ftr-397	235	10	or	or	CCONJ
ftr-397	235	11	dealer	dealer	NOUN
ftr-397	235	12	as	as	ADP
ftr-397	235	13	offsets	offset	NOUN
ftr-397	235	14	to	to	ADP
ftr-397	235	15	ordinary	ordinary	ADJ
ftr-397	235	16	income	income	NOUN
ftr-397	235	17	.	.	PUNCT
ftr-397	236	1	whether	whether	SCONJ
ftr-397	236	2	the	the	DET
ftr-397	236	3	investor	investor	NOUN
ftr-397	236	4	would	would	AUX
ftr-397	236	5	be	be	AUX
ftr-397	236	6	subject	subject	ADJ
ftr-397	236	7	to	to	ADP
ftr-397	236	8	the	the	DET
ftr-397	236	9	passive	passive	ADJ
ftr-397	236	10	loss	loss	NOUN
ftr-397	236	11	rules	rule	NOUN
ftr-397	236	12	would	would	AUX
ftr-397	236	13	ultimately	ultimately	ADV
ftr-397	236	14	depend	depend	VERB
ftr-397	236	15	on	on	ADP
ftr-397	236	16	whether	whether	SCONJ
ftr-397	236	17	that	that	DET
ftr-397	236	18	investor	investor	NOUN
ftr-397	236	19	“	"	PUNCT
ftr-397	236	20	materially	materially	ADV
ftr-397	236	21	participates	participate	VERB
ftr-397	236	22	”	"	PUNCT
ftr-397	236	23	in	in	ADP
ftr-397	236	24	managing	manage	VERB
ftr-397	236	25	his	his	PRON
ftr-397	236	26	investments	investment	NOUN
ftr-397	236	27	and	and	CCONJ
ftr-397	236	28	on	on	ADP
ftr-397	236	29	whether	whether	SCONJ
ftr-397	236	30	that	that	DET
ftr-397	236	31	investor	investor	NOUN
ftr-397	236	32	’s	’s	PART
ftr-397	236	33	income	income	NOUN
ftr-397	236	34	is	be	AUX
ftr-397	236	35	portfolio	portfolio	NOUN
ftr-397	236	36	income	income	NOUN
ftr-397	236	37	,	,	PUNCT
ftr-397	236	38	or	or	CCONJ
ftr-397	236	39	is	be	AUX
ftr-397	236	40	otherwise	otherwise	ADV
ftr-397	236	41	excluded	exclude	VERB
ftr-397	236	42	from	from	ADP
ftr-397	236	43	treatment	treatment	NOUN
ftr-397	236	44	as	as	ADP
ftr-397	236	45	passive	passive	ADJ
ftr-397	236	46	income.43	income.43	ADJ
ftr-397	236	47	39	39	NUM
ftr-397	236	48	.	.	PUNCT
ftr-397	237	1	tax	tax	NOUN
ftr-397	237	2	reform	reform	PROPN
ftr-397	237	3	act	act	NOUN
ftr-397	237	4	of	of	ADP
ftr-397	237	5	1986	1986	NUM
ftr-397	237	6	,	,	PUNCT
ftr-397	237	7	pub	pub	NOUN
ftr-397	237	8	.	.	PUNCT
ftr-397	238	1	l.	l.	PROPN
ftr-397	238	2	99	99	NUM
ftr-397	238	3	-	-	SYM
ftr-397	238	4	514	514	NUM
ftr-397	238	5	,	,	PUNCT
ftr-397	238	6	§	§	PROPN
ftr-397	238	7	501(a	501(a	PROPN
ftr-397	238	8	)	)	PUNCT
ftr-397	238	9	,	,	PUNCT
ftr-397	238	10	100	100	NUM
ftr-397	238	11	stat	stat	NOUN
ftr-397	238	12	.	.	PUNCT
ftr-397	239	1	2085	2085	NUM
ftr-397	239	2	,	,	PUNCT
ftr-397	239	3	2233	2233	NUM
ftr-397	239	4	-	-	SYM
ftr-397	239	5	41	41	NUM
ftr-397	239	6	(	(	PUNCT
ftr-397	239	7	1986	1986	NUM
ftr-397	239	8	)	)	PUNCT
ftr-397	239	9	.	.	PUNCT
ftr-397	240	1	40	40	NUM
ftr-397	240	2	.	.	PUNCT
ftr-397	241	1	irc	irc	PROPN
ftr-397	241	2	§	§	PROPN
ftr-397	241	3	469(c)(1	469(c)(1	NUM
ftr-397	241	4	)	)	PUNCT
ftr-397	241	5	.	.	PUNCT
ftr-397	242	1	41	41	NUM
ftr-397	242	2	.	.	PUNCT
ftr-397	243	1	irc	irc	PROPN
ftr-397	243	2	§	§	PROPN
ftr-397	243	3	469(c)(6	469(c)(6	NUM
ftr-397	243	4	)	)	PUNCT
ftr-397	243	5	.	.	PUNCT
ftr-397	244	1	42	42	NUM
ftr-397	244	2	.	.	PUNCT
ftr-397	245	1	irc	irc	PROPN
ftr-397	245	2	§	§	PROPN
ftr-397	245	3	469(c	469(c	PROPN
ftr-397	245	4	)	)	PUNCT
ftr-397	245	5	,	,	PUNCT
ftr-397	245	6	(	(	PUNCT
ftr-397	245	7	h	h	NOUN
ftr-397	245	8	)	)	PUNCT
ftr-397	245	9	.	.	PUNCT
ftr-397	246	1	as	as	SCONJ
ftr-397	246	2	discussed	discuss	VERB
ftr-397	246	3	in	in	ADP
ftr-397	246	4	section	section	NOUN
ftr-397	246	5	iii	iii	PROPN
ftr-397	246	6	below	below	ADV
ftr-397	246	7	,	,	PUNCT
ftr-397	246	8	an	an	DET
ftr-397	246	9	individual	individual	ADJ
ftr-397	246	10	trader	trader	NOUN
ftr-397	246	11	who	who	PRON
ftr-397	246	12	is	be	AUX
ftr-397	246	13	actually	actually	ADV
ftr-397	246	14	actively	actively	ADV
ftr-397	246	15	involved	involve	VERB
ftr-397	246	16	in	in	ADP
ftr-397	246	17	trading	trading	NOUN
ftr-397	246	18	would	would	AUX
ftr-397	246	19	likely	likely	ADV
ftr-397	246	20	be	be	AUX
ftr-397	246	21	regarded	regard	VERB
ftr-397	246	22	as	as	ADP
ftr-397	246	23	“	"	PUNCT
ftr-397	246	24	materially	materially	ADV
ftr-397	246	25	participating	participate	VERB
ftr-397	246	26	”	"	PUNCT
ftr-397	246	27	in	in	ADP
ftr-397	246	28	the	the	DET
ftr-397	246	29	trade	trade	NOUN
ftr-397	246	30	or	or	CCONJ
ftr-397	246	31	business	business	NOUN
ftr-397	246	32	of	of	ADP
ftr-397	246	33	trading	trading	NOUN
ftr-397	246	34	,	,	PUNCT
ftr-397	246	35	and	and	CCONJ
ftr-397	246	36	in	in	ADP
ftr-397	246	37	such	such	ADJ
ftr-397	246	38	case	case	NOUN
ftr-397	246	39	,	,	PUNCT
ftr-397	246	40	the	the	DET
ftr-397	246	41	deductions	deduction	NOUN
ftr-397	246	42	described	describe	VERB
ftr-397	246	43	in	in	ADP
ftr-397	246	44	this	this	DET
ftr-397	246	45	section	section	NOUN
ftr-397	246	46	ii	ii	NOUN
ftr-397	246	47	should	should	AUX
ftr-397	246	48	not	not	PART
ftr-397	246	49	be	be	AUX
ftr-397	246	50	regarded	regard	VERB
ftr-397	246	51	as	as	ADP
ftr-397	246	52	losses	loss	NOUN
ftr-397	246	53	from	from	ADP
ftr-397	246	54	a	a	DET
ftr-397	246	55	passive	passive	ADJ
ftr-397	246	56	activity	activity	NOUN
ftr-397	246	57	.	.	PUNCT
ftr-397	247	1	see	see	VERB
ftr-397	247	2	treas	treas	PROPN
ftr-397	247	3	.	.	PUNCT
ftr-397	248	1	reg	reg	PROPN
ftr-397	248	2	.	.	PUNCT
ftr-397	249	1	§	§	PROPN
ftr-397	249	2	1.469	1.469	NUM
ftr-397	249	3	-	-	NUM
ftr-397	249	4	5t(a	5t(a	NUM
ftr-397	249	5	)	)	PUNCT
ftr-397	249	6	.	.	PUNCT
ftr-397	250	1	see	see	VERB
ftr-397	250	2	also	also	ADV
ftr-397	250	3	treas	treas	PROPN
ftr-397	250	4	.	.	PUNCT
ftr-397	251	1	reg	reg	PROPN
ftr-397	251	2	.	.	PUNCT
ftr-397	252	1	§	§	PROPN
ftr-397	252	2	1.4691t(e)(6)(ii),(iii	1.4691t(e)(6)(ii),(iii	NUM
ftr-397	252	3	)	)	PUNCT
ftr-397	252	4	(	(	PUNCT
ftr-397	252	5	activity	activity	NOUN
ftr-397	252	6	of	of	ADP
ftr-397	252	7	trading	trade	VERB
ftr-397	252	8	personal	personal	ADJ
ftr-397	252	9	property	property	NOUN
ftr-397	252	10	for	for	ADP
ftr-397	252	11	the	the	DET
ftr-397	252	12	account	account	NOUN
ftr-397	252	13	of	of	ADP
ftr-397	252	14	owners	owner	NOUN
ftr-397	252	15	of	of	ADP
ftr-397	252	16	interests	interest	NOUN
ftr-397	252	17	in	in	ADP
ftr-397	252	18	the	the	DET
ftr-397	252	19	activity	activity	NOUN
ftr-397	252	20	is	be	AUX
ftr-397	252	21	not	not	PART
ftr-397	252	22	a	a	DET
ftr-397	252	23	passive	passive	ADJ
ftr-397	252	24	activity	activity	NOUN
ftr-397	252	25	,	,	PUNCT
ftr-397	252	26	without	without	ADP
ftr-397	252	27	regard	regard	NOUN
ftr-397	252	28	to	to	ADP
ftr-397	252	29	whether	whether	SCONJ
ftr-397	252	30	such	such	ADJ
ftr-397	252	31	activity	activity	NOUN
ftr-397	252	32	is	be	AUX
ftr-397	252	33	a	a	DET
ftr-397	252	34	trade	trade	NOUN
ftr-397	252	35	or	or	CCONJ
ftr-397	252	36	business	business	NOUN
ftr-397	252	37	activity	activity	NOUN
ftr-397	252	38	;	;	PUNCT
ftr-397	252	39	for	for	ADP
ftr-397	252	40	example	example	NOUN
ftr-397	252	41	,	,	PUNCT
ftr-397	252	42	a	a	DET
ftr-397	252	43	partnership	partnership	NOUN
ftr-397	252	44	securities	security	NOUN
ftr-397	252	45	trader	trader	NOUN
ftr-397	252	46	is	be	AUX
ftr-397	252	47	treated	treat	VERB
ftr-397	252	48	as	as	ADP
ftr-397	252	49	conducting	conduct	VERB
ftr-397	252	50	such	such	DET
ftr-397	252	51	an	an	DET
ftr-397	252	52	activity	activity	NOUN
ftr-397	252	53	for	for	ADP
ftr-397	252	54	the	the	DET
ftr-397	252	55	account	account	NOUN
ftr-397	252	56	of	of	ADP
ftr-397	252	57	its	its	PRON
ftr-397	252	58	partners	partner	NOUN
ftr-397	252	59	,	,	PUNCT
ftr-397	252	60	so	so	SCONJ
ftr-397	252	61	the	the	DET
ftr-397	252	62	activity	activity	NOUN
ftr-397	252	63	is	be	AUX
ftr-397	252	64	not	not	PART
ftr-397	252	65	a	a	DET
ftr-397	252	66	passive	passive	ADJ
ftr-397	252	67	activity	activity	NOUN
ftr-397	252	68	)	)	PUNCT
ftr-397	252	69	.	.	PUNCT
ftr-397	253	1	but	but	CCONJ
ftr-397	253	2	see	see	VERB
ftr-397	253	3	dean	dean	PROPN
ftr-397	253	4	v.	v.	ADP
ftr-397	253	5	irs	irs	PROPN
ftr-397	253	6	,	,	PUNCT
ftr-397	253	7	2007	2007	NUM
ftr-397	253	8	wl	wl	SYM
ftr-397	253	9	445938	445938	NUM
ftr-397	253	10	(	(	PUNCT
ftr-397	253	11	w.d	w.d	PROPN
ftr-397	253	12	.	.	PROPN
ftr-397	253	13	wash	wash	PROPN
ftr-397	253	14	.	.	PUNCT
ftr-397	253	15	)	)	PUNCT
ftr-397	254	1	(	(	PUNCT
ftr-397	254	2	passive	passive	ADJ
ftr-397	254	3	loss	loss	NOUN
ftr-397	254	4	limitations	limitation	NOUN
ftr-397	254	5	barred	bar	VERB
ftr-397	254	6	taxpayer	taxpayer	NOUN
ftr-397	254	7	’s	’s	PART
ftr-397	254	8	claim	claim	NOUN
ftr-397	254	9	to	to	PART
ftr-397	254	10	carry	carry	VERB
ftr-397	254	11	back	back	ADV
ftr-397	254	12	his	his	PRON
ftr-397	254	13	share	share	NOUN
ftr-397	254	14	of	of	ADP
ftr-397	254	15	familyowned	familyowne	VERB
ftr-397	254	16	partnership	partnership	NOUN
ftr-397	254	17	’s	’s	PART
ftr-397	254	18	securities	security	NOUN
ftr-397	254	19	activities	activity	NOUN
ftr-397	254	20	loss	loss	VERB
ftr-397	254	21	where	where	SCONJ
ftr-397	254	22	taxpayer	taxpayer	NOUN
ftr-397	254	23	failed	fail	VERB
ftr-397	254	24	to	to	PART
ftr-397	254	25	show	show	VERB
ftr-397	254	26	material	material	ADJ
ftr-397	254	27	participation	participation	NOUN
ftr-397	254	28	)	)	PUNCT
ftr-397	254	29	.	.	PUNCT
ftr-397	255	1	43	43	NUM
ftr-397	255	2	.	.	PUNCT
ftr-397	256	1	see	see	VERB
ftr-397	256	2	,	,	PUNCT
ftr-397	256	3	e.g.	e.g.	ADV
ftr-397	256	4	,	,	PUNCT
ftr-397	256	5	mayer	mayer	PROPN
ftr-397	256	6	v.	v.	PROPN
ftr-397	256	7	comm’r	comm’r	PROPN
ftr-397	256	8	,	,	PUNCT
ftr-397	256	9	67	67	NUM
ftr-397	256	10	t.c.m	t.c.m	NOUN
ftr-397	256	11	.	.	PUNCT
ftr-397	257	1	(	(	PUNCT
ftr-397	257	2	cch	cch	NOUN
ftr-397	257	3	)	)	PUNCT
ftr-397	257	4	at	at	ADP
ftr-397	257	5	2951	2951	NUM
ftr-397	257	6	(	(	PUNCT
ftr-397	257	7	taxpayer	taxpayer	NOUN
ftr-397	257	8	who	who	PRON
ftr-397	257	9	was	be	AUX
ftr-397	257	10	an	an	DET
ftr-397	257	11	investor	investor	NOUN
ftr-397	257	12	materially	materially	ADV
ftr-397	257	13	participated	participate	VERB
ftr-397	257	14	in	in	ADP
ftr-397	257	15	securities	security	NOUN
ftr-397	257	16	activities	activity	NOUN
ftr-397	257	17	,	,	PUNCT
ftr-397	257	18	so	so	SCONJ
ftr-397	257	19	such	such	ADJ
ftr-397	257	20	activities	activity	NOUN
ftr-397	257	21	were	be	AUX
ftr-397	257	22	1124	1124	NUM
ftr-397	257	23	florida	florida	PROPN
ftr-397	257	24	tax	tax	NOUN
ftr-397	257	25	review	review	NOUN
ftr-397	257	26	[	[	X
ftr-397	257	27	vol	vol	NOUN
ftr-397	257	28	.	.	PUNCT
ftr-397	258	1	8:10	8:10	NUM
ftr-397	258	2	b.	b.	NOUN
ftr-397	258	3	rules	rule	NOUN
ftr-397	258	4	with	with	ADP
ftr-397	258	5	respect	respect	NOUN
ftr-397	258	6	to	to	ADP
ftr-397	258	7	character	character	NOUN
ftr-397	258	8	of	of	ADP
ftr-397	258	9	income	income	NOUN
ftr-397	258	10	while	while	SCONJ
ftr-397	258	11	traders	trader	NOUN
ftr-397	258	12	and	and	CCONJ
ftr-397	258	13	dealers	dealer	NOUN
ftr-397	258	14	are	be	AUX
ftr-397	258	15	treated	treat	VERB
ftr-397	258	16	similarly	similarly	ADV
ftr-397	258	17	to	to	ADP
ftr-397	258	18	each	each	DET
ftr-397	258	19	other	other	ADJ
ftr-397	258	20	(	(	PUNCT
ftr-397	258	21	and	and	CCONJ
ftr-397	258	22	differently	differently	ADV
ftr-397	258	23	from	from	ADP
ftr-397	258	24	investors	investor	NOUN
ftr-397	258	25	)	)	PUNCT
ftr-397	258	26	with	with	ADP
ftr-397	258	27	respect	respect	NOUN
ftr-397	258	28	to	to	ADP
ftr-397	258	29	their	their	PRON
ftr-397	258	30	eligibility	eligibility	NOUN
ftr-397	258	31	for	for	ADP
ftr-397	258	32	deductions	deduction	NOUN
ftr-397	258	33	allowable	allowable	ADJ
ftr-397	258	34	under	under	ADP
ftr-397	258	35	irc	irc	PROPN
ftr-397	258	36	section	section	NOUN
ftr-397	258	37	162	162	NUM
ftr-397	258	38	and	and	CCONJ
ftr-397	258	39	other	other	ADJ
ftr-397	258	40	business	business	NOUN
ftr-397	258	41	-	-	PUNCT
ftr-397	258	42	related	relate	VERB
ftr-397	258	43	deductions	deduction	NOUN
ftr-397	258	44	for	for	ADP
ftr-397	258	45	expenses	expense	NOUN
ftr-397	258	46	incurred	incur	VERB
ftr-397	258	47	in	in	ADP
ftr-397	258	48	carrying	carry	VERB
ftr-397	258	49	on	on	ADP
ftr-397	258	50	a	a	DET
ftr-397	258	51	“	"	PUNCT
ftr-397	258	52	trade	trade	NOUN
ftr-397	258	53	or	or	CCONJ
ftr-397	258	54	business	business	NOUN
ftr-397	258	55	,	,	PUNCT
ftr-397	258	56	”	"	PUNCT
ftr-397	258	57	their	their	PRON
ftr-397	258	58	treatment	treatment	NOUN
ftr-397	258	59	diverges	diverge	VERB
ftr-397	258	60	with	with	ADP
ftr-397	258	61	respect	respect	NOUN
ftr-397	258	62	to	to	ADP
ftr-397	258	63	the	the	DET
ftr-397	258	64	character	character	NOUN
ftr-397	258	65	of	of	ADP
ftr-397	258	66	the	the	DET
ftr-397	258	67	income	income	NOUN
ftr-397	258	68	realized	realize	VERB
ftr-397	258	69	upon	upon	SCONJ
ftr-397	258	70	the	the	DET
ftr-397	258	71	sale	sale	NOUN
ftr-397	258	72	of	of	ADP
ftr-397	258	73	such	such	ADJ
ftr-397	258	74	securities	security	NOUN
ftr-397	258	75	.	.	PUNCT
ftr-397	259	1	securities	security	NOUN
ftr-397	259	2	dealers	dealer	NOUN
ftr-397	259	3	will	will	AUX
ftr-397	259	4	realize	realize	VERB
ftr-397	259	5	ordinary	ordinary	ADJ
ftr-397	259	6	gains	gain	NOUN
ftr-397	259	7	and	and	CCONJ
ftr-397	259	8	losses	loss	NOUN
ftr-397	259	9	on	on	ADP
ftr-397	259	10	sales	sale	NOUN
ftr-397	259	11	of	of	ADP
ftr-397	259	12	securities	security	NOUN
ftr-397	259	13	they	they	PRON
ftr-397	259	14	hold	hold	VERB
ftr-397	259	15	as	as	ADP
ftr-397	259	16	inventory	inventory	NOUN
ftr-397	259	17	(	(	PUNCT
ftr-397	259	18	that	that	PRON
ftr-397	259	19	is	be	AUX
ftr-397	259	20	,	,	PUNCT
ftr-397	259	21	most	most	ADJ
ftr-397	259	22	of	of	ADP
ftr-397	259	23	the	the	DET
ftr-397	259	24	securities	security	NOUN
ftr-397	259	25	they	they	PRON
ftr-397	259	26	hold).44	hold).44	VERB
ftr-397	259	27	such	such	ADJ
ftr-397	259	28	ordinary	ordinary	ADJ
ftr-397	259	29	income	income	NOUN
ftr-397	259	30	treatment	treatment	NOUN
ftr-397	259	31	is	be	AUX
ftr-397	259	32	akin	akin	ADJ
ftr-397	259	33	to	to	ADP
ftr-397	259	34	that	that	PRON
ftr-397	259	35	accorded	accord	VERB
ftr-397	259	36	to	to	ADP
ftr-397	259	37	other	other	ADJ
ftr-397	259	38	kinds	kind	NOUN
ftr-397	259	39	of	of	ADP
ftr-397	259	40	merchants	merchant	NOUN
ftr-397	259	41	who	who	PRON
ftr-397	259	42	hold	hold	VERB
ftr-397	259	43	their	their	PRON
ftr-397	259	44	goods	good	NOUN
ftr-397	259	45	as	as	ADP
ftr-397	259	46	inventory	inventory	NOUN
ftr-397	259	47	or	or	CCONJ
ftr-397	259	48	“	"	PUNCT
ftr-397	259	49	stock	stock	NOUN
ftr-397	259	50	in	in	ADP
ftr-397	259	51	trade	trade	NOUN
ftr-397	259	52	”	"	PUNCT
ftr-397	259	53	to	to	PART
ftr-397	259	54	be	be	AUX
ftr-397	259	55	sold	sell	VERB
ftr-397	259	56	to	to	ADP
ftr-397	259	57	their	their	PRON
ftr-397	259	58	customers	customer	NOUN
ftr-397	259	59	at	at	ADP
ftr-397	259	60	a	a	DET
ftr-397	259	61	profit.45	profit.45	NOUN
ftr-397	259	62	on	on	ADP
ftr-397	259	63	the	the	DET
ftr-397	259	64	other	other	ADJ
ftr-397	259	65	hand	hand	NOUN
ftr-397	259	66	,	,	PUNCT
ftr-397	259	67	a	a	DET
ftr-397	259	68	securities	security	NOUN
ftr-397	259	69	trader	trader	NOUN
ftr-397	259	70	’s	’s	PART
ftr-397	259	71	profit	profit	NOUN
ftr-397	259	72	or	or	CCONJ
ftr-397	259	73	loss	loss	NOUN
ftr-397	259	74	from	from	ADP
ftr-397	259	75	his	his	PRON
ftr-397	259	76	trading	trading	NOUN
ftr-397	259	77	activity	activity	NOUN
ftr-397	259	78	will	will	AUX
ftr-397	259	79	generally	generally	ADV
ftr-397	259	80	be	be	AUX
ftr-397	259	81	considered	consider	VERB
ftr-397	259	82	capital	capital	NOUN
ftr-397	259	83	gain	gain	NOUN
ftr-397	259	84	or	or	CCONJ
ftr-397	259	85	loss	loss	NOUN
ftr-397	259	86	,	,	PUNCT
ftr-397	259	87	although	although	SCONJ
ftr-397	259	88	it	it	PRON
ftr-397	259	89	will	will	AUX
ftr-397	259	90	usually	usually	ADV
ftr-397	259	91	be	be	AUX
ftr-397	259	92	short	short	ADJ
ftr-397	259	93	-	-	PUNCT
ftr-397	259	94	term	term	NOUN
ftr-397	259	95	capital	capital	NOUN
ftr-397	259	96	gain	gain	NOUN
ftr-397	259	97	or	or	CCONJ
ftr-397	259	98	loss	loss	NOUN
ftr-397	259	99	,	,	PUNCT
ftr-397	259	100	since	since	SCONJ
ftr-397	259	101	traders	trader	NOUN
ftr-397	259	102	by	by	ADP
ftr-397	259	103	definition	definition	NOUN
ftr-397	259	104	usually	usually	ADV
ftr-397	259	105	seek	seek	VERB
ftr-397	259	106	to	to	PART
ftr-397	259	107	profit	profit	VERB
ftr-397	259	108	from	from	ADP
ftr-397	259	109	short	short	ADJ
ftr-397	259	110	-	-	PUNCT
ftr-397	259	111	term	term	NOUN
ftr-397	259	112	swings	swing	NOUN
ftr-397	259	113	in	in	ADP
ftr-397	259	114	the	the	DET
ftr-397	259	115	market.46	market.46	NOUN
ftr-397	259	116	such	such	ADJ
ftr-397	259	117	short	short	ADJ
ftr-397	259	118	-	-	PUNCT
ftr-397	259	119	term	term	NOUN
ftr-397	259	120	capital	capital	NOUN
ftr-397	259	121	gain	gain	NOUN
ftr-397	259	122	or	or	CCONJ
ftr-397	259	123	loss	loss	NOUN
ftr-397	259	124	will	will	AUX
ftr-397	259	125	be	be	AUX
ftr-397	259	126	taxed	tax	VERB
ftr-397	259	127	at	at	ADP
ftr-397	259	128	ordinary	ordinary	ADJ
ftr-397	259	129	income	income	NOUN
ftr-397	259	130	rates	rate	NOUN
ftr-397	259	131	under	under	ADP
ftr-397	259	132	present	present	ADJ
ftr-397	259	133	law	law	NOUN
ftr-397	259	134	,	,	PUNCT
ftr-397	259	135	rather	rather	ADV
ftr-397	259	136	than	than	ADP
ftr-397	259	137	at	at	ADP
ftr-397	259	138	the	the	DET
ftr-397	259	139	more	more	ADV
ftr-397	259	140	favorable	favorable	ADJ
ftr-397	259	141	rates	rate	NOUN
ftr-397	259	142	accorded	accord	VERB
ftr-397	259	143	to	to	ADP
ftr-397	259	144	capital	capital	NOUN
ftr-397	259	145	assets	asset	NOUN
ftr-397	259	146	with	with	ADP
ftr-397	259	147	a	a	DET
ftr-397	259	148	long	long	ADJ
ftr-397	259	149	-	-	PUNCT
ftr-397	259	150	term	term	NOUN
ftr-397	259	151	holding	hold	VERB
ftr-397	259	152	period.47	period.47	NOUN
ftr-397	259	153	however	however	ADV
ftr-397	259	154	,	,	PUNCT
ftr-397	259	155	traders	trader	NOUN
ftr-397	259	156	are	be	AUX
ftr-397	259	157	not	not	PART
ftr-397	259	158	altogether	altogether	ADV
ftr-397	259	159	precluded	preclude	VERB
ftr-397	259	160	from	from	ADP
ftr-397	259	161	realizing	realize	VERB
ftr-397	259	162	long	long	ADJ
ftr-397	259	163	-	-	PUNCT
ftr-397	259	164	term	term	NOUN
ftr-397	259	165	capital	capital	NOUN
ftr-397	259	166	gain	gain	NOUN
ftr-397	259	167	or	or	CCONJ
ftr-397	259	168	loss	loss	NOUN
ftr-397	259	169	from	from	ADP
ftr-397	259	170	those	those	DET
ftr-397	259	171	investments	investment	NOUN
ftr-397	259	172	held	hold	VERB
ftr-397	259	173	for	for	ADP
ftr-397	259	174	longer	long	ADJ
ftr-397	259	175	periods	period	NOUN
ftr-397	259	176	of	of	ADP
ftr-397	259	177	time	time	NOUN
ftr-397	259	178	,	,	PUNCT
ftr-397	259	179	although	although	SCONJ
ftr-397	259	180	(	(	PUNCT
ftr-397	259	181	as	as	SCONJ
ftr-397	259	182	discussed	discuss	VERB
ftr-397	259	183	below	below	ADV
ftr-397	259	184	)	)	PUNCT
ftr-397	259	185	the	the	DET
ftr-397	259	186	existence	existence	NOUN
ftr-397	259	187	of	of	ADP
ftr-397	259	188	too	too	ADV
ftr-397	259	189	many	many	ADJ
ftr-397	259	190	of	of	ADP
ftr-397	259	191	such	such	ADJ
ftr-397	259	192	securities	security	NOUN
ftr-397	259	193	may	may	AUX
ftr-397	259	194	be	be	AUX
ftr-397	259	195	evidence	evidence	NOUN
ftr-397	259	196	of	of	ADP
ftr-397	259	197	non	non	ADJ
ftr-397	259	198	-	-	NOUN
ftr-397	259	199	trader	trader	NOUN
ftr-397	259	200	status.48	status.48	VERB
ftr-397	259	201	furthermore	furthermore	ADV
ftr-397	259	202	,	,	PUNCT
ftr-397	259	203	as	as	ADP
ftr-397	259	204	capital	capital	NOUN
ftr-397	259	205	losses	loss	NOUN
ftr-397	259	206	,	,	PUNCT
ftr-397	259	207	the	the	DET
ftr-397	259	208	trader	trader	NOUN
ftr-397	259	209	’s	’s	PART
ftr-397	259	210	losses	loss	NOUN
ftr-397	259	211	may	may	AUX
ftr-397	259	212	only	only	ADV
ftr-397	259	213	be	be	AUX
ftr-397	259	214	offset	offset	VERB
ftr-397	259	215	against	against	ADP
ftr-397	259	216	capital	capital	NOUN
ftr-397	259	217	gains	gain	NOUN
ftr-397	259	218	,	,	PUNCT
ftr-397	259	219	and	and	CCONJ
ftr-397	259	220	individual	individual	ADJ
ftr-397	259	221	taxpayers	taxpayer	NOUN
ftr-397	259	222	may	may	AUX
ftr-397	259	223	only	only	ADV
ftr-397	259	224	deduct	deduct	VERB
ftr-397	259	225	$	$	SYM
ftr-397	259	226	3,000	3,000	NUM
ftr-397	259	227	of	of	ADP
ftr-397	259	228	their	their	PRON
ftr-397	259	229	excess	excess	ADJ
ftr-397	259	230	capital	capital	NOUN
ftr-397	259	231	losses	loss	NOUN
ftr-397	259	232	against	against	ADP
ftr-397	259	233	their	their	PRON
ftr-397	259	234	taxable	taxable	ADJ
ftr-397	259	235	(	(	PUNCT
ftr-397	259	236	ordinary	ordinary	ADJ
ftr-397	259	237	)	)	PUNCT
ftr-397	259	238	income.49	income.49	NOUN
ftr-397	259	239	dealers	dealer	NOUN
ftr-397	259	240	,	,	PUNCT
ftr-397	259	241	on	on	ADP
ftr-397	259	242	the	the	DET
ftr-397	259	243	other	other	ADJ
ftr-397	259	244	hand	hand	NOUN
ftr-397	259	245	,	,	PUNCT
ftr-397	259	246	may	may	AUX
ftr-397	259	247	deduct	deduct	VERB
ftr-397	259	248	their	their	PRON
ftr-397	259	249	losses	loss	NOUN
ftr-397	259	250	,	,	PUNCT
ftr-397	259	251	which	which	PRON
ftr-397	259	252	are	be	AUX
ftr-397	259	253	ordinary	ordinary	ADJ
ftr-397	259	254	,	,	PUNCT
ftr-397	259	255	against	against	ADP
ftr-397	259	256	ordinary	ordinary	ADJ
ftr-397	259	257	income	income	NOUN
ftr-397	259	258	.	.	PUNCT
ftr-397	260	1	not	not	PART
ftr-397	260	2	subject	subject	VERB
ftr-397	260	3	to	to	ADP
ftr-397	260	4	passive	passive	ADJ
ftr-397	260	5	loss	loss	NOUN
ftr-397	260	6	limitations	limitation	NOUN
ftr-397	260	7	under	under	ADP
ftr-397	260	8	irc	irc	PROPN
ftr-397	260	9	§	§	PROPN
ftr-397	260	10	469	469	NUM
ftr-397	260	11	;	;	PUNCT
ftr-397	260	12	income	income	NOUN
ftr-397	260	13	from	from	ADP
ftr-397	260	14	securities	security	NOUN
ftr-397	260	15	investments	investment	NOUN
ftr-397	260	16	was	be	AUX
ftr-397	260	17	portfolio	portfolio	NOUN
ftr-397	260	18	income	income	NOUN
ftr-397	260	19	)	)	PUNCT
ftr-397	260	20	;	;	PUNCT
ftr-397	260	21	see	see	VERB
ftr-397	260	22	also	also	ADV
ftr-397	260	23	irc	irc	VERB
ftr-397	260	24	§	§	PROPN
ftr-397	260	25	469(e)(1)(a	469(e)(1)(a	PROPN
ftr-397	260	26	)	)	PUNCT
ftr-397	260	27	.	.	PUNCT
ftr-397	261	1	44	44	NUM
ftr-397	261	2	.	.	PUNCT
ftr-397	262	1	mccawley	mccawley	PROPN
ftr-397	262	2	,	,	PUNCT
ftr-397	262	3	supra	supra	PROPN
ftr-397	262	4	note	note	PROPN
ftr-397	262	5	1	1	NUM
ftr-397	262	6	,	,	PUNCT
ftr-397	262	7	at	at	ADP
ftr-397	262	8	a-2	a-2	PROPN
ftr-397	262	9	.	.	PUNCT
ftr-397	263	1	however	however	ADV
ftr-397	263	2	,	,	PUNCT
ftr-397	263	3	apart	apart	ADV
ftr-397	263	4	from	from	ADP
ftr-397	263	5	having	have	VERB
ftr-397	263	6	inventory	inventory	NOUN
ftr-397	263	7	securities	security	NOUN
ftr-397	263	8	,	,	PUNCT
ftr-397	263	9	a	a	DET
ftr-397	263	10	dealer	dealer	NOUN
ftr-397	263	11	may	may	AUX
ftr-397	263	12	also	also	ADV
ftr-397	263	13	hold	hold	VERB
ftr-397	263	14	some	some	DET
ftr-397	263	15	securities	security	NOUN
ftr-397	263	16	for	for	ADP
ftr-397	263	17	his	his	PRON
ftr-397	263	18	own	own	ADJ
ftr-397	263	19	account	account	NOUN
ftr-397	263	20	as	as	ADP
ftr-397	263	21	investment	investment	NOUN
ftr-397	263	22	.	.	PUNCT
ftr-397	264	1	if	if	SCONJ
ftr-397	264	2	the	the	DET
ftr-397	264	3	securities	security	NOUN
ftr-397	264	4	dealer	dealer	NOUN
ftr-397	264	5	“	"	PUNCT
ftr-397	264	6	properly	properly	ADV
ftr-397	264	7	identifies	identify	VERB
ftr-397	264	8	”	"	PUNCT
ftr-397	264	9	a	a	DET
ftr-397	264	10	security	security	NOUN
ftr-397	264	11	as	as	SCONJ
ftr-397	264	12	held	hold	VERB
ftr-397	264	13	for	for	ADP
ftr-397	264	14	investment	investment	NOUN
ftr-397	264	15	rather	rather	ADV
ftr-397	264	16	than	than	ADP
ftr-397	264	17	inventory	inventory	NOUN
ftr-397	264	18	,	,	PUNCT
ftr-397	264	19	then	then	ADV
ftr-397	264	20	he	he	PRON
ftr-397	264	21	will	will	AUX
ftr-397	264	22	have	have	VERB
ftr-397	264	23	capital	capital	NOUN
ftr-397	264	24	gain	gain	NOUN
ftr-397	264	25	or	or	CCONJ
ftr-397	264	26	loss	loss	NOUN
ftr-397	264	27	on	on	ADP
ftr-397	264	28	the	the	DET
ftr-397	264	29	sale	sale	NOUN
ftr-397	264	30	of	of	ADP
ftr-397	264	31	that	that	DET
ftr-397	264	32	security	security	NOUN
ftr-397	264	33	.	.	PUNCT
ftr-397	265	1	irc	irc	PROPN
ftr-397	265	2	§	§	PROPN
ftr-397	265	3	1236(a	1236(a	NUM
ftr-397	265	4	)	)	PUNCT
ftr-397	265	5	.	.	PUNCT
ftr-397	266	1	45	45	NUM
ftr-397	266	2	.	.	PUNCT
ftr-397	267	1	irc	irc	PROPN
ftr-397	267	2	§	§	PROPN
ftr-397	267	3	1221(a)(1	1221(a)(1	NUM
ftr-397	267	4	)	)	PUNCT
ftr-397	267	5	.	.	PUNCT
ftr-397	268	1	46	46	NUM
ftr-397	268	2	.	.	PUNCT
ftr-397	269	1	see	see	VERB
ftr-397	269	2	,	,	PUNCT
ftr-397	269	3	e.g.	e.g.	ADV
ftr-397	269	4	,	,	PUNCT
ftr-397	269	5	kemon	kemon	VERB
ftr-397	269	6	v.	v.	ADP
ftr-397	269	7	comm’r	comm’r	NOUN
ftr-397	269	8	,	,	PUNCT
ftr-397	269	9	16	16	NUM
ftr-397	269	10	t.c	t.c	PROPN
ftr-397	269	11	.	.	PROPN
ftr-397	269	12	1026	1026	NUM
ftr-397	269	13	,	,	PUNCT
ftr-397	269	14	1033	1033	NUM
ftr-397	269	15	(	(	PUNCT
ftr-397	269	16	1951	1951	NUM
ftr-397	269	17	)	)	PUNCT
ftr-397	269	18	;	;	PUNCT
ftr-397	269	19	see	see	VERB
ftr-397	269	20	generally	generally	ADV
ftr-397	269	21	mccawley	mccawley	ADJ
ftr-397	269	22	,	,	PUNCT
ftr-397	269	23	supra	supra	PROPN
ftr-397	269	24	note	note	NOUN
ftr-397	269	25	1	1	NUM
ftr-397	269	26	,	,	PUNCT
ftr-397	269	27	at	at	ADP
ftr-397	269	28	a-3	a-3	PROPN
ftr-397	269	29	.	.	PUNCT
ftr-397	270	1	47	47	NUM
ftr-397	270	2	.	.	PUNCT
ftr-397	271	1	irc	irc	VERB
ftr-397	271	2	§	§	PROPN
ftr-397	271	3	§	§	PROPN
ftr-397	271	4	1(h	1(h	NUM
ftr-397	271	5	)	)	PUNCT
ftr-397	271	6	,	,	PUNCT
ftr-397	271	7	1222	1222	NUM
ftr-397	271	8	,	,	PUNCT
ftr-397	271	9	1223	1223	NUM
ftr-397	271	10	.	.	PUNCT
ftr-397	272	1	48	48	NUM
ftr-397	272	2	.	.	PUNCT
ftr-397	273	1	see	see	VERB
ftr-397	273	2	,	,	PUNCT
ftr-397	273	3	e.g.	e.g.	ADV
ftr-397	273	4	,	,	PUNCT
ftr-397	273	5	moller	moller	PROPN
ftr-397	273	6	v.	v.	PROPN
ftr-397	273	7	u.s	u.s	PROPN
ftr-397	273	8	.	.	PROPN
ftr-397	273	9	,	,	PUNCT
ftr-397	273	10	721	721	NUM
ftr-397	273	11	f.2d	f.2d	SYM
ftr-397	273	12	810	810	NUM
ftr-397	273	13	(	(	PUNCT
ftr-397	273	14	fed	fed	PROPN
ftr-397	273	15	.	.	PUNCT
ftr-397	273	16	cir	cir	PROPN
ftr-397	273	17	.	.	PROPN
ftr-397	273	18	1983	1983	NUM
ftr-397	273	19	)	)	PUNCT
ftr-397	273	20	;	;	PUNCT
ftr-397	273	21	mayer	mayer	PROPN
ftr-397	273	22	v.	v.	PROPN
ftr-397	273	23	u.s	u.s	PROPN
ftr-397	273	24	.	.	PROPN
ftr-397	273	25	,	,	PUNCT
ftr-397	273	26	32	32	NUM
ftr-397	273	27	fed	feed	VERB
ftr-397	273	28	.	.	PUNCT
ftr-397	274	1	cl	cl	NOUN
ftr-397	274	2	.	.	PROPN
ftr-397	274	3	149	149	NUM
ftr-397	274	4	(	(	PUNCT
ftr-397	274	5	1994	1994	NUM
ftr-397	274	6	)	)	PUNCT
ftr-397	274	7	;	;	PUNCT
ftr-397	274	8	mayer	mayer	PROPN
ftr-397	274	9	,	,	PUNCT
ftr-397	274	10	67	67	NUM
ftr-397	274	11	t.c.m	t.c.m	NOUN
ftr-397	274	12	.	.	PUNCT
ftr-397	275	1	(	(	PUNCT
ftr-397	275	2	cch	cch	NOUN
ftr-397	275	3	)	)	PUNCT
ftr-397	275	4	at	at	ADP
ftr-397	275	5	2949	2949	NUM
ftr-397	275	6	-	-	SYM
ftr-397	275	7	5	5	NUM
ftr-397	275	8	;	;	PUNCT
ftr-397	275	9	estate	estate	NOUN
ftr-397	275	10	of	of	ADP
ftr-397	275	11	yaeger	yaeger	PROPN
ftr-397	275	12	v.	v.	ADP
ftr-397	275	13	comm’r	comm’r	PROPN
ftr-397	275	14	,	,	PUNCT
ftr-397	275	15	889	889	NUM
ftr-397	275	16	f.2d	f.2d	ADP
ftr-397	275	17	29	29	NUM
ftr-397	275	18	,	,	PUNCT
ftr-397	275	19	34	34	NUM
ftr-397	275	20	(	(	PUNCT
ftr-397	275	21	2d	2d	NUM
ftr-397	275	22	cir	cir	NOUN
ftr-397	275	23	.	.	PROPN
ftr-397	275	24	1989	1989	NUM
ftr-397	275	25	)	)	PUNCT
ftr-397	275	26	;	;	PUNCT
ftr-397	275	27	see	see	VERB
ftr-397	275	28	also	also	ADV
ftr-397	275	29	infra	infra	VERB
ftr-397	275	30	section	section	NOUN
ftr-397	275	31	iii	iii	PROPN
ftr-397	275	32	.	.	PROPN
ftr-397	275	33	49	49	NUM
ftr-397	275	34	.	.	PUNCT
ftr-397	276	1	irc	irc	PROPN
ftr-397	276	2	§	§	PROPN
ftr-397	276	3	§	§	PROPN
ftr-397	276	4	172(d)(2	172(d)(2	NUM
ftr-397	276	5	)	)	PUNCT
ftr-397	276	6	,	,	PUNCT
ftr-397	276	7	1211(b	1211(b	NUM
ftr-397	276	8	)	)	PUNCT
ftr-397	276	9	,	,	PUNCT
ftr-397	276	10	1212(b	1212(b	NUM
ftr-397	276	11	)	)	PUNCT
ftr-397	276	12	;	;	PUNCT
ftr-397	277	1	jamie	jamie	PROPN
ftr-397	277	2	v.	v.	ADP
ftr-397	277	3	comm’r	comm’r	NOUN
ftr-397	277	4	,	,	PUNCT
ftr-397	277	5	2007	2007	NUM
ftr-397	277	6	t.c.m	t.c.m	NOUN
ftr-397	277	7	.	.	PUNCT
ftr-397	278	1	(	(	PUNCT
ftr-397	278	2	ria	ria	PROPN
ftr-397	278	3	)	)	PUNCT
ftr-397	278	4	¶	¶	NOUN
ftr-397	278	5	2007	2007	NUM
ftr-397	278	6	-	-	SYM
ftr-397	278	7	022	022	NUM
ftr-397	278	8	(	(	PUNCT
ftr-397	278	9	trader	trader	NOUN
ftr-397	278	10	–	–	PUNCT
ftr-397	278	11	taxpayer	taxpayer	NOUN
ftr-397	278	12	’s	’s	PART
ftr-397	278	13	losses	loss	NOUN
ftr-397	278	14	were	be	AUX
ftr-397	278	15	capital	capital	NOUN
ftr-397	278	16	losses	loss	NOUN
ftr-397	278	17	deductible	deductible	ADJ
ftr-397	278	18	only	only	ADV
ftr-397	278	19	to	to	ADP
ftr-397	278	20	the	the	DET
ftr-397	278	21	extent	extent	NOUN
ftr-397	278	22	of	of	ADP
ftr-397	278	23	capital	capital	NOUN
ftr-397	278	24	gains	gain	NOUN
ftr-397	278	25	,	,	PUNCT
ftr-397	278	26	plus	plus	CCONJ
ftr-397	278	27	$	$	SYM
ftr-397	278	28	3,000	3,000	NUM
ftr-397	278	29	)	)	PUNCT
ftr-397	278	30	.	.	PUNCT
ftr-397	279	1	2008	2008	NUM
ftr-397	279	2	]	]	PUNCT
ftr-397	280	1	a	a	DET
ftr-397	280	2	structural	structural	ADJ
ftr-397	280	3	critique	critique	NOUN
ftr-397	280	4	of	of	ADP
ftr-397	280	5	trader	trader	NOUN
ftr-397	280	6	taxation	taxation	PROPN
ftr-397	280	7	1125	1125	NUM
ftr-397	280	8	c.	c.	NOUN
ftr-397	280	9	the	the	DET
ftr-397	280	10	irc	irc	PROPN
ftr-397	280	11	section	section	NOUN
ftr-397	280	12	475(f	475(f	PROPN
ftr-397	280	13	)	)	PUNCT
ftr-397	280	14	mark	mark	NOUN
ftr-397	280	15	-	-	PUNCT
ftr-397	280	16	to	to	ADP
ftr-397	280	17	-	-	PUNCT
ftr-397	280	18	market	market	NOUN
ftr-397	280	19	election	election	NOUN
ftr-397	280	20	since	since	SCONJ
ftr-397	280	21	the	the	DET
ftr-397	280	22	enactment	enactment	NOUN
ftr-397	280	23	of	of	ADP
ftr-397	280	24	irc	irc	PROPN
ftr-397	280	25	section	section	NOUN
ftr-397	280	26	475(f	475(f	PROPN
ftr-397	280	27	)	)	PUNCT
ftr-397	280	28	in	in	ADP
ftr-397	280	29	1997	1997	NUM
ftr-397	280	30	,	,	PUNCT
ftr-397	280	31	traders	trader	NOUN
ftr-397	280	32	,	,	PUNCT
ftr-397	280	33	like	like	ADP
ftr-397	280	34	dealers	dealer	NOUN
ftr-397	280	35	,	,	PUNCT
ftr-397	280	36	have	have	AUX
ftr-397	280	37	had	have	VERB
ftr-397	280	38	the	the	DET
ftr-397	280	39	option	option	NOUN
ftr-397	280	40	of	of	ADP
ftr-397	280	41	“	"	PUNCT
ftr-397	280	42	marking	mark	VERB
ftr-397	280	43	-	-	PUNCT
ftr-397	280	44	to	to	ADP
ftr-397	280	45	-	-	PUNCT
ftr-397	280	46	market	market	NOUN
ftr-397	280	47	”	"	PUNCT
ftr-397	280	48	their	their	PRON
ftr-397	280	49	securities	security	NOUN
ftr-397	280	50	-	-	PUNCT
ftr-397	280	51	trading	trading	NOUN
ftr-397	280	52	gains	gain	NOUN
ftr-397	280	53	and	and	CCONJ
ftr-397	280	54	losses	loss	NOUN
ftr-397	280	55	,	,	PUNCT
ftr-397	280	56	thereby	thereby	ADV
ftr-397	280	57	converting	convert	VERB
ftr-397	280	58	such	such	ADJ
ftr-397	280	59	gain	gain	NOUN
ftr-397	280	60	or	or	CCONJ
ftr-397	280	61	loss	loss	NOUN
ftr-397	280	62	into	into	ADP
ftr-397	280	63	ordinary	ordinary	ADJ
ftr-397	280	64	gain	gain	NOUN
ftr-397	280	65	or	or	CCONJ
ftr-397	280	66	loss.50	loss.50	NOUN
ftr-397	280	67	under	under	ADP
ftr-397	280	68	irc	irc	PROPN
ftr-397	280	69	section	section	NOUN
ftr-397	280	70	475(f	475(f	PROPN
ftr-397	280	71	)	)	PUNCT
ftr-397	280	72	,	,	PUNCT
ftr-397	280	73	securities	security	NOUN
ftr-397	280	74	traders	trader	NOUN
ftr-397	280	75	who	who	PRON
ftr-397	280	76	make	make	VERB
ftr-397	280	77	the	the	DET
ftr-397	280	78	mark	mark	NOUN
ftr-397	280	79	-	-	PUNCT
ftr-397	280	80	tomarket	tomarket	NOUN
ftr-397	280	81	election	election	NOUN
ftr-397	280	82	may	may	AUX
ftr-397	280	83	recognize	recognize	VERB
ftr-397	280	84	gain	gain	NOUN
ftr-397	280	85	or	or	CCONJ
ftr-397	280	86	loss	loss	NOUN
ftr-397	280	87	on	on	ADP
ftr-397	280	88	any	any	DET
ftr-397	280	89	security	security	NOUN
ftr-397	280	90	held	hold	VERB
ftr-397	280	91	in	in	ADP
ftr-397	280	92	connection	connection	NOUN
ftr-397	280	93	with	with	ADP
ftr-397	280	94	his	his	PRON
ftr-397	280	95	securities	security	NOUN
ftr-397	280	96	-	-	PUNCT
ftr-397	280	97	trading	trading	NOUN
ftr-397	280	98	trade	trade	NOUN
ftr-397	280	99	or	or	CCONJ
ftr-397	280	100	business	business	NOUN
ftr-397	280	101	as	as	SCONJ
ftr-397	280	102	if	if	SCONJ
ftr-397	280	103	that	that	DET
ftr-397	280	104	security	security	NOUN
ftr-397	280	105	were	be	AUX
ftr-397	280	106	sold	sell	VERB
ftr-397	280	107	at	at	ADP
ftr-397	280	108	fair	fair	ADJ
ftr-397	280	109	market	market	NOUN
ftr-397	280	110	value	value	NOUN
ftr-397	280	111	on	on	ADP
ftr-397	280	112	the	the	DET
ftr-397	280	113	last	last	ADJ
ftr-397	280	114	day	day	NOUN
ftr-397	280	115	of	of	ADP
ftr-397	280	116	the	the	DET
ftr-397	280	117	taxable	taxable	ADJ
ftr-397	280	118	year	year	NOUN
ftr-397	280	119	,	,	PUNCT
ftr-397	280	120	and	and	CCONJ
ftr-397	280	121	may	may	AUX
ftr-397	280	122	take	take	VERB
ftr-397	280	123	any	any	DET
ftr-397	280	124	such	such	ADJ
ftr-397	280	125	gain	gain	NOUN
ftr-397	280	126	or	or	CCONJ
ftr-397	280	127	loss	loss	NOUN
ftr-397	280	128	into	into	ADP
ftr-397	280	129	account	account	NOUN
ftr-397	280	130	for	for	ADP
ftr-397	280	131	such	such	ADJ
ftr-397	280	132	taxable	taxable	ADJ
ftr-397	280	133	year.51	year.51	NOUN
ftr-397	280	134	because	because	SCONJ
ftr-397	280	135	“	"	PUNCT
ftr-397	280	136	[	[	X
ftr-397	280	137	r]ules	r]ule	NOUN
ftr-397	280	138	similar	similar	ADJ
ftr-397	280	139	to	to	ADP
ftr-397	280	140	the	the	DET
ftr-397	280	141	rules	rule	NOUN
ftr-397	280	142	of	of	ADP
ftr-397	280	143	[	[	X
ftr-397	280	144	irc	irc	NOUN
ftr-397	280	145	section	section	NOUN
ftr-397	280	146	475(d	475(d	NOUN
ftr-397	280	147	)	)	PUNCT
ftr-397	280	148	]	]	PUNCT
ftr-397	280	149	”	"	PUNCT
ftr-397	280	150	will	will	AUX
ftr-397	280	151	apply	apply	VERB
ftr-397	280	152	to	to	ADP
ftr-397	280	153	the	the	DET
ftr-397	280	154	securities	security	NOUN
ftr-397	280	155	with	with	ADP
ftr-397	280	156	respect	respect	NOUN
ftr-397	280	157	to	to	ADP
ftr-397	280	158	which	which	PRON
ftr-397	280	159	such	such	DET
ftr-397	280	160	an	an	DET
ftr-397	280	161	election	election	NOUN
ftr-397	280	162	is	be	AUX
ftr-397	280	163	made	make	VERB
ftr-397	280	164	,	,	PUNCT
ftr-397	280	165	any	any	DET
ftr-397	280	166	such	such	ADJ
ftr-397	280	167	gain	gain	NOUN
ftr-397	280	168	or	or	CCONJ
ftr-397	280	169	loss	loss	NOUN
ftr-397	280	170	on	on	ADP
ftr-397	280	171	a	a	DET
ftr-397	280	172	disposition	disposition	NOUN
ftr-397	280	173	of	of	ADP
ftr-397	280	174	a	a	DET
ftr-397	280	175	security	security	NOUN
ftr-397	280	176	will	will	AUX
ftr-397	280	177	be	be	AUX
ftr-397	280	178	treated	treat	VERB
ftr-397	280	179	as	as	ADP
ftr-397	280	180	ordinary	ordinary	ADJ
ftr-397	280	181	,	,	PUNCT
ftr-397	280	182	not	not	PART
ftr-397	280	183	capital	capital	NOUN
ftr-397	280	184	,	,	PUNCT
ftr-397	280	185	income	income	NOUN
ftr-397	280	186	or	or	CCONJ
ftr-397	280	187	loss.52	loss.52	ADJ
ftr-397	280	188	for	for	SCONJ
ftr-397	280	189	the	the	DET
ftr-397	280	190	election	election	NOUN
ftr-397	280	191	to	to	PART
ftr-397	280	192	be	be	AUX
ftr-397	280	193	effective	effective	ADJ
ftr-397	280	194	,	,	PUNCT
ftr-397	280	195	the	the	DET
ftr-397	280	196	taxpayer	taxpayer	NOUN
ftr-397	280	197	must	must	AUX
ftr-397	280	198	generally	generally	ADV
ftr-397	280	199	have	have	AUX
ftr-397	280	200	filed	file	VERB
ftr-397	280	201	a	a	DET
ftr-397	280	202	statement	statement	NOUN
ftr-397	280	203	not	not	PART
ftr-397	280	204	later	later	ADV
ftr-397	280	205	than	than	ADP
ftr-397	280	206	the	the	DET
ftr-397	280	207	due	due	ADJ
ftr-397	280	208	date	date	NOUN
ftr-397	280	209	of	of	ADP
ftr-397	280	210	the	the	DET
ftr-397	280	211	original	original	ADJ
ftr-397	280	212	federal	federal	ADJ
ftr-397	280	213	income	income	NOUN
ftr-397	280	214	tax	tax	NOUN
ftr-397	280	215	return	return	NOUN
ftr-397	280	216	for	for	ADP
ftr-397	280	217	the	the	DET
ftr-397	280	218	taxable	taxable	ADJ
ftr-397	280	219	year	year	NOUN
ftr-397	280	220	immediately	immediately	ADV
ftr-397	280	221	preceding	precede	VERB
ftr-397	280	222	the	the	DET
ftr-397	280	223	election	election	NOUN
ftr-397	280	224	year	year	NOUN
ftr-397	280	225	,	,	PUNCT
ftr-397	280	226	and	and	CCONJ
ftr-397	280	227	that	that	DET
ftr-397	280	228	statement	statement	NOUN
ftr-397	280	229	must	must	AUX
ftr-397	280	230	be	be	AUX
ftr-397	280	231	attached	attach	VERB
ftr-397	280	232	either	either	CCONJ
ftr-397	280	233	to	to	ADP
ftr-397	280	234	that	that	DET
ftr-397	280	235	return	return	NOUN
ftr-397	280	236	or	or	CCONJ
ftr-397	280	237	,	,	PUNCT
ftr-397	280	238	if	if	SCONJ
ftr-397	280	239	applicable	applicable	ADJ
ftr-397	280	240	,	,	PUNCT
ftr-397	280	241	to	to	ADP
ftr-397	280	242	a	a	DET
ftr-397	280	243	request	request	NOUN
ftr-397	280	244	for	for	ADP
ftr-397	280	245	a	a	DET
ftr-397	280	246	filing	filing	NOUN
ftr-397	280	247	extension.53	extension.53	NOUN
ftr-397	280	248	this	this	PRON
ftr-397	280	249	means	mean	VERB
ftr-397	280	250	that	that	SCONJ
ftr-397	280	251	the	the	DET
ftr-397	280	252	taxpayer	taxpayer	NOUN
ftr-397	280	253	may	may	AUX
ftr-397	280	254	not	not	PART
ftr-397	280	255	generally	generally	ADV
ftr-397	280	256	wait	wait	VERB
ftr-397	280	257	until	until	SCONJ
ftr-397	280	258	he	he	PRON
ftr-397	280	259	has	have	AUX
ftr-397	280	260	experienced	experience	VERB
ftr-397	280	261	losses	loss	NOUN
ftr-397	280	262	throughout	throughout	ADP
ftr-397	280	263	the	the	DET
ftr-397	280	264	tax	tax	NOUN
ftr-397	280	265	year	year	NOUN
ftr-397	280	266	before	before	ADP
ftr-397	280	267	making	make	VERB
ftr-397	280	268	the	the	DET
ftr-397	280	269	election	election	NOUN
ftr-397	280	270	;	;	PUNCT
ftr-397	280	271	late	late	ADJ
ftr-397	280	272	filing	filing	NOUN
ftr-397	280	273	relief	relief	NOUN
ftr-397	280	274	will	will	AUX
ftr-397	280	275	not	not	PART
ftr-397	280	276	usually	usually	ADV
ftr-397	280	277	be	be	AUX
ftr-397	280	278	granted	grant	VERB
ftr-397	280	279	for	for	ADP
ftr-397	280	280	the	the	DET
ftr-397	280	281	mark	mark	NOUN
ftr-397	280	282	-	-	PUNCT
ftr-397	280	283	to	to	ADP
ftr-397	280	284	-	-	PUNCT
ftr-397	280	285	market	market	NOUN
ftr-397	280	286	election	election	NOUN
ftr-397	280	287	where	where	SCONJ
ftr-397	280	288	the	the	DET
ftr-397	280	289	taxpayer	taxpayer	NOUN
ftr-397	280	290	is	be	AUX
ftr-397	280	291	believed	believe	VERB
ftr-397	280	292	to	to	PART
ftr-397	280	293	be	be	AUX
ftr-397	280	294	making	make	VERB
ftr-397	280	295	the	the	DET
ftr-397	280	296	election	election	NOUN
ftr-397	280	297	with	with	ADP
ftr-397	280	298	the	the	DET
ftr-397	280	299	benefit	benefit	NOUN
ftr-397	280	300	of	of	ADP
ftr-397	280	301	hindsight.54	hindsight.54	PROPN
ftr-397	280	302	once	once	SCONJ
ftr-397	280	303	the	the	DET
ftr-397	280	304	mark	mark	NOUN
ftr-397	280	305	-	-	PUNCT
ftr-397	280	306	to	to	ADP
ftr-397	280	307	-	-	PUNCT
ftr-397	280	308	market	market	NOUN
ftr-397	280	309	election	election	NOUN
ftr-397	280	310	is	be	AUX
ftr-397	280	311	made	make	VERB
ftr-397	280	312	,	,	PUNCT
ftr-397	280	313	the	the	DET
ftr-397	280	314	trader	trader	NOUN
ftr-397	280	315	’s	’s	PART
ftr-397	280	316	losses	loss	NOUN
ftr-397	280	317	from	from	ADP
ftr-397	280	318	his	his	PRON
ftr-397	280	319	trades	trade	NOUN
ftr-397	280	320	,	,	PUNCT
ftr-397	280	321	having	having	AUX
ftr-397	280	322	been	be	AUX
ftr-397	280	323	rendered	render	VERB
ftr-397	280	324	ordinary	ordinary	ADJ
ftr-397	280	325	,	,	PUNCT
ftr-397	280	326	are	be	AUX
ftr-397	280	327	recognized	recognize	VERB
ftr-397	280	328	at	at	ADP
ftr-397	280	329	the	the	DET
ftr-397	280	330	close	close	NOUN
ftr-397	280	331	of	of	ADP
ftr-397	280	332	the	the	DET
ftr-397	280	333	trader	trader	NOUN
ftr-397	280	334	’s	’s	PART
ftr-397	280	335	tax	tax	NOUN
ftr-397	280	336	year	year	NOUN
ftr-397	280	337	as	as	SCONJ
ftr-397	280	338	if	if	SCONJ
ftr-397	280	339	sold	sell	VERB
ftr-397	280	340	for	for	ADP
ftr-397	280	341	fair	fair	ADJ
ftr-397	280	342	market	market	NOUN
ftr-397	280	343	value	value	NOUN
ftr-397	280	344	and	and	CCONJ
ftr-397	280	345	may	may	AUX
ftr-397	280	346	be	be	AUX
ftr-397	280	347	deducted	deduct	VERB
ftr-397	280	348	against	against	ADP
ftr-397	280	349	his	his	PRON
ftr-397	280	350	ordinary	ordinary	ADJ
ftr-397	280	351	income	income	NOUN
ftr-397	280	352	,	,	PUNCT
ftr-397	280	353	and	and	CCONJ
ftr-397	280	354	presumably	presumably	ADV
ftr-397	280	355	may	may	AUX
ftr-397	280	356	also	also	ADV
ftr-397	280	357	be	be	AUX
ftr-397	280	358	carried	carry	VERB
ftr-397	280	359	backward	backward	ADV
ftr-397	280	360	and	and	CCONJ
ftr-397	280	361	forward	forward	ADV
ftr-397	280	362	like	like	ADP
ftr-397	280	363	“	"	PUNCT
ftr-397	280	364	normal	normal	ADJ
ftr-397	280	365	”	"	PUNCT
ftr-397	280	366	net	net	ADJ
ftr-397	280	367	operating	operating	NOUN
ftr-397	280	368	losses	loss	NOUN
ftr-397	280	369	as	as	ADP
ftr-397	280	370	offsets	offset	NOUN
ftr-397	280	371	to	to	ADP
ftr-397	280	372	ordinary	ordinary	ADJ
ftr-397	280	373	income.55	income.55	NOUN
ftr-397	280	374	50	50	NUM
ftr-397	280	375	.	.	PUNCT
ftr-397	281	1	taxpayer	taxpayer	NOUN
ftr-397	281	2	relief	relief	PROPN
ftr-397	281	3	act	act	NOUN
ftr-397	281	4	of	of	ADP
ftr-397	281	5	1997	1997	NUM
ftr-397	281	6	,	,	PUNCT
ftr-397	281	7	pub	pub	NOUN
ftr-397	281	8	.	.	PUNCT
ftr-397	282	1	l.	l.	PROPN
ftr-397	282	2	no	no	INTJ
ftr-397	282	3	.	.	PROPN
ftr-397	283	1	105	105	NUM
ftr-397	283	2	-	-	SYM
ftr-397	283	3	34	34	NUM
ftr-397	283	4	,	,	PUNCT
ftr-397	283	5	§	§	PROPN
ftr-397	283	6	§	§	PROPN
ftr-397	283	7	1001(b	1001(b	NUM
ftr-397	283	8	)	)	PUNCT
ftr-397	283	9	,	,	PUNCT
ftr-397	283	10	(	(	PUNCT
ftr-397	283	11	d)(4	d)(4	PROPN
ftr-397	283	12	)	)	PUNCT
ftr-397	283	13	,	,	PUNCT
ftr-397	283	14	111	111	NUM
ftr-397	283	15	stat	stat	NOUN
ftr-397	283	16	.	.	PUNCT
ftr-397	284	1	788	788	NUM
ftr-397	284	2	,	,	PUNCT
ftr-397	284	3	906	906	NUM
ftr-397	284	4	-	-	SYM
ftr-397	284	5	08	08	NUM
ftr-397	284	6	(	(	PUNCT
ftr-397	284	7	1997	1997	NUM
ftr-397	284	8	)	)	PUNCT
ftr-397	284	9	.	.	PUNCT
ftr-397	285	1	51	51	NUM
ftr-397	285	2	.	.	PUNCT
ftr-397	285	3	irc	irc	PROPN
ftr-397	285	4	§	§	PROPN
ftr-397	285	5	475(f	475(f	PROPN
ftr-397	285	6	)	)	PUNCT
ftr-397	285	7	.	.	PUNCT
ftr-397	286	1	52	52	NUM
ftr-397	286	2	.	.	PUNCT
ftr-397	287	1	irc	irc	PROPN
ftr-397	287	2	§	§	PROPN
ftr-397	287	3	475(f)(1)(d	475(f)(1)(d	PROPN
ftr-397	287	4	)	)	PUNCT
ftr-397	287	5	;	;	PUNCT
ftr-397	287	6	irc	irc	PROPN
ftr-397	287	7	§	§	PROPN
ftr-397	287	8	475(d)(3	475(d)(3	NUM
ftr-397	287	9	)	)	PUNCT
ftr-397	287	10	.	.	PUNCT
ftr-397	288	1	53	53	NUM
ftr-397	288	2	.	.	PUNCT
ftr-397	288	3	rev	rev	PROPN
ftr-397	288	4	.	.	PROPN
ftr-397	288	5	proc	proc	PROPN
ftr-397	288	6	.	.	PUNCT
ftr-397	289	1	99	99	NUM
ftr-397	289	2	-	-	SYM
ftr-397	289	3	17	17	NUM
ftr-397	289	4	,	,	PUNCT
ftr-397	289	5	1999	1999	NUM
ftr-397	289	6	-	-	SYM
ftr-397	289	7	1	1	NUM
ftr-397	289	8	c.b	c.b	PROPN
ftr-397	289	9	.	.	PROPN
ftr-397	289	10	503	503	NUM
ftr-397	289	11	,	,	PUNCT
ftr-397	289	12	at	at	ADP
ftr-397	289	13	§	§	PROPN
ftr-397	289	14	5.03	5.03	NUM
ftr-397	289	15	(	(	PUNCT
ftr-397	289	16	feb	feb	X
ftr-397	289	17	.	.	PROPN
ftr-397	289	18	9	9	NUM
ftr-397	289	19	,	,	PUNCT
ftr-397	289	20	1999	1999	NUM
ftr-397	289	21	)	)	PUNCT
ftr-397	289	22	(	(	PUNCT
ftr-397	289	23	as	as	SCONJ
ftr-397	289	24	modified	modify	VERB
ftr-397	289	25	and	and	CCONJ
ftr-397	289	26	superseded	supersede	VERB
ftr-397	289	27	)	)	PUNCT
ftr-397	289	28	.	.	PUNCT
ftr-397	290	1	54	54	NUM
ftr-397	290	2	.	.	X
ftr-397	291	1	see	see	VERB
ftr-397	291	2	,	,	PUNCT
ftr-397	291	3	e.g.	e.g.	ADV
ftr-397	291	4	,	,	PUNCT
ftr-397	291	5	irs	irs	PROPN
ftr-397	291	6	priv	priv	NOUN
ftr-397	291	7	.	.	PUNCT
ftr-397	292	1	ltr	ltr	PROPN
ftr-397	292	2	.	.	PUNCT
ftr-397	292	3	rul	rul	PROPN
ftr-397	292	4	.	.	PUNCT
ftr-397	293	1	200736018	200736018	NUM
ftr-397	293	2	(	(	PUNCT
ftr-397	293	3	sept	sept	PROPN
ftr-397	293	4	.	.	PROPN
ftr-397	293	5	7	7	NUM
ftr-397	293	6	,	,	PUNCT
ftr-397	293	7	2007	2007	NUM
ftr-397	293	8	)	)	PUNCT
ftr-397	293	9	(	(	PUNCT
ftr-397	293	10	securities	security	NOUN
ftr-397	293	11	trader	trader	NOUN
ftr-397	293	12	’s	’s	PART
ftr-397	293	13	request	request	NOUN
ftr-397	293	14	for	for	ADP
ftr-397	293	15	extension	extension	NOUN
ftr-397	293	16	to	to	PART
ftr-397	293	17	make	make	VERB
ftr-397	293	18	irc	irc	PROPN
ftr-397	293	19	§	§	PROPN
ftr-397	293	20	475(f	475(f	PROPN
ftr-397	293	21	)	)	PUNCT
ftr-397	293	22	mark	mark	NOUN
ftr-397	293	23	-	-	PUNCT
ftr-397	293	24	to	to	ADP
ftr-397	293	25	-	-	PUNCT
ftr-397	293	26	market	market	NOUN
ftr-397	293	27	election	election	NOUN
ftr-397	293	28	was	be	AUX
ftr-397	293	29	denied	deny	VERB
ftr-397	293	30	for	for	ADP
ftr-397	293	31	lack	lack	NOUN
ftr-397	293	32	of	of	ADP
ftr-397	293	33	reasonable	reasonable	ADJ
ftr-397	293	34	action	action	NOUN
ftr-397	293	35	and	and	CCONJ
ftr-397	293	36	good	good	ADJ
ftr-397	293	37	faith	faith	NOUN
ftr-397	293	38	,	,	PUNCT
ftr-397	293	39	where	where	SCONJ
ftr-397	293	40	taxpayer	taxpayer	NOUN
ftr-397	293	41	could	could	AUX
ftr-397	293	42	not	not	PART
ftr-397	293	43	demonstrate	demonstrate	VERB
ftr-397	293	44	that	that	SCONJ
ftr-397	293	45	his	his	PRON
ftr-397	293	46	pursuit	pursuit	NOUN
ftr-397	293	47	of	of	ADP
ftr-397	293	48	relief	relief	NOUN
ftr-397	293	49	did	do	AUX
ftr-397	293	50	not	not	PART
ftr-397	293	51	rely	rely	VERB
ftr-397	293	52	on	on	ADP
ftr-397	293	53	hindsight	hindsight	ADJ
ftr-397	293	54	)	)	PUNCT
ftr-397	293	55	;	;	PUNCT
ftr-397	294	1	irs	irs	PROPN
ftr-397	294	2	priv	priv	PROPN
ftr-397	294	3	.	.	PUNCT
ftr-397	295	1	ltr	ltr	PROPN
ftr-397	295	2	.	.	PUNCT
ftr-397	295	3	ruls	rul	NOUN
ftr-397	295	4	.	.	PUNCT
ftr-397	296	1	200209052	200209052	NUM
ftr-397	296	2	-	-	SYM
ftr-397	296	3	54	54	NUM
ftr-397	296	4	(	(	PUNCT
ftr-397	296	5	mar	mar	PROPN
ftr-397	296	6	.	.	PROPN
ftr-397	296	7	1	1	NUM
ftr-397	296	8	,	,	PUNCT
ftr-397	296	9	2002	2002	NUM
ftr-397	296	10	)	)	PUNCT
ftr-397	296	11	;	;	PUNCT
ftr-397	296	12	irs	irs	PROPN
ftr-397	296	13	priv	priv	PROPN
ftr-397	296	14	.	.	PUNCT
ftr-397	297	1	ltr	ltr	PROPN
ftr-397	297	2	.	.	PUNCT
ftr-397	298	1	rul	rul	PROPN
ftr-397	298	2	.	.	PUNCT
ftr-397	298	3	200709015	200709015	NUM
ftr-397	298	4	,	,	PUNCT
ftr-397	298	5	(	(	PUNCT
ftr-397	298	6	mar	mar	PROPN
ftr-397	298	7	.	.	PROPN
ftr-397	298	8	2	2	NUM
ftr-397	298	9	,	,	PUNCT
ftr-397	298	10	2007	2007	NUM
ftr-397	298	11	)	)	PUNCT
ftr-397	298	12	;	;	PUNCT
ftr-397	298	13	contra	contra	PROPN
ftr-397	298	14	vines	vine	NOUN
ftr-397	298	15	v.	v.	CCONJ
ftr-397	298	16	comm’r	comm’r	NOUN
ftr-397	298	17	,	,	PUNCT
ftr-397	298	18	126	126	NUM
ftr-397	298	19	t.c	t.c	NOUN
ftr-397	298	20	.	.	PROPN
ftr-397	298	21	279	279	NUM
ftr-397	298	22	(	(	PUNCT
ftr-397	298	23	2006	2006	NUM
ftr-397	298	24	)	)	PUNCT
ftr-397	298	25	(	(	PUNCT
ftr-397	298	26	taxpayer	taxpayer	NOUN
ftr-397	298	27	was	be	AUX
ftr-397	298	28	not	not	PART
ftr-397	298	29	getting	get	VERB
ftr-397	298	30	benefit	benefit	NOUN
ftr-397	298	31	of	of	ADP
ftr-397	298	32	hindsight	hindsight	ADJ
ftr-397	298	33	and	and	CCONJ
ftr-397	298	34	was	be	AUX
ftr-397	298	35	allowed	allow	VERB
ftr-397	298	36	late	late	ADJ
ftr-397	298	37	filing	filing	NOUN
ftr-397	298	38	relief	relief	NOUN
ftr-397	298	39	where	where	SCONJ
ftr-397	298	40	he	he	PRON
ftr-397	298	41	had	have	AUX
ftr-397	298	42	made	make	VERB
ftr-397	298	43	no	no	DET
ftr-397	298	44	trades	trade	NOUN
ftr-397	298	45	and	and	CCONJ
ftr-397	298	46	incurred	incur	VERB
ftr-397	298	47	no	no	DET
ftr-397	298	48	added	add	VERB
ftr-397	298	49	gains	gain	NOUN
ftr-397	298	50	or	or	CCONJ
ftr-397	298	51	losses	loss	NOUN
ftr-397	298	52	between	between	ADP
ftr-397	298	53	election	election	NOUN
ftr-397	298	54	due	due	ADJ
ftr-397	298	55	date	date	NOUN
ftr-397	298	56	and	and	CCONJ
ftr-397	298	57	date	date	NOUN
ftr-397	298	58	the	the	DET
ftr-397	298	59	late	late	ADJ
ftr-397	298	60	election	election	NOUN
ftr-397	298	61	was	be	AUX
ftr-397	298	62	filed	file	VERB
ftr-397	298	63	)	)	PUNCT
ftr-397	298	64	.	.	PUNCT
ftr-397	299	1	55	55	NUM
ftr-397	299	2	.	.	X
ftr-397	300	1	for	for	ADP
ftr-397	300	2	a	a	DET
ftr-397	300	3	general	general	ADJ
ftr-397	300	4	discussion	discussion	NOUN
ftr-397	300	5	of	of	ADP
ftr-397	300	6	the	the	DET
ftr-397	300	7	mark	mark	NOUN
ftr-397	300	8	-	-	PUNCT
ftr-397	300	9	to	to	ADP
ftr-397	300	10	-	-	PUNCT
ftr-397	300	11	market	market	NOUN
ftr-397	300	12	election	election	NOUN
ftr-397	300	13	,	,	PUNCT
ftr-397	300	14	see	see	VERB
ftr-397	300	15	steven	steven	PROPN
ftr-397	300	16	d.	d.	PROPN
ftr-397	300	17	conlon	conlon	PROPN
ftr-397	300	18	&	&	CCONJ
ftr-397	300	19	vincent	vincent	PROPN
ftr-397	300	20	m.	m.	PROPN
ftr-397	300	21	aquilino	aquilino	PROPN
ftr-397	300	22	,	,	PUNCT
ftr-397	300	23	principles	principle	NOUN
ftr-397	300	24	of	of	ADP
ftr-397	300	25	financial	financial	ADJ
ftr-397	300	26	derivatives	derivative	NOUN
ftr-397	300	27	:	:	PUNCT
ftr-397	300	28	u.s	u.s	PROPN
ftr-397	300	29	.	.	PROPN
ftr-397	300	30	and	and	CCONJ
ftr-397	300	31	international	international	ADJ
ftr-397	300	32	taxation	taxation	NOUN
ftr-397	300	33	,	,	PUNCT
ftr-397	300	34	at	at	ADP
ftr-397	300	35	¶	¶	PROPN
ftr-397	300	36	b3.08[2	b3.08[2	PROPN
ftr-397	300	37	]	]	PUNCT
ftr-397	300	38	(	(	PUNCT
ftr-397	300	39	1999	1999	NUM
ftr-397	300	40	)	)	PUNCT
ftr-397	300	41	(	(	PUNCT
ftr-397	300	42	updated	update	VERB
ftr-397	300	43	nov	nov	PROPN
ftr-397	300	44	.	.	PROPN
ftr-397	300	45	2007	2007	NUM
ftr-397	300	46	)	)	PUNCT
ftr-397	300	47	;	;	PUNCT
ftr-397	300	48	boris	boris	PROPN
ftr-397	300	49	i.	i.	PROPN
ftr-397	300	50	bittker	bittker	PROPN
ftr-397	300	51	,	,	PUNCT
ftr-397	300	52	1126	1126	NUM
ftr-397	300	53	florida	florida	PROPN
ftr-397	300	54	tax	tax	NOUN
ftr-397	300	55	review	review	NOUN
ftr-397	301	1	[	[	X
ftr-397	301	2	vol	vol	NOUN
ftr-397	301	3	.	.	PUNCT
ftr-397	301	4	8:10	8:10	NUM
ftr-397	302	1	in	in	ADP
ftr-397	302	2	addition	addition	NOUN
ftr-397	302	3	to	to	ADP
ftr-397	302	4	affecting	affect	VERB
ftr-397	302	5	the	the	DET
ftr-397	302	6	character	character	NOUN
ftr-397	302	7	of	of	ADP
ftr-397	302	8	a	a	DET
ftr-397	302	9	trader	trader	NOUN
ftr-397	302	10	’s	’s	PART
ftr-397	302	11	income	income	NOUN
ftr-397	302	12	,	,	PUNCT
ftr-397	302	13	the	the	DET
ftr-397	302	14	making	making	NOUN
ftr-397	302	15	of	of	ADP
ftr-397	302	16	a	a	DET
ftr-397	302	17	mark	mark	NOUN
ftr-397	302	18	-	-	PUNCT
ftr-397	302	19	to	to	ADP
ftr-397	302	20	-	-	PUNCT
ftr-397	302	21	market	market	NOUN
ftr-397	302	22	election	election	NOUN
ftr-397	302	23	also	also	ADV
ftr-397	302	24	has	have	VERB
ftr-397	302	25	an	an	DET
ftr-397	302	26	effect	effect	NOUN
ftr-397	302	27	on	on	ADP
ftr-397	302	28	timing	timing	NOUN
ftr-397	302	29	of	of	ADP
ftr-397	302	30	income	income	NOUN
ftr-397	302	31	recognition	recognition	NOUN
ftr-397	302	32	:	:	PUNCT
ftr-397	302	33	a	a	DET
ftr-397	302	34	trader	trader	NOUN
ftr-397	302	35	who	who	PRON
ftr-397	302	36	does	do	AUX
ftr-397	302	37	not	not	PART
ftr-397	302	38	in	in	ADP
ftr-397	302	39	fact	fact	NOUN
ftr-397	302	40	dispose	dispose	NOUN
ftr-397	302	41	of	of	ADP
ftr-397	302	42	his	his	PRON
ftr-397	302	43	stock	stock	NOUN
ftr-397	302	44	or	or	CCONJ
ftr-397	302	45	securities	security	NOUN
ftr-397	302	46	in	in	ADP
ftr-397	302	47	a	a	DET
ftr-397	302	48	given	give	VERB
ftr-397	302	49	year	year	NOUN
ftr-397	302	50	will	will	AUX
ftr-397	302	51	nonetheless	nonetheless	ADV
ftr-397	302	52	be	be	AUX
ftr-397	302	53	able	able	ADJ
ftr-397	302	54	to	to	PART
ftr-397	302	55	recognize	recognize	VERB
ftr-397	302	56	gains	gain	NOUN
ftr-397	302	57	and	and	CCONJ
ftr-397	302	58	losses	loss	NOUN
ftr-397	302	59	from	from	ADP
ftr-397	302	60	those	those	DET
ftr-397	302	61	securities	security	NOUN
ftr-397	302	62	as	as	SCONJ
ftr-397	302	63	if	if	SCONJ
ftr-397	302	64	they	they	PRON
ftr-397	302	65	had	have	AUX
ftr-397	302	66	been	be	AUX
ftr-397	302	67	sold	sell	VERB
ftr-397	302	68	at	at	ADP
ftr-397	302	69	the	the	DET
ftr-397	302	70	taxable	taxable	ADJ
ftr-397	302	71	year	year	NOUN
ftr-397	302	72	’s	’s	PART
ftr-397	302	73	end	end	NOUN
ftr-397	302	74	.	.	PUNCT
ftr-397	303	1	thus	thus	ADV
ftr-397	303	2	,	,	PUNCT
ftr-397	303	3	a	a	DET
ftr-397	303	4	trader	trader	NOUN
ftr-397	303	5	(	(	PUNCT
ftr-397	303	6	or	or	CCONJ
ftr-397	303	7	dealer	dealer	NOUN
ftr-397	303	8	)	)	PUNCT
ftr-397	303	9	,	,	PUNCT
ftr-397	303	10	by	by	ADP
ftr-397	303	11	making	make	VERB
ftr-397	303	12	the	the	DET
ftr-397	303	13	mark	mark	VERB
ftr-397	303	14	-	-	PUNCT
ftr-397	303	15	to	to	ADP
ftr-397	303	16	-	-	PUNCT
ftr-397	303	17	market	market	NOUN
ftr-397	303	18	election	election	NOUN
ftr-397	303	19	,	,	PUNCT
ftr-397	303	20	may	may	AUX
ftr-397	303	21	be	be	AUX
ftr-397	303	22	able	able	ADJ
ftr-397	303	23	to	to	PART
ftr-397	303	24	trigger	trigger	VERB
ftr-397	303	25	gain	gain	NOUN
ftr-397	303	26	or	or	CCONJ
ftr-397	303	27	loss	loss	NOUN
ftr-397	303	28	recognition	recognition	NOUN
ftr-397	303	29	in	in	ADP
ftr-397	303	30	a	a	DET
ftr-397	303	31	way	way	NOUN
ftr-397	303	32	that	that	PRON
ftr-397	303	33	is	be	AUX
ftr-397	303	34	only	only	ADV
ftr-397	303	35	available	available	ADJ
ftr-397	303	36	to	to	ADP
ftr-397	303	37	an	an	DET
ftr-397	303	38	investor	investor	NOUN
ftr-397	303	39	if	if	SCONJ
ftr-397	303	40	that	that	DET
ftr-397	303	41	investor	investor	NOUN
ftr-397	303	42	actually	actually	ADV
ftr-397	303	43	sells	sell	VERB
ftr-397	303	44	his	his	PRON
ftr-397	303	45	stock	stock	NOUN
ftr-397	303	46	or	or	CCONJ
ftr-397	303	47	securities	security	NOUN
ftr-397	303	48	.	.	PUNCT
ftr-397	304	1	finally	finally	ADV
ftr-397	304	2	,	,	PUNCT
ftr-397	304	3	a	a	DET
ftr-397	304	4	securities	security	NOUN
ftr-397	304	5	trader	trader	NOUN
ftr-397	304	6	will	will	AUX
ftr-397	304	7	not	not	PART
ftr-397	304	8	be	be	AUX
ftr-397	304	9	subject	subject	ADJ
ftr-397	304	10	to	to	ADP
ftr-397	304	11	the	the	DET
ftr-397	304	12	self	self	NOUN
ftr-397	304	13	-	-	PUNCT
ftr-397	304	14	employment	employment	NOUN
ftr-397	304	15	tax	tax	NOUN
ftr-397	304	16	on	on	ADP
ftr-397	304	17	his	his	PRON
ftr-397	304	18	gain	gain	NOUN
ftr-397	304	19	or	or	CCONJ
ftr-397	304	20	loss	loss	NOUN
ftr-397	304	21	from	from	ADP
ftr-397	304	22	securities	security	NOUN
ftr-397	304	23	trading	trading	NOUN
ftr-397	304	24	,	,	PUNCT
ftr-397	304	25	even	even	ADV
ftr-397	304	26	if	if	SCONJ
ftr-397	304	27	that	that	DET
ftr-397	304	28	trader	trader	NOUN
ftr-397	304	29	makes	make	VERB
ftr-397	304	30	a	a	DET
ftr-397	304	31	irc	irc	NOUN
ftr-397	304	32	section	section	NOUN
ftr-397	304	33	475(f	475(f	PROPN
ftr-397	304	34	)	)	PUNCT
ftr-397	304	35	mark	mark	NOUN
ftr-397	304	36	-	-	PUNCT
ftr-397	304	37	to	to	ADP
ftr-397	304	38	-	-	PUNCT
ftr-397	304	39	market	market	NOUN
ftr-397	304	40	election	election	NOUN
ftr-397	304	41	.	.	PUNCT
ftr-397	305	1	as	as	ADP
ftr-397	305	2	a	a	DET
ftr-397	305	3	general	general	ADJ
ftr-397	305	4	rule	rule	NOUN
ftr-397	305	5	,	,	PUNCT
ftr-397	305	6	a	a	DET
ftr-397	305	7	securities	security	NOUN
ftr-397	305	8	trader	trader	NOUN
ftr-397	305	9	who	who	PRON
ftr-397	305	10	has	have	AUX
ftr-397	305	11	not	not	PART
ftr-397	305	12	made	make	VERB
ftr-397	305	13	a	a	DET
ftr-397	305	14	mark	mark	VERB
ftr-397	305	15	-	-	PUNCT
ftr-397	305	16	to	to	ADP
ftr-397	305	17	-	-	PUNCT
ftr-397	305	18	market	market	NOUN
ftr-397	305	19	election	election	NOUN
ftr-397	305	20	under	under	ADP
ftr-397	305	21	irc	irc	PROPN
ftr-397	305	22	section	section	NOUN
ftr-397	305	23	475(f	475(f	PROPN
ftr-397	305	24	)	)	PUNCT
ftr-397	305	25	will	will	AUX
ftr-397	305	26	not	not	PART
ftr-397	305	27	be	be	AUX
ftr-397	305	28	subject	subject	ADJ
ftr-397	305	29	to	to	ADP
ftr-397	305	30	the	the	DET
ftr-397	305	31	self	self	NOUN
ftr-397	305	32	-	-	PUNCT
ftr-397	305	33	employment	employment	NOUN
ftr-397	305	34	tax	tax	NOUN
ftr-397	305	35	imposed	impose	VERB
ftr-397	305	36	by	by	ADP
ftr-397	305	37	irc	irc	PROPN
ftr-397	305	38	section	section	NOUN
ftr-397	305	39	1402	1402	NUM
ftr-397	305	40	(	(	PUNCT
ftr-397	305	41	i.e.	i.e.	X
ftr-397	305	42	,	,	PUNCT
ftr-397	305	43	the	the	DET
ftr-397	305	44	tax	tax	NOUN
ftr-397	305	45	imposed	impose	VERB
ftr-397	305	46	on	on	ADP
ftr-397	305	47	a	a	DET
ftr-397	305	48	taxpayer	taxpayer	NOUN
ftr-397	305	49	’s	’s	PART
ftr-397	305	50	“	"	PUNCT
ftr-397	305	51	net	net	ADJ
ftr-397	305	52	earnings	earning	NOUN
ftr-397	305	53	from	from	ADP
ftr-397	305	54	self	self	NOUN
ftr-397	305	55	employment	employment	NOUN
ftr-397	305	56	”	"	PUNCT
ftr-397	305	57	)	)	PUNCT
ftr-397	305	58	,	,	PUNCT
ftr-397	305	59	since	since	SCONJ
ftr-397	305	60	capital	capital	NOUN
ftr-397	305	61	gains	gain	NOUN
ftr-397	305	62	and	and	CCONJ
ftr-397	305	63	losses	loss	NOUN
ftr-397	305	64	are	be	AUX
ftr-397	305	65	excluded	exclude	VERB
ftr-397	305	66	from	from	ADP
ftr-397	305	67	the	the	DET
ftr-397	305	68	“	"	PUNCT
ftr-397	305	69	net	net	ADJ
ftr-397	305	70	earnings	earning	NOUN
ftr-397	305	71	from	from	ADP
ftr-397	305	72	self	self	NOUN
ftr-397	305	73	employment	employment	NOUN
ftr-397	305	74	”	"	PUNCT
ftr-397	305	75	under	under	ADP
ftr-397	305	76	the	the	DET
ftr-397	305	77	statute.56	statute.56	NOUN
ftr-397	305	78	it	it	PRON
ftr-397	305	79	should	should	AUX
ftr-397	305	80	be	be	AUX
ftr-397	305	81	noted	note	VERB
ftr-397	305	82	that	that	SCONJ
ftr-397	305	83	although	although	SCONJ
ftr-397	305	84	making	make	VERB
ftr-397	305	85	a	a	DET
ftr-397	305	86	mark	mark	VERB
ftr-397	305	87	-	-	PUNCT
ftr-397	305	88	to	to	ADP
ftr-397	305	89	-	-	PUNCT
ftr-397	305	90	market	market	NOUN
ftr-397	305	91	election	election	NOUN
ftr-397	305	92	under	under	ADP
ftr-397	305	93	irc	irc	PROPN
ftr-397	305	94	section	section	NOUN
ftr-397	305	95	475(f	475(f	PROPN
ftr-397	305	96	)	)	PUNCT
ftr-397	305	97	generally	generally	ADV
ftr-397	305	98	converts	convert	VERB
ftr-397	305	99	a	a	DET
ftr-397	305	100	trader	trader	NOUN
ftr-397	305	101	’s	’s	PART
ftr-397	305	102	income	income	NOUN
ftr-397	305	103	and	and	CCONJ
ftr-397	305	104	losses	loss	NOUN
ftr-397	305	105	to	to	ADP
ftr-397	305	106	ordinary	ordinary	ADJ
ftr-397	305	107	income	income	NOUN
ftr-397	305	108	and	and	CCONJ
ftr-397	305	109	losses	loss	NOUN
ftr-397	305	110	for	for	ADP
ftr-397	305	111	purposes	purpose	NOUN
ftr-397	305	112	of	of	ADP
ftr-397	305	113	the	the	DET
ftr-397	305	114	income	income	NOUN
ftr-397	305	115	tax	tax	NOUN
ftr-397	305	116	law	law	NOUN
ftr-397	305	117	,	,	PUNCT
ftr-397	305	118	any	any	DET
ftr-397	305	119	such	such	ADJ
ftr-397	305	120	gain	gain	NOUN
ftr-397	305	121	or	or	CCONJ
ftr-397	305	122	loss	loss	NOUN
ftr-397	305	123	remains	remain	VERB
ftr-397	305	124	capital	capital	NOUN
ftr-397	305	125	gain	gain	NOUN
ftr-397	305	126	or	or	CCONJ
ftr-397	305	127	loss	loss	NOUN
ftr-397	305	128	for	for	ADP
ftr-397	305	129	selfemployment	selfemployment	NOUN
ftr-397	305	130	tax	tax	PROPN
ftr-397	305	131	purposes.57	purposes.57	PROPN
ftr-397	305	132	d.	d.	PROPN
ftr-397	305	133	summary	summary	VERB
ftr-397	305	134	the	the	DET
ftr-397	305	135	main	main	ADJ
ftr-397	305	136	differences	difference	NOUN
ftr-397	305	137	between	between	ADP
ftr-397	305	138	investors	investor	NOUN
ftr-397	305	139	,	,	PUNCT
ftr-397	305	140	traders	trader	NOUN
ftr-397	305	141	,	,	PUNCT
ftr-397	305	142	and	and	CCONJ
ftr-397	305	143	dealers	dealer	NOUN
ftr-397	305	144	are	be	AUX
ftr-397	305	145	summarized	summarize	VERB
ftr-397	305	146	in	in	ADP
ftr-397	305	147	the	the	DET
ftr-397	305	148	following	follow	VERB
ftr-397	305	149	table	table	NOUN
ftr-397	305	150	:	:	PUNCT
ftr-397	306	1	martin	martin	PROPN
ftr-397	306	2	j.	j.	PROPN
ftr-397	306	3	mcmahon	mcmahon	PROPN
ftr-397	306	4	,	,	PUNCT
ftr-397	306	5	jr	jr	PROPN
ftr-397	306	6	.	.	PROPN
ftr-397	306	7	&	&	CCONJ
ftr-397	306	8	lawrence	lawrence	PROPN
ftr-397	306	9	a	a	DET
ftr-397	306	10	zelenak	zelenak	NOUN
ftr-397	306	11	,	,	PUNCT
ftr-397	306	12	federal	federal	ADJ
ftr-397	306	13	income	income	NOUN
ftr-397	306	14	taxation	taxation	NOUN
ftr-397	306	15	of	of	ADP
ftr-397	306	16	individuals	individual	NOUN
ftr-397	306	17	,	,	PUNCT
ftr-397	306	18	at	at	ADP
ftr-397	306	19	¶	¶	PROPN
ftr-397	306	20	28.08	28.08	NUM
ftr-397	306	21	(	(	PUNCT
ftr-397	306	22	3d	3d	PROPN
ftr-397	306	23	ed	ed	NOUN
ftr-397	306	24	.	.	PROPN
ftr-397	306	25	2002	2002	NUM
ftr-397	306	26	)	)	PUNCT
ftr-397	306	27	(	(	PUNCT
ftr-397	306	28	updated	update	VERB
ftr-397	306	29	nov	nov	PROPN
ftr-397	306	30	.	.	PROPN
ftr-397	306	31	2007	2007	NUM
ftr-397	306	32	)	)	PUNCT
ftr-397	306	33	.	.	PUNCT
ftr-397	307	1	56	56	NUM
ftr-397	307	2	.	.	PUNCT
ftr-397	307	3	irc	irc	PROPN
ftr-397	307	4	§	§	PROPN
ftr-397	307	5	1402(a)(3)(a	1402(a)(3)(a	NUM
ftr-397	307	6	)	)	PUNCT
ftr-397	307	7	;	;	PUNCT
ftr-397	308	1	treas	treas	PROPN
ftr-397	308	2	.	.	PUNCT
ftr-397	309	1	reg	reg	PROPN
ftr-397	309	2	.	.	PUNCT
ftr-397	310	1	§	§	PROPN
ftr-397	310	2	1.1402(a)-6(a	1.1402(a)-6(a	NUM
ftr-397	310	3	)	)	PUNCT
ftr-397	310	4	.	.	PUNCT
ftr-397	311	1	57	57	NUM
ftr-397	311	2	.	.	PUNCT
ftr-397	311	3	irc	irc	PROPN
ftr-397	311	4	§	§	PROPN
ftr-397	311	5	475(f)(1)(d	475(f)(1)(d	PROPN
ftr-397	311	6	)	)	PUNCT
ftr-397	311	7	.	.	PUNCT
ftr-397	312	1	2008	2008	NUM
ftr-397	312	2	]	]	PUNCT
ftr-397	313	1	a	a	DET
ftr-397	313	2	structural	structural	ADJ
ftr-397	313	3	critique	critique	NOUN
ftr-397	313	4	of	of	ADP
ftr-397	313	5	trader	trader	NOUN
ftr-397	313	6	taxation	taxation	NOUN
ftr-397	313	7	1127	1127	NUM
ftr-397	313	8	character	character	NOUN
ftr-397	313	9	of	of	ADP
ftr-397	313	10	income	income	NOUN
ftr-397	313	11	from	from	ADP
ftr-397	313	12	securities	security	NOUN
ftr-397	313	13	activities	activity	NOUN
ftr-397	313	14	deductions	deduction	NOUN
ftr-397	313	15	allowable	allowable	ADJ
ftr-397	313	16	for	for	ADP
ftr-397	313	17	securities	security	NOUN
ftr-397	313	18	activities	activity	NOUN
ftr-397	313	19	mark	mark	VERB
ftr-397	313	20	-	-	PUNCT
ftr-397	313	21	to	to	ADP
ftr-397	313	22	-	-	PUNCT
ftr-397	313	23	market	market	NOUN
ftr-397	313	24	election	election	NOUN
ftr-397	313	25	investors	investor	NOUN
ftr-397	313	26	traders	trader	NOUN
ftr-397	313	27	dealers	dealer	NOUN
ftr-397	313	28	income	income	NOUN
ftr-397	313	29	is	be	AUX
ftr-397	313	30	treated	treat	VERB
ftr-397	313	31	as	as	ADP
ftr-397	313	32	capital	capital	NOUN
ftr-397	313	33	gain	gain	NOUN
ftr-397	313	34	or	or	CCONJ
ftr-397	313	35	loss	loss	NOUN
ftr-397	313	36	,	,	PUNCT
ftr-397	313	37	reported	report	VERB
ftr-397	313	38	on	on	ADP
ftr-397	313	39	form	form	NOUN
ftr-397	313	40	1040	1040	NUM
ftr-397	313	41	schedule	schedule	NOUN
ftr-397	313	42	d	d	NOUN
ftr-397	313	43	(	(	PUNCT
ftr-397	313	44	capital	capital	NOUN
ftr-397	313	45	gains	gain	NOUN
ftr-397	313	46	&	&	CCONJ
ftr-397	313	47	losses	loss	NOUN
ftr-397	313	48	)	)	PUNCT
ftr-397	313	49	.	.	PUNCT
ftr-397	314	1	may	may	AUX
ftr-397	314	2	be	be	AUX
ftr-397	314	3	short	short	ADJ
ftr-397	314	4	-	-	PUNCT
ftr-397	314	5	term	term	NOUN
ftr-397	314	6	or	or	CCONJ
ftr-397	314	7	longterm	longterm	ADJ
ftr-397	314	8	capital	capital	NOUN
ftr-397	314	9	gain	gain	NOUN
ftr-397	314	10	or	or	CCONJ
ftr-397	314	11	loss	loss	NOUN
ftr-397	314	12	depending	depend	VERB
ftr-397	314	13	on	on	ADP
ftr-397	314	14	holding	hold	VERB
ftr-397	314	15	period	period	NOUN
ftr-397	314	16	.	.	PUNCT
ftr-397	315	1	losses	loss	NOUN
ftr-397	315	2	are	be	AUX
ftr-397	315	3	subject	subject	ADJ
ftr-397	315	4	to	to	ADP
ftr-397	315	5	irc	irc	PROPN
ftr-397	315	6	§	§	PROPN
ftr-397	315	7	1211(b	1211(b	NUM
ftr-397	315	8	)	)	PUNCT
ftr-397	315	9	limitations	limitation	NOUN
ftr-397	315	10	.	.	PUNCT
ftr-397	316	1	unless	unless	SCONJ
ftr-397	316	2	mark	mark	NOUN
ftr-397	316	3	-	-	PUNCT
ftr-397	316	4	to	to	ADP
ftr-397	316	5	-	-	PUNCT
ftr-397	316	6	market	market	NOUN
ftr-397	316	7	election	election	NOUN
ftr-397	316	8	is	be	AUX
ftr-397	316	9	made	make	VERB
ftr-397	316	10	,	,	PUNCT
ftr-397	316	11	income	income	NOUN
ftr-397	316	12	is	be	AUX
ftr-397	316	13	treated	treat	VERB
ftr-397	316	14	as	as	ADP
ftr-397	316	15	capital	capital	NOUN
ftr-397	316	16	gain	gain	NOUN
ftr-397	316	17	or	or	CCONJ
ftr-397	316	18	loss	loss	NOUN
ftr-397	316	19	,	,	PUNCT
ftr-397	316	20	reported	report	VERB
ftr-397	316	21	on	on	ADP
ftr-397	316	22	schedule	schedule	NOUN
ftr-397	316	23	d	d	PROPN
ftr-397	316	24	(	(	PUNCT
ftr-397	316	25	capital	capital	NOUN
ftr-397	316	26	gains	gain	NOUN
ftr-397	316	27	&	&	CCONJ
ftr-397	316	28	losses	loss	NOUN
ftr-397	316	29	)	)	PUNCT
ftr-397	316	30	.	.	PUNCT
ftr-397	317	1	may	may	AUX
ftr-397	317	2	be	be	AUX
ftr-397	317	3	short	short	ADJ
ftr-397	317	4	-	-	PUNCT
ftr-397	317	5	term	term	NOUN
ftr-397	317	6	or	or	CCONJ
ftr-397	317	7	longterm	longterm	ADJ
ftr-397	317	8	capital	capital	NOUN
ftr-397	317	9	gain	gain	NOUN
ftr-397	317	10	or	or	CCONJ
ftr-397	317	11	loss	loss	NOUN
ftr-397	317	12	depending	depend	VERB
ftr-397	317	13	on	on	ADP
ftr-397	317	14	holding	hold	VERB
ftr-397	317	15	period	period	NOUN
ftr-397	317	16	.	.	PUNCT
ftr-397	318	1	losses	loss	NOUN
ftr-397	318	2	are	be	AUX
ftr-397	318	3	subject	subject	ADJ
ftr-397	318	4	to	to	ADP
ftr-397	318	5	irc	irc	PROPN
ftr-397	318	6	§	§	PROPN
ftr-397	318	7	1211(b	1211(b	NUM
ftr-397	318	8	)	)	PUNCT
ftr-397	318	9	limitations	limitation	NOUN
ftr-397	318	10	.	.	PUNCT
ftr-397	319	1	income	income	NOUN
ftr-397	319	2	and	and	CCONJ
ftr-397	319	3	loss	loss	NOUN
ftr-397	319	4	from	from	ADP
ftr-397	319	5	sale	sale	NOUN
ftr-397	319	6	of	of	ADP
ftr-397	319	7	inventory	inventory	NOUN
ftr-397	319	8	securities	security	NOUN
ftr-397	319	9	is	be	AUX
ftr-397	319	10	ordinary	ordinary	ADJ
ftr-397	319	11	income	income	NOUN
ftr-397	319	12	or	or	CCONJ
ftr-397	319	13	loss	loss	NOUN
ftr-397	319	14	reported	report	VERB
ftr-397	319	15	on	on	ADP
ftr-397	319	16	schedule	schedule	NOUN
ftr-397	319	17	c	c	PROPN
ftr-397	319	18	(	(	PUNCT
ftr-397	319	19	profit	profit	NOUN
ftr-397	319	20	or	or	CCONJ
ftr-397	319	21	loss	loss	NOUN
ftr-397	319	22	from	from	ADP
ftr-397	319	23	business	business	NOUN
ftr-397	319	24	)	)	PUNCT
ftr-397	319	25	.	.	PUNCT
ftr-397	320	1	losses	loss	NOUN
ftr-397	320	2	are	be	AUX
ftr-397	320	3	deductible	deductible	ADJ
ftr-397	320	4	against	against	ADP
ftr-397	320	5	ordinary	ordinary	ADJ
ftr-397	320	6	income	income	NOUN
ftr-397	320	7	.	.	PUNCT
ftr-397	321	1	expenses	expense	NOUN
ftr-397	321	2	are	be	AUX
ftr-397	321	3	itemized	itemize	VERB
ftr-397	321	4	under	under	ADP
ftr-397	321	5	irc	irc	PROPN
ftr-397	321	6	§	§	PROPN
ftr-397	321	7	212	212	NUM
ftr-397	321	8	.	.	PUNCT
ftr-397	322	1	deductibility	deductibility	NOUN
ftr-397	322	2	is	be	AUX
ftr-397	322	3	subject	subject	ADJ
ftr-397	322	4	to	to	ADP
ftr-397	322	5	2	2	NUM
ftr-397	322	6	%	%	NOUN
ftr-397	322	7	floor	floor	NOUN
ftr-397	322	8	on	on	ADP
ftr-397	322	9	agi	agi	NOUN
ftr-397	322	10	,	,	PUNCT
ftr-397	322	11	and	and	CCONJ
ftr-397	322	12	may	may	AUX
ftr-397	322	13	be	be	AUX
ftr-397	322	14	eliminated	eliminate	VERB
ftr-397	322	15	under	under	ADP
ftr-397	322	16	amt	amt	PROPN
ftr-397	322	17	computation	computation	NOUN
ftr-397	322	18	.	.	PUNCT
ftr-397	323	1	“	"	PUNCT
ftr-397	323	2	trade	trade	NOUN
ftr-397	323	3	or	or	CCONJ
ftr-397	323	4	business	business	NOUN
ftr-397	323	5	”	"	PUNCT
ftr-397	323	6	deductions	deduction	NOUN
ftr-397	323	7	are	be	AUX
ftr-397	323	8	not	not	PART
ftr-397	323	9	allowed	allow	VERB
ftr-397	323	10	.	.	PUNCT
ftr-397	324	1	other	other	ADJ
ftr-397	324	2	limitations	limitation	NOUN
ftr-397	324	3	may	may	AUX
ftr-397	324	4	apply	apply	VERB
ftr-397	324	5	.	.	PUNCT
ftr-397	325	1	schedule	schedule	NOUN
ftr-397	325	2	c	c	NOUN
ftr-397	325	3	“	"	PUNCT
ftr-397	325	4	trade	trade	NOUN
ftr-397	325	5	or	or	CCONJ
ftr-397	325	6	business	business	NOUN
ftr-397	325	7	”	"	PUNCT
ftr-397	325	8	deductions	deduction	NOUN
ftr-397	325	9	are	be	AUX
ftr-397	325	10	allowable	allowable	ADJ
ftr-397	325	11	.	.	PUNCT
ftr-397	326	1	schedule	schedule	NOUN
ftr-397	326	2	c	c	NOUN
ftr-397	326	3	“	"	PUNCT
ftr-397	326	4	trade	trade	NOUN
ftr-397	326	5	or	or	CCONJ
ftr-397	326	6	business	business	NOUN
ftr-397	326	7	”	"	PUNCT
ftr-397	326	8	deductions	deduction	NOUN
ftr-397	326	9	are	be	AUX
ftr-397	326	10	allowable	allowable	ADJ
ftr-397	326	11	.	.	PUNCT
ftr-397	327	1	no	no	DET
ftr-397	327	2	mark	mark	NOUN
ftr-397	327	3	-	-	PUNCT
ftr-397	327	4	to	to	ADP
ftr-397	327	5	-	-	PUNCT
ftr-397	327	6	market	market	NOUN
ftr-397	327	7	election	election	NOUN
ftr-397	327	8	is	be	AUX
ftr-397	327	9	available	available	ADJ
ftr-397	327	10	.	.	PUNCT
ftr-397	328	1	irc	irc	PROPN
ftr-397	328	2	§	§	PROPN
ftr-397	328	3	475(f	475(f	PROPN
ftr-397	328	4	)	)	PUNCT
ftr-397	328	5	mark	mark	NOUN
ftr-397	328	6	-	-	PUNCT
ftr-397	328	7	tomarket	tomarket	NOUN
ftr-397	328	8	election	election	NOUN
ftr-397	328	9	may	may	AUX
ftr-397	328	10	be	be	AUX
ftr-397	328	11	made	make	VERB
ftr-397	328	12	,	,	PUNCT
ftr-397	328	13	converting	convert	VERB
ftr-397	328	14	income	income	NOUN
ftr-397	328	15	and	and	CCONJ
ftr-397	328	16	loss	loss	NOUN
ftr-397	328	17	to	to	ADP
ftr-397	328	18	ordinary	ordinary	ADJ
ftr-397	328	19	income	income	NOUN
ftr-397	328	20	and	and	CCONJ
ftr-397	328	21	loss	loss	NOUN
ftr-397	328	22	.	.	PUNCT
ftr-397	329	1	mark	mark	PROPN
ftr-397	329	2	-	-	PUNCT
ftr-397	329	3	to	to	ADP
ftr-397	329	4	-	-	PUNCT
ftr-397	329	5	market	market	NOUN
ftr-397	329	6	election	election	NOUN
ftr-397	329	7	may	may	AUX
ftr-397	329	8	enable	enable	VERB
ftr-397	329	9	income	income	NOUN
ftr-397	329	10	recognition	recognition	NOUN
ftr-397	329	11	,	,	PUNCT
ftr-397	329	12	even	even	ADV
ftr-397	329	13	if	if	SCONJ
ftr-397	329	14	securities	security	NOUN
ftr-397	329	15	are	be	AUX
ftr-397	329	16	not	not	PART
ftr-397	329	17	disposed	dispose	VERB
ftr-397	329	18	of	of	ADP
ftr-397	329	19	.	.	PUNCT
ftr-397	330	1	irc	irc	AUX
ftr-397	330	2	§	§	PROPN
ftr-397	330	3	475	475	NUM
ftr-397	330	4	mark	mark	NOUN
ftr-397	330	5	-	-	PUNCT
ftr-397	330	6	tomarket	tomarket	NOUN
ftr-397	330	7	accounting	accounting	NOUN
ftr-397	330	8	is	be	AUX
ftr-397	330	9	required	require	VERB
ftr-397	330	10	.	.	PUNCT
ftr-397	331	1	in	in	ADP
ftr-397	331	2	summary	summary	NOUN
ftr-397	331	3	,	,	PUNCT
ftr-397	331	4	traders	trader	NOUN
ftr-397	331	5	,	,	PUNCT
ftr-397	331	6	like	like	ADP
ftr-397	331	7	investors	investor	NOUN
ftr-397	331	8	,	,	PUNCT
ftr-397	331	9	have	have	VERB
ftr-397	331	10	their	their	PRON
ftr-397	331	11	gains	gain	NOUN
ftr-397	331	12	and	and	CCONJ
ftr-397	331	13	losses	loss	NOUN
ftr-397	331	14	from	from	ADP
ftr-397	331	15	their	their	PRON
ftr-397	331	16	securities	security	NOUN
ftr-397	331	17	-	-	PUNCT
ftr-397	331	18	trading	trading	NOUN
ftr-397	331	19	activities	activity	NOUN
ftr-397	331	20	treated	treat	VERB
ftr-397	331	21	as	as	ADP
ftr-397	331	22	capital	capital	NOUN
ftr-397	331	23	gains	gain	NOUN
ftr-397	331	24	and	and	CCONJ
ftr-397	331	25	losses.58	losses.58	VERB
ftr-397	331	26	58	58	NUM
ftr-397	331	27	.	.	PUNCT
ftr-397	332	1	as	as	SCONJ
ftr-397	332	2	pointed	point	VERB
ftr-397	332	3	out	out	ADP
ftr-397	332	4	by	by	ADP
ftr-397	332	5	some	some	DET
ftr-397	332	6	commentators	commentator	NOUN
ftr-397	332	7	,	,	PUNCT
ftr-397	332	8	trader	trader	NOUN
ftr-397	332	9	–	–	PUNCT
ftr-397	332	10	taxpayers	taxpayer	NOUN
ftr-397	332	11	who	who	PRON
ftr-397	332	12	file	file	VERB
ftr-397	332	13	form	form	NOUN
ftr-397	332	14	1040	1040	NUM
ftr-397	332	15	will	will	AUX
ftr-397	332	16	therefore	therefore	ADV
ftr-397	332	17	have	have	VERB
ftr-397	332	18	a	a	DET
ftr-397	332	19	schedule	schedule	NOUN
ftr-397	332	20	c	c	NOUN
ftr-397	332	21	that	that	PRON
ftr-397	332	22	shows	show	VERB
ftr-397	332	23	substantial	substantial	ADJ
ftr-397	332	24	expenses	expense	NOUN
ftr-397	332	25	(	(	PUNCT
ftr-397	332	26	deducted	deduct	VERB
ftr-397	332	27	1128	1128	NUM
ftr-397	332	28	florida	florida	PROPN
ftr-397	332	29	tax	tax	PROPN
ftr-397	332	30	review	review	NOUN
ftr-397	332	31	[	[	X
ftr-397	332	32	vol	vol	NOUN
ftr-397	332	33	.	.	PUNCT
ftr-397	333	1	8:10	8:10	NUM
ftr-397	333	2	however	however	ADV
ftr-397	333	3	,	,	PUNCT
ftr-397	333	4	unlike	unlike	ADP
ftr-397	333	5	investors	investor	NOUN
ftr-397	333	6	(	(	PUNCT
ftr-397	333	7	and	and	CCONJ
ftr-397	333	8	like	like	ADP
ftr-397	333	9	securities	security	NOUN
ftr-397	333	10	dealers	dealer	NOUN
ftr-397	333	11	)	)	PUNCT
ftr-397	333	12	,	,	PUNCT
ftr-397	333	13	traders	trader	NOUN
ftr-397	333	14	are	be	AUX
ftr-397	333	15	eligible	eligible	ADJ
ftr-397	333	16	for	for	ADP
ftr-397	333	17	various	various	ADJ
ftr-397	333	18	elections	election	NOUN
ftr-397	333	19	and	and	CCONJ
ftr-397	333	20	deductions	deduction	NOUN
ftr-397	333	21	for	for	ADP
ftr-397	333	22	expenses	expense	NOUN
ftr-397	333	23	incurred	incur	VERB
ftr-397	333	24	in	in	ADP
ftr-397	333	25	their	their	PRON
ftr-397	333	26	trade	trade	NOUN
ftr-397	333	27	or	or	CCONJ
ftr-397	333	28	business	business	NOUN
ftr-397	333	29	of	of	ADP
ftr-397	333	30	trading	trading	NOUN
ftr-397	333	31	.	.	PUNCT
ftr-397	334	1	also	also	ADV
ftr-397	334	2	unlike	unlike	ADP
ftr-397	334	3	investors	investor	NOUN
ftr-397	334	4	,	,	PUNCT
ftr-397	334	5	traders	trader	NOUN
ftr-397	334	6	are	be	AUX
ftr-397	334	7	eligible	eligible	ADJ
ftr-397	334	8	to	to	PART
ftr-397	334	9	make	make	VERB
ftr-397	334	10	a	a	DET
ftr-397	334	11	mark	mark	VERB
ftr-397	334	12	-	-	PUNCT
ftr-397	334	13	to	to	ADP
ftr-397	334	14	-	-	PUNCT
ftr-397	334	15	market	market	NOUN
ftr-397	334	16	election	election	NOUN
ftr-397	334	17	to	to	PART
ftr-397	334	18	convert	convert	VERB
ftr-397	334	19	their	their	PRON
ftr-397	334	20	gains	gain	NOUN
ftr-397	334	21	and	and	CCONJ
ftr-397	334	22	losses	loss	NOUN
ftr-397	334	23	from	from	ADP
ftr-397	334	24	capital	capital	NOUN
ftr-397	334	25	gains	gain	NOUN
ftr-397	334	26	and	and	CCONJ
ftr-397	334	27	losses	loss	NOUN
ftr-397	334	28	to	to	ADP
ftr-397	334	29	ordinary	ordinary	ADJ
ftr-397	334	30	gains	gain	NOUN
ftr-397	334	31	and	and	CCONJ
ftr-397	334	32	losses	loss	NOUN
ftr-397	334	33	,	,	PUNCT
ftr-397	334	34	and	and	CCONJ
ftr-397	334	35	to	to	PART
ftr-397	334	36	otherwise	otherwise	ADV
ftr-397	334	37	affect	affect	VERB
ftr-397	334	38	the	the	DET
ftr-397	334	39	time	time	NOUN
ftr-397	334	40	at	at	ADP
ftr-397	334	41	which	which	PRON
ftr-397	334	42	they	they	PRON
ftr-397	334	43	realize	realize	VERB
ftr-397	334	44	such	such	ADJ
ftr-397	334	45	gains	gain	NOUN
ftr-397	334	46	and	and	CCONJ
ftr-397	334	47	losses	loss	NOUN
ftr-397	334	48	.	.	PUNCT
ftr-397	335	1	in	in	ADP
ftr-397	335	2	sum	sum	NOUN
ftr-397	335	3	,	,	PUNCT
ftr-397	335	4	traders	trader	NOUN
ftr-397	335	5	are	be	AUX
ftr-397	335	6	the	the	DET
ftr-397	335	7	only	only	ADJ
ftr-397	335	8	category	category	NOUN
ftr-397	335	9	of	of	ADP
ftr-397	335	10	taxpayers	taxpayer	NOUN
ftr-397	335	11	entitled	entitle	VERB
ftr-397	335	12	to	to	ADP
ftr-397	335	13	capital	capital	NOUN
ftr-397	335	14	gains	gain	NOUN
ftr-397	335	15	and	and	CCONJ
ftr-397	335	16	losses	loss	NOUN
ftr-397	335	17	,	,	PUNCT
ftr-397	335	18	but	but	CCONJ
ftr-397	335	19	ordinary	ordinary	ADJ
ftr-397	335	20	deductions	deduction	NOUN
ftr-397	335	21	,	,	PUNCT
ftr-397	335	22	for	for	ADP
ftr-397	335	23	their	their	PRON
ftr-397	335	24	securities	security	NOUN
ftr-397	335	25	activities	activity	NOUN
ftr-397	335	26	.	.	PUNCT
ftr-397	336	1	section	section	NOUN
ftr-397	336	2	iii	iii	PROPN
ftr-397	336	3	:	:	PUNCT
ftr-397	336	4	“	"	PUNCT
ftr-397	336	5	t	t	PROPN
ftr-397	336	6	rader	rader	PROPN
ftr-397	336	7	”	"	PUNCT
ftr-397	336	8	taxation	taxation	NOUN
ftr-397	336	9	:	:	PUNCT
ftr-397	336	10	a	a	DET
ftr-397	336	11	tale	tale	NOUN
ftr-397	336	12	of	of	ADP
ftr-397	336	13	two	two	NUM
ftr-397	336	14	concepts	concept	NOUN
ftr-397	336	15	what	what	PRON
ftr-397	336	16	are	be	AUX
ftr-397	336	17	the	the	DET
ftr-397	336	18	standards	standard	NOUN
ftr-397	336	19	,	,	PUNCT
ftr-397	336	20	then	then	ADV
ftr-397	336	21	,	,	PUNCT
ftr-397	336	22	that	that	PRON
ftr-397	336	23	lead	lead	VERB
ftr-397	336	24	to	to	ADP
ftr-397	336	25	classification	classification	NOUN
ftr-397	336	26	as	as	ADP
ftr-397	336	27	a	a	DET
ftr-397	336	28	trader	trader	NOUN
ftr-397	336	29	and	and	CCONJ
ftr-397	336	30	the	the	DET
ftr-397	336	31	resulting	result	VERB
ftr-397	336	32	unusual	unusual	ADJ
ftr-397	336	33	tax	tax	NOUN
ftr-397	336	34	treatment	treatment	NOUN
ftr-397	336	35	?	?	PUNCT
ftr-397	337	1	while	while	SCONJ
ftr-397	337	2	the	the	DET
ftr-397	337	3	above	above	ADJ
ftr-397	337	4	discussion	discussion	NOUN
ftr-397	337	5	demonstrates	demonstrate	VERB
ftr-397	337	6	that	that	SCONJ
ftr-397	337	7	there	there	PRON
ftr-397	337	8	are	be	VERB
ftr-397	337	9	many	many	ADJ
ftr-397	337	10	tax	tax	NOUN
ftr-397	337	11	consequences	consequence	NOUN
ftr-397	337	12	to	to	ADP
ftr-397	337	13	a	a	DET
ftr-397	337	14	taxpayer	taxpayer	NOUN
ftr-397	337	15	that	that	PRON
ftr-397	337	16	depend	depend	VERB
ftr-397	337	17	on	on	ADP
ftr-397	337	18	whether	whether	SCONJ
ftr-397	337	19	a	a	DET
ftr-397	337	20	taxpayer	taxpayer	NOUN
ftr-397	337	21	is	be	AUX
ftr-397	337	22	classified	classify	VERB
ftr-397	337	23	as	as	ADP
ftr-397	337	24	a	a	DET
ftr-397	337	25	trader	trader	NOUN
ftr-397	337	26	,	,	PUNCT
ftr-397	337	27	dealer	dealer	NOUN
ftr-397	337	28	,	,	PUNCT
ftr-397	337	29	or	or	CCONJ
ftr-397	337	30	investor	investor	NOUN
ftr-397	337	31	,	,	PUNCT
ftr-397	337	32	most	most	ADJ
ftr-397	337	33	of	of	ADP
ftr-397	337	34	these	these	DET
ftr-397	337	35	tax	tax	NOUN
ftr-397	337	36	consequences	consequence	NOUN
ftr-397	337	37	boil	boil	VERB
ftr-397	337	38	down	down	ADP
ftr-397	337	39	to	to	ADP
ftr-397	337	40	the	the	DET
ftr-397	337	41	application	application	NOUN
ftr-397	337	42	of	of	ADP
ftr-397	337	43	two	two	NUM
ftr-397	337	44	competing	compete	VERB
ftr-397	337	45	concepts	concept	NOUN
ftr-397	337	46	.	.	PUNCT
ftr-397	338	1	this	this	DET
ftr-397	338	2	section	section	NOUN
ftr-397	338	3	shows	show	VERB
ftr-397	338	4	that	that	SCONJ
ftr-397	338	5	this	this	DET
ftr-397	338	6	situation	situation	NOUN
ftr-397	338	7	–	–	PUNCT
ftr-397	338	8	wherein	wherein	SCONJ
ftr-397	338	9	two	two	NUM
ftr-397	338	10	competing	compete	VERB
ftr-397	338	11	concepts	concept	NOUN
ftr-397	338	12	underpin	underpin	VERB
ftr-397	338	13	and	and	CCONJ
ftr-397	338	14	create	create	VERB
ftr-397	338	15	a	a	DET
ftr-397	338	16	trader	trader	NOUN
ftr-397	338	17	’s	’s	PART
ftr-397	338	18	unusual	unusual	ADJ
ftr-397	338	19	tax	tax	NOUN
ftr-397	338	20	treatment	treatment	NOUN
ftr-397	338	21	–	–	PUNCT
ftr-397	338	22	was	be	AUX
ftr-397	338	23	introduced	introduce	VERB
ftr-397	338	24	into	into	ADP
ftr-397	338	25	the	the	DET
ftr-397	338	26	statutory	statutory	ADJ
ftr-397	338	27	structure	structure	NOUN
ftr-397	338	28	as	as	ADP
ftr-397	338	29	a	a	DET
ftr-397	338	30	result	result	NOUN
ftr-397	338	31	of	of	ADP
ftr-397	338	32	the	the	DET
ftr-397	338	33	1934	1934	NUM
ftr-397	338	34	introduction	introduction	NOUN
ftr-397	338	35	of	of	ADP
ftr-397	338	36	the	the	DET
ftr-397	338	37	“	"	PUNCT
ftr-397	338	38	to	to	ADP
ftr-397	338	39	customers	customer	NOUN
ftr-397	338	40	”	"	PUNCT
ftr-397	338	41	requirement	requirement	NOUN
ftr-397	338	42	.	.	PUNCT
ftr-397	339	1	the	the	DET
ftr-397	339	2	first	first	ADJ
ftr-397	339	3	concept	concept	NOUN
ftr-397	339	4	,	,	PUNCT
ftr-397	339	5	which	which	PRON
ftr-397	339	6	can	can	AUX
ftr-397	339	7	be	be	AUX
ftr-397	339	8	broadly	broadly	ADV
ftr-397	339	9	stated	state	VERB
ftr-397	339	10	as	as	ADP
ftr-397	339	11	“	"	PUNCT
ftr-397	339	12	whether	whether	SCONJ
ftr-397	339	13	or	or	CCONJ
ftr-397	339	14	not	not	PART
ftr-397	339	15	the	the	DET
ftr-397	339	16	taxpayer	taxpayer	NOUN
ftr-397	339	17	is	be	AUX
ftr-397	339	18	in	in	ADP
ftr-397	339	19	a	a	DET
ftr-397	339	20	‘	'	PUNCT
ftr-397	339	21	trade	trade	NOUN
ftr-397	339	22	or	or	CCONJ
ftr-397	339	23	business	business	NOUN
ftr-397	339	24	’	'	PUNCT
ftr-397	339	25	”	"	PUNCT
ftr-397	339	26	is	be	AUX
ftr-397	339	27	a	a	DET
ftr-397	339	28	long	long	ADV
ftr-397	339	29	-	-	PUNCT
ftr-397	339	30	standing	standing	NOUN
ftr-397	339	31	,	,	PUNCT
ftr-397	339	32	though	though	SCONJ
ftr-397	339	33	ill	ill	ADV
ftr-397	339	34	-	-	PUNCT
ftr-397	339	35	defined	define	VERB
ftr-397	339	36	,	,	PUNCT
ftr-397	339	37	concept	concept	NOUN
ftr-397	339	38	in	in	ADP
ftr-397	339	39	the	the	DET
ftr-397	339	40	tax	tax	NOUN
ftr-397	339	41	code	code	NOUN
ftr-397	339	42	,	,	PUNCT
ftr-397	339	43	which	which	PRON
ftr-397	339	44	is	be	AUX
ftr-397	339	45	critical	critical	ADJ
ftr-397	339	46	in	in	ADP
ftr-397	339	47	determining	determine	VERB
ftr-397	339	48	whether	whether	SCONJ
ftr-397	339	49	a	a	DET
ftr-397	339	50	taxpayer	taxpayer	NOUN
ftr-397	339	51	may	may	AUX
ftr-397	339	52	be	be	AUX
ftr-397	339	53	classified	classify	VERB
ftr-397	339	54	as	as	ADP
ftr-397	339	55	a	a	DET
ftr-397	339	56	trader	trader	NOUN
ftr-397	339	57	and	and	CCONJ
ftr-397	339	58	entitled	entitle	VERB
ftr-397	339	59	to	to	ADP
ftr-397	339	60	deductions	deduction	NOUN
ftr-397	339	61	for	for	ADP
ftr-397	339	62	expenses	expense	NOUN
ftr-397	339	63	incurred	incur	VERB
ftr-397	339	64	in	in	ADP
ftr-397	339	65	securities	security	NOUN
ftr-397	339	66	trading	trading	NOUN
ftr-397	339	67	.	.	PUNCT
ftr-397	340	1	the	the	DET
ftr-397	340	2	second	second	ADJ
ftr-397	340	3	concept	concept	NOUN
ftr-397	340	4	,	,	PUNCT
ftr-397	340	5	which	which	PRON
ftr-397	340	6	is	be	AUX
ftr-397	340	7	generally	generally	ADV
ftr-397	340	8	an	an	DET
ftr-397	340	9	inquiry	inquiry	NOUN
ftr-397	340	10	into	into	ADP
ftr-397	340	11	whether	whether	SCONJ
ftr-397	340	12	the	the	DET
ftr-397	340	13	taxpayer	taxpayer	NOUN
ftr-397	340	14	has	have	AUX
ftr-397	340	15	“	"	PUNCT
ftr-397	340	16	customers	customer	NOUN
ftr-397	340	17	,	,	PUNCT
ftr-397	340	18	”	"	PUNCT
ftr-397	340	19	was	be	AUX
ftr-397	340	20	“	"	PUNCT
ftr-397	340	21	newly	newly	ADV
ftr-397	340	22	”	"	PUNCT
ftr-397	340	23	introduced	introduce	VERB
ftr-397	340	24	into	into	ADP
ftr-397	340	25	the	the	DET
ftr-397	340	26	analysis	analysis	NOUN
ftr-397	340	27	in	in	ADP
ftr-397	340	28	1934	1934	NUM
ftr-397	340	29	,	,	PUNCT
ftr-397	340	30	and	and	CCONJ
ftr-397	340	31	has	have	AUX
ftr-397	340	32	become	become	VERB
ftr-397	340	33	crucial	crucial	ADJ
ftr-397	340	34	in	in	ADP
ftr-397	340	35	affording	afford	VERB
ftr-397	340	36	capital	capital	NOUN
ftr-397	340	37	income	income	NOUN
ftr-397	340	38	and	and	CCONJ
ftr-397	340	39	loss	loss	NOUN
ftr-397	340	40	treatment	treatment	NOUN
ftr-397	340	41	to	to	ADP
ftr-397	340	42	a	a	DET
ftr-397	340	43	trader	trader	NOUN
ftr-397	340	44	–	–	PUNCT
ftr-397	340	45	taxpayer	taxpayer	NOUN
ftr-397	340	46	,	,	PUNCT
ftr-397	340	47	notwithstanding	notwithstanding	ADP
ftr-397	340	48	the	the	DET
ftr-397	340	49	fact	fact	NOUN
ftr-397	340	50	that	that	SCONJ
ftr-397	340	51	such	such	ADJ
ftr-397	340	52	taxpayer	taxpayer	NOUN
ftr-397	340	53	has	have	AUX
ftr-397	340	54	been	be	AUX
ftr-397	340	55	found	find	VERB
ftr-397	340	56	to	to	PART
ftr-397	340	57	be	be	AUX
ftr-397	340	58	in	in	ADP
ftr-397	340	59	the	the	DET
ftr-397	340	60	“	"	PUNCT
ftr-397	340	61	trade	trade	NOUN
ftr-397	340	62	or	or	CCONJ
ftr-397	340	63	business	business	NOUN
ftr-397	340	64	”	"	PUNCT
ftr-397	340	65	of	of	ADP
ftr-397	340	66	trading.59	trading.59	PRON
ftr-397	340	67	fundamentally	fundamentally	ADV
ftr-397	340	68	,	,	PUNCT
ftr-397	340	69	the	the	DET
ftr-397	340	70	oddness	oddness	NOUN
ftr-397	340	71	of	of	ADP
ftr-397	340	72	allowing	allow	VERB
ftr-397	340	73	traders	trader	NOUN
ftr-397	340	74	capital	capital	NOUN
ftr-397	340	75	asset	asset	NOUN
ftr-397	340	76	treatment	treatment	NOUN
ftr-397	340	77	along	along	ADP
ftr-397	340	78	with	with	ADP
ftr-397	340	79	ordinary	ordinary	ADJ
ftr-397	340	80	deductions	deduction	NOUN
ftr-397	340	81	stems	stem	VERB
ftr-397	340	82	from	from	ADP
ftr-397	340	83	the	the	DET
ftr-397	340	84	fact	fact	NOUN
ftr-397	340	85	that	that	SCONJ
ftr-397	340	86	,	,	PUNCT
ftr-397	340	87	while	while	SCONJ
ftr-397	340	88	the	the	DET
ftr-397	340	89	majority	majority	NOUN
ftr-397	340	90	of	of	ADP
ftr-397	340	91	the	the	DET
ftr-397	340	92	tax	tax	NOUN
ftr-397	340	93	consequences	consequence	NOUN
ftr-397	340	94	to	to	ADP
ftr-397	340	95	a	a	DET
ftr-397	340	96	securities	security	NOUN
ftr-397	340	97	trader	trader	NOUN
ftr-397	340	98	are	be	AUX
ftr-397	340	99	based	base	VERB
ftr-397	340	100	on	on	ADP
ftr-397	340	101	whether	whether	SCONJ
ftr-397	340	102	or	or	CCONJ
ftr-397	340	103	not	not	PART
ftr-397	340	104	the	the	DET
ftr-397	340	105	taxpayer	taxpayer	NOUN
ftr-397	340	106	is	be	AUX
ftr-397	340	107	“	"	PUNCT
ftr-397	340	108	engaged	engage	VERB
ftr-397	340	109	in	in	ADP
ftr-397	340	110	a	a	DET
ftr-397	340	111	trade	trade	NOUN
ftr-397	340	112	or	or	CCONJ
ftr-397	340	113	business	business	NOUN
ftr-397	340	114	,	,	PUNCT
ftr-397	340	115	”	"	PUNCT
ftr-397	340	116	the	the	DET
ftr-397	340	117	character	character	NOUN
ftr-397	340	118	of	of	ADP
ftr-397	340	119	such	such	ADJ
ftr-397	340	120	trader	trader	NOUN
ftr-397	340	121	’s	’s	PART
ftr-397	340	122	gains	gain	NOUN
ftr-397	340	123	or	or	CCONJ
ftr-397	340	124	losses	loss	NOUN
ftr-397	340	125	is	be	AUX
ftr-397	340	126	determined	determine	VERB
ftr-397	340	127	based	base	VERB
ftr-397	340	128	on	on	ADP
ftr-397	340	129	whether	whether	SCONJ
ftr-397	340	130	the	the	DET
ftr-397	340	131	assets	asset	NOUN
ftr-397	340	132	bought	buy	VERB
ftr-397	340	133	or	or	CCONJ
ftr-397	340	134	sold	sell	VERB
ftr-397	340	135	are	be	AUX
ftr-397	340	136	capital	capital	NOUN
ftr-397	340	137	assets	asset	NOUN
ftr-397	340	138	under	under	ADP
ftr-397	340	139	the	the	DET
ftr-397	340	140	capital	capital	NOUN
ftr-397	340	141	asset	asset	NOUN
ftr-397	340	142	statute	statute	NOUN
ftr-397	340	143	,	,	PUNCT
ftr-397	340	144	and	and	CCONJ
ftr-397	340	145	more	more	ADV
ftr-397	340	146	specifically	specifically	ADV
ftr-397	340	147	whether	whether	SCONJ
ftr-397	340	148	they	they	PRON
ftr-397	340	149	are	be	AUX
ftr-397	340	150	held	hold	VERB
ftr-397	340	151	for	for	ADP
ftr-397	340	152	sale	sale	NOUN
ftr-397	340	153	“	"	PUNCT
ftr-397	340	154	to	to	ADP
ftr-397	340	155	customers	customer	NOUN
ftr-397	340	156	.	.	PUNCT
ftr-397	340	157	”	"	PUNCT
ftr-397	341	1	under	under	ADP
ftr-397	341	2	irc	irc	PROPN
ftr-397	341	3	§	§	PROPN
ftr-397	341	4	162	162	NUM
ftr-397	341	5	)	)	PUNCT
ftr-397	341	6	but	but	CCONJ
ftr-397	341	7	little	little	ADJ
ftr-397	341	8	or	or	CCONJ
ftr-397	341	9	no	no	PRON
ftr-397	341	10	income	income	NOUN
ftr-397	341	11	(	(	PUNCT
ftr-397	341	12	since	since	SCONJ
ftr-397	341	13	gains	gain	NOUN
ftr-397	341	14	and	and	CCONJ
ftr-397	341	15	losses	loss	NOUN
ftr-397	341	16	will	will	AUX
ftr-397	341	17	be	be	AUX
ftr-397	341	18	capital	capital	NOUN
ftr-397	341	19	)	)	PUNCT
ftr-397	341	20	.	.	PUNCT
ftr-397	342	1	see	see	VERB
ftr-397	342	2	generally	generally	ADV
ftr-397	342	3	raby	raby	PROPN
ftr-397	342	4	&	&	CCONJ
ftr-397	342	5	raby	raby	PROPN
ftr-397	342	6	,	,	PUNCT
ftr-397	342	7	nondealer	nondealer	NOUN
ftr-397	342	8	security	security	NOUN
ftr-397	342	9	losses	loss	NOUN
ftr-397	342	10	,	,	PUNCT
ftr-397	342	11	supra	supra	PROPN
ftr-397	342	12	note	note	NOUN
ftr-397	342	13	5	5	NUM
ftr-397	342	14	.	.	SYM
ftr-397	342	15	59	59	NUM
ftr-397	342	16	.	.	PUNCT
ftr-397	343	1	revenue	revenue	NOUN
ftr-397	343	2	act	act	NOUN
ftr-397	343	3	of	of	ADP
ftr-397	343	4	1934	1934	NUM
ftr-397	343	5	,	,	PUNCT
ftr-397	343	6	pub	pub	NOUN
ftr-397	343	7	.	.	PUNCT
ftr-397	344	1	l.	l.	PROPN
ftr-397	344	2	no	no	INTJ
ftr-397	344	3	.	.	PROPN
ftr-397	345	1	73	73	NUM
ftr-397	345	2	-	-	SYM
ftr-397	345	3	216	216	NUM
ftr-397	345	4	,	,	PUNCT
ftr-397	345	5	§	§	PROPN
ftr-397	345	6	117(b	117(b	PROPN
ftr-397	345	7	)	)	PUNCT
ftr-397	345	8	,	,	PUNCT
ftr-397	345	9	48	48	NUM
ftr-397	345	10	stat	stat	NOUN
ftr-397	345	11	.	.	PUNCT
ftr-397	346	1	680	680	NUM
ftr-397	346	2	,	,	PUNCT
ftr-397	346	3	714	714	NUM
ftr-397	346	4	(	(	PUNCT
ftr-397	346	5	1934	1934	NUM
ftr-397	346	6	)	)	PUNCT
ftr-397	346	7	.	.	PUNCT
ftr-397	347	1	2008	2008	NUM
ftr-397	347	2	]	]	PUNCT
ftr-397	348	1	a	a	DET
ftr-397	348	2	structural	structural	ADJ
ftr-397	348	3	critique	critique	NOUN
ftr-397	348	4	of	of	ADP
ftr-397	348	5	trader	trader	NOUN
ftr-397	348	6	taxation	taxation	NOUN
ftr-397	348	7	1129	1129	NUM
ftr-397	348	8	a.	a.	NOUN
ftr-397	348	9	the	the	DET
ftr-397	348	10	importance	importance	NOUN
ftr-397	348	11	of	of	ADP
ftr-397	348	12	being	be	AUX
ftr-397	348	13	“	"	PUNCT
ftr-397	348	14	engaged	engage	VERB
ftr-397	348	15	in	in	ADP
ftr-397	348	16	a	a	DET
ftr-397	348	17	trade	trade	NOUN
ftr-397	348	18	or	or	CCONJ
ftr-397	348	19	business	business	NOUN
ftr-397	348	20	”	"	PUNCT
ftr-397	348	21	the	the	DET
ftr-397	348	22	notion	notion	NOUN
ftr-397	348	23	of	of	ADP
ftr-397	348	24	engagement	engagement	NOUN
ftr-397	348	25	in	in	ADP
ftr-397	348	26	a	a	DET
ftr-397	348	27	“	"	PUNCT
ftr-397	348	28	trade	trade	NOUN
ftr-397	348	29	or	or	CCONJ
ftr-397	348	30	business	business	NOUN
ftr-397	348	31	”	"	PUNCT
ftr-397	348	32	is	be	AUX
ftr-397	348	33	a	a	DET
ftr-397	348	34	concept	concept	NOUN
ftr-397	348	35	that	that	PRON
ftr-397	348	36	underlies	underlie	VERB
ftr-397	348	37	the	the	DET
ftr-397	348	38	vast	vast	ADJ
ftr-397	348	39	majority	majority	NOUN
ftr-397	348	40	of	of	ADP
ftr-397	348	41	the	the	DET
ftr-397	348	42	tax	tax	NOUN
ftr-397	348	43	rules	rule	NOUN
ftr-397	348	44	applicable	applicable	ADJ
ftr-397	348	45	to	to	ADP
ftr-397	348	46	traders	trader	NOUN
ftr-397	348	47	outlined	outline	VERB
ftr-397	348	48	in	in	ADP
ftr-397	348	49	section	section	NOUN
ftr-397	348	50	i	i	PRON
ftr-397	348	51	above	above	ADV
ftr-397	348	52	.	.	PUNCT
ftr-397	349	1	this	this	DET
ftr-397	349	2	statement	statement	NOUN
ftr-397	349	3	is	be	AUX
ftr-397	349	4	in	in	ADP
ftr-397	349	5	some	some	DET
ftr-397	349	6	ways	way	NOUN
ftr-397	349	7	a	a	DET
ftr-397	349	8	tautological	tautological	ADJ
ftr-397	349	9	observation	observation	NOUN
ftr-397	349	10	,	,	PUNCT
ftr-397	349	11	because	because	SCONJ
ftr-397	349	12	to	to	PART
ftr-397	349	13	call	call	VERB
ftr-397	349	14	a	a	DET
ftr-397	349	15	taxpayer	taxpayer	NOUN
ftr-397	349	16	a	a	DET
ftr-397	349	17	trader	trader	NOUN
ftr-397	349	18	under	under	ADP
ftr-397	349	19	the	the	DET
ftr-397	349	20	tax	tax	NOUN
ftr-397	349	21	law	law	NOUN
ftr-397	349	22	in	in	ADP
ftr-397	349	23	fact	fact	NOUN
ftr-397	349	24	essentially	essentially	ADV
ftr-397	349	25	means	mean	VERB
ftr-397	349	26	that	that	SCONJ
ftr-397	349	27	that	that	DET
ftr-397	349	28	taxpayer	taxpayer	NOUN
ftr-397	349	29	is	be	AUX
ftr-397	349	30	“	"	PUNCT
ftr-397	349	31	trading	trade	VERB
ftr-397	349	32	in	in	ADP
ftr-397	349	33	securities	security	NOUN
ftr-397	349	34	as	as	ADP
ftr-397	349	35	a	a	DET
ftr-397	349	36	trade	trade	NOUN
ftr-397	349	37	or	or	CCONJ
ftr-397	349	38	business	business	NOUN
ftr-397	349	39	”	"	PUNCT
ftr-397	349	40	and	and	CCONJ
ftr-397	349	41	will	will	AUX
ftr-397	349	42	be	be	AUX
ftr-397	349	43	subject	subject	ADJ
ftr-397	349	44	to	to	ADP
ftr-397	349	45	the	the	DET
ftr-397	349	46	tax	tax	NOUN
ftr-397	349	47	consequences	consequence	NOUN
ftr-397	349	48	applicable	applicable	ADJ
ftr-397	349	49	to	to	ADP
ftr-397	349	50	such	such	DET
ftr-397	349	51	a	a	DET
ftr-397	349	52	taxpayer.60	taxpayer.60	NOUN
ftr-397	349	53	however	however	ADV
ftr-397	349	54	,	,	PUNCT
ftr-397	349	55	the	the	DET
ftr-397	349	56	point	point	NOUN
ftr-397	349	57	should	should	AUX
ftr-397	349	58	not	not	PART
ftr-397	349	59	be	be	AUX
ftr-397	349	60	obscured	obscure	VERB
ftr-397	349	61	for	for	ADP
ftr-397	349	62	all	all	DET
ftr-397	349	63	its	its	PRON
ftr-397	349	64	apparent	apparent	ADJ
ftr-397	349	65	obviousness	obviousness	NOUN
ftr-397	349	66	.	.	PUNCT
ftr-397	350	1	a	a	DET
ftr-397	350	2	finding	finding	NOUN
ftr-397	350	3	that	that	SCONJ
ftr-397	350	4	a	a	DET
ftr-397	350	5	taxpayer	taxpayer	NOUN
ftr-397	350	6	is	be	AUX
ftr-397	350	7	engaged	engage	VERB
ftr-397	350	8	in	in	ADP
ftr-397	350	9	a	a	DET
ftr-397	350	10	trade	trade	NOUN
ftr-397	350	11	or	or	CCONJ
ftr-397	350	12	business	business	NOUN
ftr-397	350	13	as	as	SCONJ
ftr-397	350	14	a	a	DET
ftr-397	350	15	securities	security	NOUN
ftr-397	350	16	trader	trader	NOUN
ftr-397	350	17	gives	give	VERB
ftr-397	350	18	rise	rise	NOUN
ftr-397	350	19	to	to	ADP
ftr-397	350	20	a	a	DET
ftr-397	350	21	number	number	NOUN
ftr-397	350	22	of	of	ADP
ftr-397	350	23	important	important	ADJ
ftr-397	350	24	tax	tax	NOUN
ftr-397	350	25	consequences	consequence	NOUN
ftr-397	350	26	precisely	precisely	ADV
ftr-397	350	27	because	because	SCONJ
ftr-397	350	28	of	of	ADP
ftr-397	350	29	the	the	DET
ftr-397	350	30	way	way	NOUN
ftr-397	350	31	in	in	ADP
ftr-397	350	32	which	which	PRON
ftr-397	350	33	the	the	DET
ftr-397	350	34	concept	concept	NOUN
ftr-397	350	35	of	of	ADP
ftr-397	350	36	“	"	PUNCT
ftr-397	350	37	engagement	engagement	NOUN
ftr-397	350	38	in	in	ADP
ftr-397	350	39	a	a	DET
ftr-397	350	40	trade	trade	NOUN
ftr-397	350	41	or	or	CCONJ
ftr-397	350	42	business	business	NOUN
ftr-397	350	43	”	"	PUNCT
ftr-397	350	44	is	be	AUX
ftr-397	350	45	embedded	embed	VERB
ftr-397	350	46	in	in	ADP
ftr-397	350	47	the	the	DET
ftr-397	350	48	various	various	ADJ
ftr-397	350	49	tax	tax	NOUN
ftr-397	350	50	statutes	statute	NOUN
ftr-397	350	51	dealing	deal	VERB
ftr-397	350	52	with	with	ADP
ftr-397	350	53	deductions	deduction	NOUN
ftr-397	350	54	that	that	PRON
ftr-397	350	55	are	be	AUX
ftr-397	350	56	discussed	discuss	VERB
ftr-397	350	57	above.61	above.61	NOUN
ftr-397	350	58	while	while	SCONJ
ftr-397	350	59	there	there	PRON
ftr-397	350	60	may	may	AUX
ftr-397	350	61	be	be	AUX
ftr-397	350	62	variations	variation	NOUN
ftr-397	350	63	in	in	ADP
ftr-397	350	64	the	the	DET
ftr-397	350	65	exact	exact	ADJ
ftr-397	350	66	standards	standard	NOUN
ftr-397	350	67	that	that	PRON
ftr-397	350	68	must	must	AUX
ftr-397	350	69	be	be	AUX
ftr-397	350	70	met	meet	VERB
ftr-397	350	71	for	for	ADP
ftr-397	350	72	a	a	DET
ftr-397	350	73	taxpayer	taxpayer	NOUN
ftr-397	350	74	who	who	PRON
ftr-397	350	75	is	be	AUX
ftr-397	350	76	engaged	engage	VERB
ftr-397	350	77	in	in	ADP
ftr-397	350	78	the	the	DET
ftr-397	350	79	“	"	PUNCT
ftr-397	350	80	trade	trade	NOUN
ftr-397	350	81	or	or	CCONJ
ftr-397	350	82	business	business	NOUN
ftr-397	350	83	”	"	PUNCT
ftr-397	350	84	of	of	ADP
ftr-397	350	85	trading	trading	NOUN
ftr-397	350	86	(	(	PUNCT
ftr-397	350	87	or	or	CCONJ
ftr-397	350	88	dealing	deal	VERB
ftr-397	350	89	)	)	PUNCT
ftr-397	350	90	securities	security	NOUN
ftr-397	350	91	to	to	PART
ftr-397	350	92	qualify	qualify	VERB
ftr-397	350	93	under	under	ADP
ftr-397	350	94	each	each	DET
ftr-397	350	95	individual	individual	ADJ
ftr-397	350	96	tax	tax	NOUN
ftr-397	350	97	statute	statute	NOUN
ftr-397	350	98	,	,	PUNCT
ftr-397	350	99	the	the	DET
ftr-397	350	100	state	state	NOUN
ftr-397	350	101	of	of	ADP
ftr-397	350	102	being	be	AUX
ftr-397	350	103	engaged	engage	VERB
ftr-397	350	104	in	in	ADP
ftr-397	350	105	a	a	DET
ftr-397	350	106	trade	trade	NOUN
ftr-397	350	107	or	or	CCONJ
ftr-397	350	108	business	business	NOUN
ftr-397	350	109	is	be	AUX
ftr-397	350	110	undeniably	undeniably	ADV
ftr-397	350	111	an	an	DET
ftr-397	350	112	important	important	ADJ
ftr-397	350	113	criterion	criterion	NOUN
ftr-397	350	114	underlying	underlie	VERB
ftr-397	350	115	a	a	DET
ftr-397	350	116	number	number	NOUN
ftr-397	350	117	of	of	ADP
ftr-397	350	118	those	those	DET
ftr-397	350	119	statutory	statutory	ADJ
ftr-397	350	120	rules	rule	NOUN
ftr-397	350	121	.	.	PUNCT
ftr-397	351	1	for	for	ADP
ftr-397	351	2	purposes	purpose	NOUN
ftr-397	351	3	of	of	ADP
ftr-397	351	4	this	this	DET
ftr-397	351	5	article	article	NOUN
ftr-397	351	6	,	,	PUNCT
ftr-397	351	7	an	an	DET
ftr-397	351	8	understanding	understanding	NOUN
ftr-397	351	9	of	of	ADP
ftr-397	351	10	the	the	DET
ftr-397	351	11	“	"	PUNCT
ftr-397	351	12	trade	trade	NOUN
ftr-397	351	13	or	or	CCONJ
ftr-397	351	14	business	business	NOUN
ftr-397	351	15	”	"	PUNCT
ftr-397	351	16	concept	concept	NOUN
ftr-397	351	17	is	be	AUX
ftr-397	351	18	therefore	therefore	ADV
ftr-397	351	19	essential	essential	ADJ
ftr-397	351	20	to	to	ADP
ftr-397	351	21	understanding	understand	VERB
ftr-397	351	22	the	the	DET
ftr-397	351	23	current	current	ADJ
ftr-397	351	24	statutory	statutory	ADJ
ftr-397	351	25	structure	structure	NOUN
ftr-397	351	26	,	,	PUNCT
ftr-397	351	27	and	and	CCONJ
ftr-397	351	28	the	the	DET
ftr-397	351	29	interplay	interplay	NOUN
ftr-397	351	30	of	of	ADP
ftr-397	351	31	the	the	DET
ftr-397	351	32	current	current	ADJ
ftr-397	351	33	tax	tax	NOUN
ftr-397	351	34	rules	rule	NOUN
ftr-397	351	35	,	,	PUNCT
ftr-397	351	36	with	with	ADP
ftr-397	351	37	respect	respect	NOUN
ftr-397	351	38	to	to	ADP
ftr-397	351	39	securities	security	NOUN
ftr-397	351	40	traders	trader	NOUN
ftr-397	351	41	.	.	PUNCT
ftr-397	352	1	for	for	ADP
ftr-397	352	2	example	example	NOUN
ftr-397	352	3	,	,	PUNCT
ftr-397	352	4	as	as	SCONJ
ftr-397	352	5	discussed	discuss	VERB
ftr-397	352	6	in	in	ADP
ftr-397	352	7	section	section	NOUN
ftr-397	352	8	ii	ii	PROPN
ftr-397	352	9	above	above	ADV
ftr-397	352	10	,	,	PUNCT
ftr-397	352	11	the	the	DET
ftr-397	352	12	“	"	PUNCT
ftr-397	352	13	trade	trade	NOUN
ftr-397	352	14	or	or	CCONJ
ftr-397	352	15	business	business	NOUN
ftr-397	352	16	”	"	PUNCT
ftr-397	352	17	standard	standard	NOUN
ftr-397	352	18	comes	come	VERB
ftr-397	352	19	directly	directly	ADV
ftr-397	352	20	into	into	ADP
ftr-397	352	21	play	play	NOUN
ftr-397	352	22	with	with	ADP
ftr-397	352	23	respect	respect	NOUN
ftr-397	352	24	to	to	ADP
ftr-397	352	25	the	the	DET
ftr-397	352	26	deduction	deduction	NOUN
ftr-397	352	27	allowable	allowable	ADJ
ftr-397	352	28	under	under	ADP
ftr-397	352	29	irc	irc	PROPN
ftr-397	352	30	section	section	NOUN
ftr-397	352	31	162	162	NUM
ftr-397	352	32	for	for	ADP
ftr-397	352	33	“	"	PUNCT
ftr-397	352	34	all	all	DET
ftr-397	352	35	the	the	DET
ftr-397	352	36	ordinary	ordinary	ADJ
ftr-397	352	37	and	and	CCONJ
ftr-397	352	38	necessary	necessary	ADJ
ftr-397	352	39	expenses	expense	NOUN
ftr-397	352	40	paid	pay	VERB
ftr-397	352	41	or	or	CCONJ
ftr-397	352	42	incurred	incur	VERB
ftr-397	352	43	during	during	ADP
ftr-397	352	44	the	the	DET
ftr-397	352	45	taxable	taxable	ADJ
ftr-397	352	46	year	year	NOUN
ftr-397	352	47	in	in	ADP
ftr-397	352	48	carrying	carry	VERB
ftr-397	352	49	on	on	ADP
ftr-397	352	50	any	any	DET
ftr-397	352	51	trade	trade	NOUN
ftr-397	352	52	or	or	CCONJ
ftr-397	352	53	business	business	NOUN
ftr-397	352	54	.	.	PUNCT
ftr-397	353	1	”62	”62	PROPN
ftr-397	353	2	traders	trader	NOUN
ftr-397	353	3	and	and	CCONJ
ftr-397	353	4	dealers	dealer	NOUN
ftr-397	353	5	may	may	AUX
ftr-397	353	6	qualify	qualify	VERB
ftr-397	353	7	to	to	PART
ftr-397	353	8	deduct	deduct	VERB
ftr-397	353	9	expenses	expense	NOUN
ftr-397	353	10	incurred	incur	VERB
ftr-397	353	11	in	in	ADP
ftr-397	353	12	their	their	PRON
ftr-397	353	13	“	"	PUNCT
ftr-397	353	14	trade	trade	NOUN
ftr-397	353	15	or	or	CCONJ
ftr-397	353	16	business	business	NOUN
ftr-397	353	17	,	,	PUNCT
ftr-397	353	18	”	"	PUNCT
ftr-397	353	19	while	while	SCONJ
ftr-397	353	20	mere	mere	ADJ
ftr-397	353	21	investors	investor	NOUN
ftr-397	353	22	cannot.63	cannot.63	VERB
ftr-397	353	23	also	also	ADV
ftr-397	353	24	as	as	SCONJ
ftr-397	353	25	discussed	discuss	VERB
ftr-397	353	26	above	above	ADV
ftr-397	353	27	,	,	PUNCT
ftr-397	353	28	a	a	DET
ftr-397	353	29	taxpayer	taxpayer	NOUN
ftr-397	353	30	’s	’s	PART
ftr-397	353	31	eligibility	eligibility	NOUN
ftr-397	353	32	to	to	PART
ftr-397	353	33	deduct	deduct	VERB
ftr-397	353	34	“	"	PUNCT
ftr-397	353	35	investment	investment	NOUN
ftr-397	353	36	interest	interest	NOUN
ftr-397	353	37	”	"	PUNCT
ftr-397	353	38	may	may	AUX
ftr-397	353	39	depend	depend	VERB
ftr-397	353	40	on	on	ADP
ftr-397	353	41	whether	whether	SCONJ
ftr-397	353	42	he	he	PRON
ftr-397	353	43	is	be	AUX
ftr-397	353	44	engaged	engage	VERB
ftr-397	353	45	in	in	ADP
ftr-397	353	46	a	a	DET
ftr-397	353	47	trade	trade	NOUN
ftr-397	353	48	or	or	CCONJ
ftr-397	353	49	business.64	business.64	NOUN
ftr-397	353	50	whether	whether	SCONJ
ftr-397	353	51	the	the	DET
ftr-397	353	52	taxpayer	taxpayer	NOUN
ftr-397	353	53	is	be	AUX
ftr-397	353	54	conducting	conduct	VERB
ftr-397	353	55	a	a	DET
ftr-397	353	56	“	"	PUNCT
ftr-397	353	57	trade	trade	NOUN
ftr-397	353	58	or	or	CCONJ
ftr-397	353	59	business	business	NOUN
ftr-397	353	60	”	"	PUNCT
ftr-397	353	61	is	be	AUX
ftr-397	353	62	also	also	ADV
ftr-397	353	63	central	central	ADJ
ftr-397	353	64	to	to	ADP
ftr-397	353	65	whether	whether	SCONJ
ftr-397	353	66	he	he	PRON
ftr-397	353	67	may	may	AUX
ftr-397	353	68	take	take	VERB
ftr-397	353	69	a	a	DET
ftr-397	353	70	“	"	PUNCT
ftr-397	353	71	home	home	NOUN
ftr-397	353	72	office	office	NOUN
ftr-397	353	73	”	"	PUNCT
ftr-397	353	74	deduction	deduction	NOUN
ftr-397	353	75	under	under	ADP
ftr-397	353	76	irc	irc	PROPN
ftr-397	353	77	section	section	NOUN
ftr-397	353	78	280a.65	280a.65	NUM
ftr-397	353	79	likewise	likewise	ADV
ftr-397	353	80	,	,	PUNCT
ftr-397	353	81	whether	whether	SCONJ
ftr-397	353	82	a	a	DET
ftr-397	353	83	taxpayer	taxpayer	NOUN
ftr-397	353	84	is	be	AUX
ftr-397	353	85	engaged	engage	VERB
ftr-397	353	86	in	in	ADP
ftr-397	353	87	a	a	DET
ftr-397	353	88	“	"	PUNCT
ftr-397	353	89	trade	trade	NOUN
ftr-397	353	90	or	or	CCONJ
ftr-397	353	91	business	business	NOUN
ftr-397	353	92	”	"	PUNCT
ftr-397	353	93	determines	determine	VERB
ftr-397	353	94	the	the	DET
ftr-397	353	95	taxpayer	taxpayer	NOUN
ftr-397	353	96	’s	’s	PART
ftr-397	353	97	entitlement	entitlement	NOUN
ftr-397	353	98	to	to	PART
ftr-397	353	99	elect	elect	VERB
ftr-397	353	100	certain	certain	ADJ
ftr-397	353	101	tax	tax	NOUN
ftr-397	353	102	treatments	treatment	NOUN
ftr-397	353	103	,	,	PUNCT
ftr-397	353	104	such	such	ADJ
ftr-397	353	105	as	as	ADP
ftr-397	353	106	the	the	DET
ftr-397	353	107	election	election	NOUN
ftr-397	353	108	to	to	PART
ftr-397	353	109	take	take	VERB
ftr-397	353	110	60	60	NUM
ftr-397	353	111	.	.	PUNCT
ftr-397	354	1	see	see	VERB
ftr-397	354	2	yaeger	yaeger	PROPN
ftr-397	354	3	,	,	PUNCT
ftr-397	354	4	889	889	NUM
ftr-397	354	5	f.2d	f.2d	X
ftr-397	354	6	29	29	NUM
ftr-397	354	7	.	.	PUNCT
ftr-397	355	1	compare	compare	VERB
ftr-397	355	2	irc	irc	PROPN
ftr-397	355	3	§	§	PROPN
ftr-397	355	4	475(f	475(f	PROPN
ftr-397	355	5	)	)	PUNCT
ftr-397	355	6	(	(	PUNCT
ftr-397	355	7	mark	mark	NOUN
ftr-397	355	8	-	-	PUNCT
ftr-397	355	9	to	to	ADP
ftr-397	355	10	-	-	PUNCT
ftr-397	355	11	market	market	NOUN
ftr-397	355	12	election	election	NOUN
ftr-397	355	13	is	be	AUX
ftr-397	355	14	available	available	ADJ
ftr-397	355	15	“	"	PUNCT
ftr-397	355	16	[	[	X
ftr-397	355	17	i]n	i]n	VERB
ftr-397	355	18	the	the	DET
ftr-397	355	19	case	case	NOUN
ftr-397	355	20	of	of	ADP
ftr-397	355	21	a	a	DET
ftr-397	355	22	person	person	NOUN
ftr-397	355	23	who	who	PRON
ftr-397	355	24	is	be	AUX
ftr-397	355	25	engaged	engage	VERB
ftr-397	355	26	in	in	ADP
ftr-397	355	27	a	a	DET
ftr-397	355	28	trade	trade	NOUN
ftr-397	355	29	or	or	CCONJ
ftr-397	355	30	business	business	NOUN
ftr-397	355	31	as	as	ADP
ftr-397	355	32	a	a	DET
ftr-397	355	33	trader	trader	NOUN
ftr-397	355	34	in	in	ADP
ftr-397	355	35	securities”(emphasis	securities”(emphasis	PROPN
ftr-397	355	36	added	add	VERB
ftr-397	355	37	)	)	PUNCT
ftr-397	355	38	)	)	PUNCT
ftr-397	355	39	;	;	PUNCT
ftr-397	355	40	with	with	ADP
ftr-397	355	41	thomas	thomas	PROPN
ftr-397	355	42	,	,	PUNCT
ftr-397	355	43	supra	supra	PROPN
ftr-397	355	44	note	note	NOUN
ftr-397	355	45	5	5	NUM
ftr-397	355	46	at	at	ADP
ftr-397	355	47	274	274	NUM
ftr-397	355	48	(	(	PUNCT
ftr-397	355	49	“	"	PUNCT
ftr-397	355	50	[	[	X
ftr-397	355	51	t]o	t]o	NOUN
ftr-397	355	52	call	call	VERB
ftr-397	355	53	someone	someone	PRON
ftr-397	355	54	a	a	DET
ftr-397	355	55	securities	security	NOUN
ftr-397	355	56	trader	trader	NOUN
ftr-397	355	57	means	mean	VERB
ftr-397	355	58	nothing	nothing	PRON
ftr-397	355	59	more	more	ADJ
ftr-397	355	60	or	or	CCONJ
ftr-397	355	61	less	less	ADJ
ftr-397	355	62	than	than	SCONJ
ftr-397	355	63	to	to	PART
ftr-397	355	64	say	say	VERB
ftr-397	355	65	he	he	PRON
ftr-397	355	66	is	be	AUX
ftr-397	355	67	engaged	engage	VERB
ftr-397	355	68	in	in	ADP
ftr-397	355	69	trading	trading	NOUN
ftr-397	355	70	securities	security	NOUN
ftr-397	355	71	as	as	ADP
ftr-397	355	72	a	a	DET
ftr-397	355	73	trade	trade	NOUN
ftr-397	355	74	or	or	CCONJ
ftr-397	355	75	business	business	NOUN
ftr-397	355	76	”	"	PUNCT
ftr-397	355	77	)	)	PUNCT
ftr-397	355	78	.	.	PUNCT
ftr-397	356	1	61	61	NUM
ftr-397	356	2	.	.	PUNCT
ftr-397	357	1	see	see	VERB
ftr-397	357	2	supra	supra	PROPN
ftr-397	357	3	section	section	PROPN
ftr-397	357	4	ii	ii	PROPN
ftr-397	357	5	.	.	PROPN
ftr-397	357	6	62	62	NUM
ftr-397	357	7	.	.	PUNCT
ftr-397	358	1	irc	irc	PROPN
ftr-397	358	2	§	§	PROPN
ftr-397	358	3	162	162	NUM
ftr-397	358	4	.	.	PUNCT
ftr-397	359	1	63	63	NUM
ftr-397	359	2	.	.	PUNCT
ftr-397	360	1	irc	irc	PROPN
ftr-397	360	2	§	§	PROPN
ftr-397	360	3	212	212	NUM
ftr-397	360	4	;	;	PUNCT
ftr-397	360	5	irc	irc	PROPN
ftr-397	360	6	§	§	PROPN
ftr-397	360	7	67(a	67(a	NUM
ftr-397	360	8	)	)	PUNCT
ftr-397	360	9	;	;	PUNCT
ftr-397	361	1	treas	treas	PROPN
ftr-397	361	2	.	.	PUNCT
ftr-397	362	1	reg	reg	PROPN
ftr-397	362	2	.	.	PUNCT
ftr-397	363	1	§	§	PROPN
ftr-397	363	2	1.67	1.67	NUM
ftr-397	363	3	-	-	PUNCT
ftr-397	363	4	1t(a)(1)(ii	1t(a)(1)(ii	NUM
ftr-397	363	5	)	)	PUNCT
ftr-397	363	6	)	)	PUNCT
ftr-397	363	7	.	.	PUNCT
ftr-397	364	1	see	see	VERB
ftr-397	364	2	,	,	PUNCT
ftr-397	364	3	e.g.	e.g.	ADV
ftr-397	364	4	,	,	PUNCT
ftr-397	364	5	mayer	mayer	PROPN
ftr-397	364	6	,	,	PUNCT
ftr-397	364	7	32	32	NUM
ftr-397	364	8	fed	feed	VERB
ftr-397	364	9	.	.	PUNCT
ftr-397	365	1	cl	cl	NOUN
ftr-397	365	2	.	.	PUNCT
ftr-397	366	1	149	149	NUM
ftr-397	366	2	.	.	X
ftr-397	367	1	64	64	NUM
ftr-397	367	2	.	.	PUNCT
ftr-397	368	1	irc	irc	PROPN
ftr-397	368	2	§	§	PROPN
ftr-397	368	3	163(d)(1	163(d)(1	PROPN
ftr-397	368	4	)	)	PUNCT
ftr-397	368	5	.	.	PUNCT
ftr-397	369	1	65	65	NUM
ftr-397	369	2	.	.	PUNCT
ftr-397	369	3	see	see	VERB
ftr-397	369	4	irc	irc	PROPN
ftr-397	369	5	§	§	PROPN
ftr-397	369	6	280a(c)(1)(a	280a(c)(1)(a	NUM
ftr-397	369	7	)	)	PUNCT
ftr-397	369	8	.	.	PUNCT
ftr-397	370	1	1130	1130	NUM
ftr-397	370	2	florida	florida	PROPN
ftr-397	370	3	tax	tax	PROPN
ftr-397	370	4	review	review	NOUN
ftr-397	371	1	[	[	X
ftr-397	371	2	vol	vol	NOUN
ftr-397	371	3	.	.	PUNCT
ftr-397	372	1	8:10	8:10	NUM
ftr-397	372	2	deductions	deduction	NOUN
ftr-397	372	3	for	for	ADP
ftr-397	372	4	,	,	PUNCT
ftr-397	372	5	rather	rather	ADV
ftr-397	372	6	than	than	ADP
ftr-397	372	7	depreciate	depreciate	ADJ
ftr-397	372	8	,	,	PUNCT
ftr-397	372	9	certain	certain	ADJ
ftr-397	372	10	depreciable	depreciable	ADJ
ftr-397	372	11	property	property	NOUN
ftr-397	372	12	known	know	VERB
ftr-397	372	13	as	as	ADP
ftr-397	372	14	“	"	PUNCT
ftr-397	372	15	section	section	NOUN
ftr-397	372	16	179	179	NUM
ftr-397	372	17	property	property	NOUN
ftr-397	372	18	”	"	PUNCT
ftr-397	372	19	and	and	CCONJ
ftr-397	372	20	the	the	DET
ftr-397	372	21	election	election	NOUN
ftr-397	372	22	to	to	PART
ftr-397	372	23	deduct	deduct	VERB
ftr-397	372	24	start	start	VERB
ftr-397	372	25	-	-	PUNCT
ftr-397	372	26	up	up	ADP
ftr-397	372	27	expenses	expense	NOUN
ftr-397	372	28	under	under	ADP
ftr-397	372	29	irc	irc	PROPN
ftr-397	372	30	section	section	NOUN
ftr-397	372	31	195.66	195.66	NUM
ftr-397	372	32	finally	finally	ADV
ftr-397	372	33	,	,	PUNCT
ftr-397	372	34	the	the	DET
ftr-397	372	35	irc	irc	PROPN
ftr-397	372	36	section	section	NOUN
ftr-397	372	37	475(f	475(f	PROPN
ftr-397	372	38	)	)	PUNCT
ftr-397	372	39	mark	mark	NOUN
ftr-397	372	40	-	-	PUNCT
ftr-397	372	41	to	to	ADP
ftr-397	372	42	-	-	PUNCT
ftr-397	372	43	market	market	NOUN
ftr-397	372	44	election	election	NOUN
ftr-397	372	45	for	for	ADP
ftr-397	372	46	which	which	PRON
ftr-397	372	47	securities	security	NOUN
ftr-397	372	48	traders	trader	NOUN
ftr-397	372	49	are	be	AUX
ftr-397	372	50	eligible	eligible	ADJ
ftr-397	372	51	will	will	AUX
ftr-397	372	52	only	only	ADV
ftr-397	372	53	be	be	AUX
ftr-397	372	54	available	available	ADJ
ftr-397	372	55	“	"	PUNCT
ftr-397	372	56	[	[	X
ftr-397	372	57	i]n	i]n	VERB
ftr-397	372	58	the	the	DET
ftr-397	372	59	case	case	NOUN
ftr-397	372	60	of	of	ADP
ftr-397	372	61	a	a	DET
ftr-397	372	62	person	person	NOUN
ftr-397	372	63	who	who	PRON
ftr-397	372	64	is	be	AUX
ftr-397	372	65	engaged	engage	VERB
ftr-397	372	66	in	in	ADP
ftr-397	372	67	a	a	DET
ftr-397	372	68	trade	trade	NOUN
ftr-397	372	69	or	or	CCONJ
ftr-397	372	70	business	business	NOUN
ftr-397	372	71	as	as	ADP
ftr-397	372	72	a	a	DET
ftr-397	372	73	trader	trader	NOUN
ftr-397	372	74	in	in	ADP
ftr-397	372	75	securities	security	NOUN
ftr-397	372	76	.	.	PUNCT
ftr-397	373	1	”67	”67	PUNCT
ftr-397	374	1	the	the	DET
ftr-397	374	2	exact	exact	ADJ
ftr-397	374	3	standard	standard	NOUN
ftr-397	374	4	for	for	ADP
ftr-397	374	5	eligibility	eligibility	NOUN
ftr-397	374	6	for	for	ADP
ftr-397	374	7	the	the	DET
ftr-397	374	8	deductions	deduction	NOUN
ftr-397	374	9	and	and	CCONJ
ftr-397	374	10	other	other	ADJ
ftr-397	374	11	favorable	favorable	ADJ
ftr-397	374	12	tax	tax	NOUN
ftr-397	374	13	items	item	NOUN
ftr-397	374	14	do	do	AUX
ftr-397	374	15	vary	vary	VERB
ftr-397	374	16	in	in	ADP
ftr-397	374	17	their	their	PRON
ftr-397	374	18	details	detail	NOUN
ftr-397	374	19	,	,	PUNCT
ftr-397	374	20	and	and	CCONJ
ftr-397	374	21	traders	trader	NOUN
ftr-397	374	22	and	and	CCONJ
ftr-397	374	23	dealers	dealer	NOUN
ftr-397	374	24	attempting	attempt	VERB
ftr-397	374	25	to	to	PART
ftr-397	374	26	qualify	qualify	VERB
ftr-397	374	27	for	for	ADP
ftr-397	374	28	such	such	ADJ
ftr-397	374	29	items	item	NOUN
ftr-397	374	30	may	may	AUX
ftr-397	374	31	have	have	VERB
ftr-397	374	32	to	to	PART
ftr-397	374	33	satisfy	satisfy	VERB
ftr-397	374	34	certain	certain	ADJ
ftr-397	374	35	other	other	ADJ
ftr-397	374	36	criteria	criterion	NOUN
ftr-397	374	37	as	as	ADV
ftr-397	374	38	well	well	ADV
ftr-397	374	39	as	as	ADP
ftr-397	374	40	being	be	AUX
ftr-397	374	41	in	in	ADP
ftr-397	374	42	a	a	DET
ftr-397	374	43	trade	trade	NOUN
ftr-397	374	44	or	or	CCONJ
ftr-397	374	45	business	business	NOUN
ftr-397	374	46	.	.	PUNCT
ftr-397	375	1	for	for	ADP
ftr-397	375	2	example	example	NOUN
ftr-397	375	3	,	,	PUNCT
ftr-397	375	4	in	in	ADP
ftr-397	375	5	order	order	NOUN
ftr-397	375	6	to	to	PART
ftr-397	375	7	take	take	VERB
ftr-397	375	8	irc	irc	PROPN
ftr-397	375	9	section	section	NOUN
ftr-397	375	10	162	162	NUM
ftr-397	375	11	deductions	deduction	NOUN
ftr-397	375	12	,	,	PUNCT
ftr-397	375	13	the	the	DET
ftr-397	375	14	taxpayer	taxpayer	NOUN
ftr-397	375	15	must	must	AUX
ftr-397	375	16	not	not	PART
ftr-397	375	17	only	only	ADV
ftr-397	375	18	have	have	AUX
ftr-397	375	19	been	be	AUX
ftr-397	375	20	conducting	conduct	VERB
ftr-397	375	21	a	a	DET
ftr-397	375	22	“	"	PUNCT
ftr-397	375	23	trade	trade	NOUN
ftr-397	375	24	or	or	CCONJ
ftr-397	375	25	business	business	NOUN
ftr-397	375	26	,	,	PUNCT
ftr-397	375	27	”	"	PUNCT
ftr-397	375	28	but	but	CCONJ
ftr-397	375	29	the	the	DET
ftr-397	375	30	expense	expense	NOUN
ftr-397	375	31	must	must	AUX
ftr-397	375	32	also	also	ADV
ftr-397	375	33	have	have	AUX
ftr-397	375	34	been	be	AUX
ftr-397	375	35	“	"	PUNCT
ftr-397	375	36	ordinary	ordinary	ADJ
ftr-397	375	37	and	and	CCONJ
ftr-397	375	38	necessary	necessary	ADJ
ftr-397	375	39	”	"	PUNCT
ftr-397	375	40	and	and	CCONJ
ftr-397	375	41	must	must	AUX
ftr-397	375	42	have	have	AUX
ftr-397	375	43	been	be	AUX
ftr-397	375	44	“	"	PUNCT
ftr-397	375	45	incurred	incur	VERB
ftr-397	375	46	…	…	PUNCT
ftr-397	375	47	in	in	ADP
ftr-397	375	48	carrying	carry	VERB
ftr-397	375	49	on	on	ADP
ftr-397	375	50	”	"	PUNCT
ftr-397	375	51	that	that	SCONJ
ftr-397	375	52	trade	trade	NOUN
ftr-397	375	53	or	or	CCONJ
ftr-397	375	54	business.68	business.68	NOUN
ftr-397	375	55	to	to	PART
ftr-397	375	56	be	be	AUX
ftr-397	375	57	excepted	except	VERB
ftr-397	375	58	from	from	ADP
ftr-397	375	59	the	the	DET
ftr-397	375	60	irc	irc	PROPN
ftr-397	375	61	section	section	NOUN
ftr-397	375	62	163(d	163(d	PROPN
ftr-397	375	63	)	)	PUNCT
ftr-397	375	64	investment	investment	NOUN
ftr-397	375	65	interest	interest	NOUN
ftr-397	375	66	limitations	limitation	NOUN
ftr-397	375	67	,	,	PUNCT
ftr-397	375	68	the	the	DET
ftr-397	375	69	income	income	NOUN
ftr-397	375	70	of	of	ADP
ftr-397	375	71	the	the	DET
ftr-397	375	72	trader	trader	NOUN
ftr-397	375	73	or	or	CCONJ
ftr-397	375	74	dealer	dealer	NOUN
ftr-397	375	75	must	must	AUX
ftr-397	375	76	have	have	AUX
ftr-397	375	77	been	be	AUX
ftr-397	375	78	derived	derive	VERB
ftr-397	375	79	in	in	ADP
ftr-397	375	80	the	the	DET
ftr-397	375	81	“	"	PUNCT
ftr-397	375	82	ordinary	ordinary	ADJ
ftr-397	375	83	course	course	NOUN
ftr-397	375	84	”	"	PUNCT
ftr-397	375	85	of	of	ADP
ftr-397	375	86	the	the	DET
ftr-397	375	87	trade	trade	NOUN
ftr-397	375	88	or	or	CCONJ
ftr-397	375	89	business.69	business.69	NOUN
ftr-397	375	90	to	to	PART
ftr-397	375	91	take	take	VERB
ftr-397	375	92	a	a	DET
ftr-397	375	93	deduction	deduction	NOUN
ftr-397	375	94	for	for	ADP
ftr-397	375	95	a	a	DET
ftr-397	375	96	home	home	NOUN
ftr-397	375	97	office	office	NOUN
ftr-397	375	98	,	,	PUNCT
ftr-397	375	99	the	the	DET
ftr-397	375	100	home	home	NOUN
ftr-397	375	101	office	office	NOUN
ftr-397	375	102	must	must	AUX
ftr-397	375	103	be	be	AUX
ftr-397	375	104	the	the	DET
ftr-397	375	105	“	"	PUNCT
ftr-397	375	106	principal	principal	ADJ
ftr-397	375	107	place	place	NOUN
ftr-397	375	108	”	"	PUNCT
ftr-397	375	109	of	of	ADP
ftr-397	375	110	the	the	DET
ftr-397	375	111	trader	trader	NOUN
ftr-397	375	112	’s	’s	PART
ftr-397	375	113	or	or	CCONJ
ftr-397	375	114	dealer	dealer	NOUN
ftr-397	375	115	’s	’s	PART
ftr-397	375	116	trade	trade	NOUN
ftr-397	375	117	or	or	CCONJ
ftr-397	375	118	business.70	business.70	NOUN
ftr-397	375	119	to	to	PART
ftr-397	375	120	be	be	AUX
ftr-397	375	121	eligible	eligible	ADJ
ftr-397	375	122	for	for	ADP
ftr-397	375	123	the	the	DET
ftr-397	375	124	election	election	NOUN
ftr-397	375	125	under	under	ADP
ftr-397	375	126	irc	irc	PROPN
ftr-397	375	127	section	section	NOUN
ftr-397	375	128	195	195	NUM
ftr-397	375	129	,	,	PUNCT
ftr-397	375	130	the	the	DET
ftr-397	375	131	trade	trade	NOUN
ftr-397	375	132	or	or	CCONJ
ftr-397	375	133	business	business	NOUN
ftr-397	375	134	conducted	conduct	VERB
ftr-397	375	135	by	by	ADP
ftr-397	375	136	the	the	DET
ftr-397	375	137	taxpayer	taxpayer	NOUN
ftr-397	375	138	must	must	AUX
ftr-397	375	139	be	be	AUX
ftr-397	375	140	“	"	PUNCT
ftr-397	375	141	active	active	ADJ
ftr-397	375	142	.	.	PUNCT
ftr-397	376	1	”71	”71	NOUN
ftr-397	376	2	however	however	ADV
ftr-397	376	3	,	,	PUNCT
ftr-397	376	4	these	these	DET
ftr-397	376	5	variations	variation	NOUN
ftr-397	376	6	in	in	ADP
ftr-397	376	7	the	the	DET
ftr-397	376	8	exact	exact	ADJ
ftr-397	376	9	requirements	requirement	NOUN
ftr-397	376	10	do	do	AUX
ftr-397	376	11	not	not	PART
ftr-397	376	12	detract	detract	VERB
ftr-397	376	13	from	from	ADP
ftr-397	376	14	the	the	DET
ftr-397	376	15	fundamental	fundamental	ADJ
ftr-397	376	16	observation	observation	NOUN
ftr-397	376	17	that	that	SCONJ
ftr-397	376	18	,	,	PUNCT
ftr-397	376	19	as	as	ADP
ftr-397	376	20	a	a	DET
ftr-397	376	21	general	general	ADJ
ftr-397	376	22	matter	matter	NOUN
ftr-397	376	23	,	,	PUNCT
ftr-397	376	24	conduct	conduct	NOUN
ftr-397	376	25	of	of	ADP
ftr-397	376	26	a	a	DET
ftr-397	376	27	trade	trade	NOUN
ftr-397	376	28	or	or	CCONJ
ftr-397	376	29	business	business	NOUN
ftr-397	376	30	is	be	AUX
ftr-397	376	31	a	a	DET
ftr-397	376	32	critical	critical	ADJ
ftr-397	376	33	gating	gate	VERB
ftr-397	376	34	item	item	NOUN
ftr-397	376	35	–	–	PUNCT
ftr-397	376	36	a	a	DET
ftr-397	376	37	taxpayer	taxpayer	NOUN
ftr-397	376	38	–	–	PUNCT
ftr-397	376	39	trader	trader	NOUN
ftr-397	376	40	or	or	CCONJ
ftr-397	376	41	dealer	dealer	NOUN
ftr-397	376	42	who	who	PRON
ftr-397	376	43	conducts	conduct	VERB
ftr-397	376	44	a	a	DET
ftr-397	376	45	66	66	NUM
ftr-397	376	46	.	.	PUNCT
ftr-397	377	1	irc	irc	PROPN
ftr-397	377	2	§	§	PROPN
ftr-397	377	3	§	§	PROPN
ftr-397	377	4	179(a	179(a	PROPN
ftr-397	377	5	)	)	PUNCT
ftr-397	377	6	,	,	PUNCT
ftr-397	377	7	(	(	PUNCT
ftr-397	377	8	d)(1)(c	d)(1)(c	X
ftr-397	377	9	)	)	PUNCT
ftr-397	377	10	;	;	PUNCT
ftr-397	377	11	§	§	PROPN
ftr-397	377	12	§	§	PROPN
ftr-397	377	13	195(a	195(a	NUM
ftr-397	377	14	)	)	PUNCT
ftr-397	377	15	,	,	PUNCT
ftr-397	377	16	(	(	PUNCT
ftr-397	377	17	c)(1	c)(1	NOUN
ftr-397	377	18	)	)	PUNCT
ftr-397	377	19	.	.	PUNCT
ftr-397	378	1	section	section	NOUN
ftr-397	378	2	179	179	NUM
ftr-397	378	3	property	property	NOUN
ftr-397	378	4	generally	generally	ADV
ftr-397	378	5	includes	include	VERB
ftr-397	378	6	tangible	tangible	ADJ
ftr-397	378	7	property	property	NOUN
ftr-397	378	8	which	which	PRON
ftr-397	378	9	is	be	AUX
ftr-397	378	10	“	"	PUNCT
ftr-397	378	11	section	section	NOUN
ftr-397	378	12	1245	1245	NUM
ftr-397	378	13	property	property	NOUN
ftr-397	378	14	”	"	PUNCT
ftr-397	378	15	(	(	PUNCT
ftr-397	378	16	i.e.	i.e.	X
ftr-397	378	17	,	,	PUNCT
ftr-397	378	18	certain	certain	ADJ
ftr-397	378	19	categories	category	NOUN
ftr-397	378	20	of	of	ADP
ftr-397	378	21	property	property	NOUN
ftr-397	378	22	with	with	ADP
ftr-397	378	23	respect	respect	NOUN
ftr-397	378	24	to	to	SCONJ
ftr-397	378	25	which	which	DET
ftr-397	378	26	depreciation	depreciation	NOUN
ftr-397	378	27	is	be	AUX
ftr-397	378	28	allowed	allow	VERB
ftr-397	378	29	)	)	PUNCT
ftr-397	378	30	and	and	CCONJ
ftr-397	378	31	which	which	PRON
ftr-397	378	32	is	be	AUX
ftr-397	378	33	“	"	PUNCT
ftr-397	378	34	acquired	acquire	VERB
ftr-397	378	35	by	by	ADP
ftr-397	378	36	purchase	purchase	NOUN
ftr-397	378	37	for	for	ADP
ftr-397	378	38	use	use	NOUN
ftr-397	378	39	in	in	ADP
ftr-397	378	40	the	the	DET
ftr-397	378	41	active	active	ADJ
ftr-397	378	42	conduct	conduct	NOUN
ftr-397	378	43	of	of	ADP
ftr-397	378	44	a	a	DET
ftr-397	378	45	trade	trade	NOUN
ftr-397	378	46	or	or	CCONJ
ftr-397	378	47	business	business	NOUN
ftr-397	378	48	.	.	PUNCT
ftr-397	378	49	”	"	PUNCT
ftr-397	379	1	irc	irc	PROPN
ftr-397	379	2	§	§	PROPN
ftr-397	379	3	179(d)(1)(c	179(d)(1)(c	PROPN
ftr-397	379	4	)	)	PUNCT
ftr-397	379	5	.	.	PUNCT
ftr-397	380	1	under	under	ADP
ftr-397	380	2	irc	irc	PROPN
ftr-397	380	3	§	§	PROPN
ftr-397	380	4	195	195	NUM
ftr-397	380	5	,	,	PUNCT
ftr-397	380	6	a	a	DET
ftr-397	380	7	taxpayer	taxpayer	NOUN
ftr-397	380	8	may	may	AUX
ftr-397	380	9	elect	elect	VERB
ftr-397	380	10	to	to	PART
ftr-397	380	11	deduct	deduct	VERB
ftr-397	380	12	some	some	DET
ftr-397	380	13	amount	amount	NOUN
ftr-397	380	14	of	of	ADP
ftr-397	380	15	“	"	PUNCT
ftr-397	380	16	start	start	VERB
ftr-397	380	17	-	-	PUNCT
ftr-397	380	18	up	up	ADP
ftr-397	380	19	expenditures	expenditure	NOUN
ftr-397	380	20	,	,	PUNCT
ftr-397	380	21	”	"	PUNCT
ftr-397	380	22	which	which	PRON
ftr-397	380	23	are	be	AUX
ftr-397	380	24	,	,	PUNCT
ftr-397	380	25	generally	generally	ADV
ftr-397	380	26	,	,	PUNCT
ftr-397	380	27	otherwise	otherwise	ADV
ftr-397	380	28	deductible	deductible	ADJ
ftr-397	380	29	expenditures	expenditure	NOUN
ftr-397	380	30	incurred	incur	VERB
ftr-397	380	31	in	in	ADP
ftr-397	380	32	creating	create	VERB
ftr-397	380	33	(	(	PUNCT
ftr-397	380	34	or	or	CCONJ
ftr-397	380	35	investigating	investigate	VERB
ftr-397	380	36	the	the	DET
ftr-397	380	37	creation	creation	NOUN
ftr-397	380	38	or	or	CCONJ
ftr-397	380	39	acquisition	acquisition	NOUN
ftr-397	380	40	of	of	ADP
ftr-397	380	41	)	)	PUNCT
ftr-397	380	42	“	"	PUNCT
ftr-397	380	43	an	an	DET
ftr-397	380	44	active	active	ADJ
ftr-397	380	45	trade	trade	NOUN
ftr-397	380	46	or	or	CCONJ
ftr-397	380	47	business	business	NOUN
ftr-397	380	48	,	,	PUNCT
ftr-397	380	49	”	"	PUNCT
ftr-397	380	50	and	and	CCONJ
ftr-397	380	51	certain	certain	ADJ
ftr-397	380	52	other	other	ADJ
ftr-397	380	53	income	income	NOUN
ftr-397	380	54	-	-	PUNCT
ftr-397	380	55	producing	produce	VERB
ftr-397	380	56	activities	activity	NOUN
ftr-397	380	57	performed	perform	VERB
ftr-397	380	58	in	in	ADP
ftr-397	380	59	anticipation	anticipation	NOUN
ftr-397	380	60	of	of	ADP
ftr-397	380	61	such	such	ADJ
ftr-397	380	62	activity	activity	NOUN
ftr-397	380	63	becoming	become	VERB
ftr-397	380	64	“	"	PUNCT
ftr-397	380	65	an	an	DET
ftr-397	380	66	active	active	ADJ
ftr-397	380	67	trade	trade	NOUN
ftr-397	380	68	or	or	CCONJ
ftr-397	380	69	business	business	NOUN
ftr-397	380	70	.	.	PUNCT
ftr-397	380	71	”	"	PUNCT
ftr-397	381	1	irc	irc	PROPN
ftr-397	381	2	§	§	PROPN
ftr-397	381	3	§	§	PROPN
ftr-397	381	4	195(a	195(a	PROPN
ftr-397	381	5	)	)	PUNCT
ftr-397	381	6	,	,	PUNCT
ftr-397	381	7	(	(	PUNCT
ftr-397	381	8	c)(1	c)(1	NOUN
ftr-397	381	9	)	)	PUNCT
ftr-397	381	10	.	.	PUNCT
ftr-397	382	1	thus	thus	ADV
ftr-397	382	2	,	,	PUNCT
ftr-397	382	3	only	only	ADV
ftr-397	382	4	traders	trader	NOUN
ftr-397	382	5	and	and	CCONJ
ftr-397	382	6	dealers	dealer	NOUN
ftr-397	382	7	who	who	PRON
ftr-397	382	8	create	create	VERB
ftr-397	382	9	and	and	CCONJ
ftr-397	382	10	conduct	conduct	VERB
ftr-397	382	11	an	an	DET
ftr-397	382	12	“	"	PUNCT
ftr-397	382	13	active	active	ADJ
ftr-397	382	14	trade	trade	NOUN
ftr-397	382	15	or	or	CCONJ
ftr-397	382	16	business	business	NOUN
ftr-397	382	17	”	"	PUNCT
ftr-397	382	18	will	will	AUX
ftr-397	382	19	be	be	AUX
ftr-397	382	20	eligible	eligible	ADJ
ftr-397	382	21	to	to	PART
ftr-397	382	22	elect	elect	VERB
ftr-397	382	23	to	to	PART
ftr-397	382	24	deduct	deduct	VERB
ftr-397	382	25	such	such	ADJ
ftr-397	382	26	start	start	VERB
ftr-397	382	27	-	-	PUNCT
ftr-397	382	28	up	up	ADP
ftr-397	382	29	expenses	expense	NOUN
ftr-397	382	30	,	,	PUNCT
ftr-397	382	31	while	while	SCONJ
ftr-397	382	32	investors	investor	NOUN
ftr-397	382	33	will	will	AUX
ftr-397	382	34	be	be	AUX
ftr-397	382	35	forced	force	VERB
ftr-397	382	36	to	to	PART
ftr-397	382	37	capitalize	capitalize	VERB
ftr-397	382	38	any	any	DET
ftr-397	382	39	such	such	ADJ
ftr-397	382	40	expenses	expense	NOUN
ftr-397	382	41	.	.	PUNCT
ftr-397	383	1	67	67	NUM
ftr-397	383	2	.	.	PUNCT
ftr-397	384	1	irc	irc	PROPN
ftr-397	384	2	§	§	PROPN
ftr-397	384	3	475(f	475(f	PROPN
ftr-397	384	4	)	)	PUNCT
ftr-397	384	5	(	(	PUNCT
ftr-397	384	6	emphasis	emphasis	NOUN
ftr-397	384	7	added	add	VERB
ftr-397	384	8	)	)	PUNCT
ftr-397	384	9	.	.	PUNCT
ftr-397	385	1	the	the	DET
ftr-397	385	2	language	language	NOUN
ftr-397	385	3	of	of	ADP
ftr-397	385	4	irc	irc	PROPN
ftr-397	385	5	§	§	PROPN
ftr-397	385	6	475(f	475(f	PROPN
ftr-397	385	7	)	)	PUNCT
ftr-397	385	8	clarifies	clarify	VERB
ftr-397	385	9	the	the	DET
ftr-397	385	10	perhaps	perhaps	ADV
ftr-397	385	11	obvious	obvious	ADJ
ftr-397	385	12	point	point	NOUN
ftr-397	385	13	that	that	SCONJ
ftr-397	385	14	if	if	SCONJ
ftr-397	385	15	the	the	DET
ftr-397	385	16	electing	electing	ADJ
ftr-397	385	17	taxpayer	taxpayer	NOUN
ftr-397	385	18	is	be	AUX
ftr-397	385	19	not	not	PART
ftr-397	385	20	“	"	PUNCT
ftr-397	385	21	engaged	engage	VERB
ftr-397	385	22	in	in	ADP
ftr-397	385	23	a	a	DET
ftr-397	385	24	trade	trade	NOUN
ftr-397	385	25	or	or	CCONJ
ftr-397	385	26	business	business	NOUN
ftr-397	385	27	”	"	PUNCT
ftr-397	385	28	as	as	ADP
ftr-397	385	29	a	a	DET
ftr-397	385	30	trader	trader	NOUN
ftr-397	385	31	,	,	PUNCT
ftr-397	385	32	the	the	DET
ftr-397	385	33	mark	mark	NOUN
ftr-397	385	34	-	-	PUNCT
ftr-397	385	35	to	to	ADP
ftr-397	385	36	-	-	PUNCT
ftr-397	385	37	market	market	NOUN
ftr-397	385	38	election	election	NOUN
ftr-397	385	39	is	be	AUX
ftr-397	385	40	not	not	PART
ftr-397	385	41	available	available	ADJ
ftr-397	385	42	to	to	ADP
ftr-397	385	43	that	that	DET
ftr-397	385	44	taxpayer	taxpayer	NOUN
ftr-397	385	45	.	.	PUNCT
ftr-397	386	1	at	at	ADV
ftr-397	386	2	least	least	ADV
ftr-397	386	3	one	one	NUM
ftr-397	386	4	author	author	NOUN
ftr-397	386	5	has	have	AUX
ftr-397	386	6	noted	note	VERB
ftr-397	386	7	that	that	SCONJ
ftr-397	386	8	the	the	DET
ftr-397	386	9	act	act	NOUN
ftr-397	386	10	of	of	ADP
ftr-397	386	11	marking	mark	VERB
ftr-397	386	12	the	the	DET
ftr-397	386	13	mark	mark	NOUN
ftr-397	386	14	-	-	PUNCT
ftr-397	386	15	to	to	ADP
ftr-397	386	16	-	-	PUNCT
ftr-397	386	17	market	market	NOUN
ftr-397	386	18	election	election	NOUN
ftr-397	386	19	does	do	AUX
ftr-397	386	20	not	not	PART
ftr-397	386	21	in	in	ADP
ftr-397	386	22	itself	itself	PRON
ftr-397	386	23	make	make	VERB
ftr-397	386	24	a	a	DET
ftr-397	386	25	taxpayer	taxpayer	NOUN
ftr-397	386	26	a	a	DET
ftr-397	386	27	trader	trader	NOUN
ftr-397	386	28	.	.	PUNCT
ftr-397	387	1	raby	raby	NOUN
ftr-397	387	2	,	,	PUNCT
ftr-397	387	3	nondealer	nondealer	NOUN
ftr-397	387	4	security	security	NOUN
ftr-397	387	5	losses	loss	NOUN
ftr-397	387	6	,	,	PUNCT
ftr-397	387	7	supra	supra	PROPN
ftr-397	387	8	note	note	NOUN
ftr-397	387	9	5	5	NUM
ftr-397	387	10	,	,	PUNCT
ftr-397	387	11	at	at	ADP
ftr-397	387	12	48	48	NUM
ftr-397	387	13	(	(	PUNCT
ftr-397	387	14	“	"	PUNCT
ftr-397	387	15	[	[	X
ftr-397	387	16	t]he	t]he	ADJ
ftr-397	387	17	election	election	NOUN
ftr-397	387	18	itself	itself	PRON
ftr-397	387	19	is	be	AUX
ftr-397	387	20	not	not	PART
ftr-397	387	21	what	what	PRON
ftr-397	387	22	makes	make	VERB
ftr-397	387	23	the	the	DET
ftr-397	387	24	taxpayer	taxpayer	NOUN
ftr-397	387	25	a	a	DET
ftr-397	387	26	trader	trader	NOUN
ftr-397	387	27	of	of	ADP
ftr-397	387	28	course	course	NOUN
ftr-397	387	29	.	.	PUNCT
ftr-397	388	1	the	the	DET
ftr-397	388	2	taxpayer	taxpayer	NOUN
ftr-397	388	3	’s	’s	PART
ftr-397	388	4	activity	activity	NOUN
ftr-397	388	5	must	must	AUX
ftr-397	388	6	qualify	qualify	VERB
ftr-397	388	7	him	he	PRON
ftr-397	388	8	,	,	PUNCT
ftr-397	388	9	her	she	PRON
ftr-397	388	10	,	,	PUNCT
ftr-397	388	11	or	or	CCONJ
ftr-397	388	12	it	it	PRON
ftr-397	388	13	as	as	ADP
ftr-397	388	14	a	a	DET
ftr-397	388	15	security	security	NOUN
ftr-397	388	16	or	or	CCONJ
ftr-397	388	17	commodity	commodity	NOUN
ftr-397	388	18	trader	trader	NOUN
ftr-397	388	19	or	or	CCONJ
ftr-397	388	20	commodity	commodity	NOUN
ftr-397	388	21	dealer	dealer	NOUN
ftr-397	388	22	”	"	PUNCT
ftr-397	388	23	)	)	PUNCT
ftr-397	388	24	.	.	PUNCT
ftr-397	389	1	68	68	NUM
ftr-397	389	2	.	.	PUNCT
ftr-397	389	3	irc	irc	PROPN
ftr-397	389	4	§	§	PROPN
ftr-397	389	5	162	162	NUM
ftr-397	389	6	.	.	PUNCT
ftr-397	390	1	69	69	NUM
ftr-397	390	2	.	.	PUNCT
ftr-397	391	1	irc	irc	PROPN
ftr-397	391	2	§	§	PROPN
ftr-397	391	3	163(d	163(d	PROPN
ftr-397	391	4	)	)	PUNCT
ftr-397	391	5	.	.	PUNCT
ftr-397	392	1	70	70	NUM
ftr-397	392	2	.	.	PUNCT
ftr-397	392	3	irc	irc	PROPN
ftr-397	392	4	§	§	PROPN
ftr-397	392	5	280a	280a	PROPN
ftr-397	392	6	.	.	PUNCT
ftr-397	393	1	71	71	NUM
ftr-397	393	2	.	.	PUNCT
ftr-397	394	1	irc	irc	PROPN
ftr-397	394	2	§	§	PROPN
ftr-397	394	3	195	195	NUM
ftr-397	394	4	.	.	NOUN
ftr-397	394	5	2008	2008	NUM
ftr-397	394	6	]	]	PUNCT
ftr-397	395	1	a	a	DET
ftr-397	395	2	structural	structural	ADJ
ftr-397	395	3	critique	critique	NOUN
ftr-397	395	4	of	of	ADP
ftr-397	395	5	trader	trader	NOUN
ftr-397	395	6	taxation	taxation	NOUN
ftr-397	395	7	1131	1131	NUM
ftr-397	395	8	trade	trade	NOUN
ftr-397	395	9	or	or	CCONJ
ftr-397	395	10	business	business	NOUN
ftr-397	395	11	and	and	CCONJ
ftr-397	395	12	ordinarily	ordinarily	ADV
ftr-397	395	13	incurs	incur	VERB
ftr-397	395	14	expenses	expense	NOUN
ftr-397	395	15	in	in	ADP
ftr-397	395	16	such	such	ADJ
ftr-397	395	17	trade	trade	NOUN
ftr-397	395	18	or	or	CCONJ
ftr-397	395	19	business	business	NOUN
ftr-397	395	20	has	have	VERB
ftr-397	395	21	a	a	DET
ftr-397	395	22	chance	chance	NOUN
ftr-397	395	23	of	of	ADP
ftr-397	395	24	meeting	meet	VERB
ftr-397	395	25	the	the	DET
ftr-397	395	26	requirements	requirement	NOUN
ftr-397	395	27	for	for	ADP
ftr-397	395	28	application	application	NOUN
ftr-397	395	29	of	of	ADP
ftr-397	395	30	some	some	PRON
ftr-397	395	31	or	or	CCONJ
ftr-397	395	32	all	all	PRON
ftr-397	395	33	of	of	ADP
ftr-397	395	34	the	the	DET
ftr-397	395	35	tax	tax	NOUN
ftr-397	395	36	rules	rule	NOUN
ftr-397	395	37	described	describe	VERB
ftr-397	395	38	above	above	ADV
ftr-397	395	39	.	.	PUNCT
ftr-397	396	1	a	a	DET
ftr-397	396	2	taxpayer	taxpayer	NOUN
ftr-397	396	3	who	who	PRON
ftr-397	396	4	does	do	AUX
ftr-397	396	5	not	not	PART
ftr-397	396	6	conduct	conduct	VERB
ftr-397	396	7	a	a	DET
ftr-397	396	8	trade	trade	NOUN
ftr-397	396	9	or	or	CCONJ
ftr-397	396	10	business	business	NOUN
ftr-397	396	11	has	have	VERB
ftr-397	396	12	no	no	DET
ftr-397	396	13	chance	chance	NOUN
ftr-397	396	14	of	of	ADP
ftr-397	396	15	qualifying	qualify	VERB
ftr-397	396	16	for	for	ADP
ftr-397	396	17	any	any	PRON
ftr-397	396	18	of	of	ADP
ftr-397	396	19	those	those	DET
ftr-397	396	20	tax	tax	NOUN
ftr-397	396	21	treatments	treatment	NOUN
ftr-397	396	22	.	.	PUNCT
ftr-397	397	1	the	the	DET
ftr-397	397	2	significance	significance	NOUN
ftr-397	397	3	of	of	ADP
ftr-397	397	4	the	the	DET
ftr-397	397	5	“	"	PUNCT
ftr-397	397	6	trade	trade	NOUN
ftr-397	397	7	or	or	CCONJ
ftr-397	397	8	business	business	NOUN
ftr-397	397	9	”	"	PUNCT
ftr-397	397	10	threshold	threshold	NOUN
ftr-397	397	11	concept	concept	NOUN
ftr-397	397	12	is	be	AUX
ftr-397	397	13	echoed	echo	VERB
ftr-397	397	14	in	in	ADP
ftr-397	397	15	court	court	NOUN
ftr-397	397	16	decisions	decision	NOUN
ftr-397	397	17	distinguishing	distinguish	VERB
ftr-397	397	18	traders	trader	NOUN
ftr-397	397	19	from	from	ADP
ftr-397	397	20	other	other	ADJ
ftr-397	397	21	securities	security	NOUN
ftr-397	397	22	-	-	PUNCT
ftr-397	397	23	buying	buy	VERB
ftr-397	397	24	taxpayers	taxpayer	NOUN
ftr-397	397	25	.	.	PUNCT
ftr-397	398	1	these	these	DET
ftr-397	398	2	court	court	NOUN
ftr-397	398	3	decisions	decision	NOUN
ftr-397	398	4	reflect	reflect	VERB
ftr-397	398	5	the	the	DET
ftr-397	398	6	importance	importance	NOUN
ftr-397	398	7	of	of	ADP
ftr-397	398	8	the	the	DET
ftr-397	398	9	trade	trade	NOUN
ftr-397	398	10	or	or	CCONJ
ftr-397	398	11	business	business	NOUN
ftr-397	398	12	standard	standard	NOUN
ftr-397	398	13	in	in	ADP
ftr-397	398	14	determining	determine	VERB
ftr-397	398	15	the	the	DET
ftr-397	398	16	tax	tax	NOUN
ftr-397	398	17	consequences	consequence	NOUN
ftr-397	398	18	to	to	ADP
ftr-397	398	19	a	a	DET
ftr-397	398	20	taxpayer	taxpayer	NOUN
ftr-397	398	21	.	.	PUNCT
ftr-397	399	1	once	once	SCONJ
ftr-397	399	2	the	the	DET
ftr-397	399	3	courts	court	NOUN
ftr-397	399	4	have	have	AUX
ftr-397	399	5	determined	determine	VERB
ftr-397	399	6	whether	whether	SCONJ
ftr-397	399	7	the	the	DET
ftr-397	399	8	taxpayer	taxpayer	NOUN
ftr-397	399	9	is	be	AUX
ftr-397	399	10	in	in	ADP
ftr-397	399	11	a	a	DET
ftr-397	399	12	trade	trade	NOUN
ftr-397	399	13	or	or	CCONJ
ftr-397	399	14	business	business	NOUN
ftr-397	399	15	,	,	PUNCT
ftr-397	399	16	the	the	DET
ftr-397	399	17	correlative	correlative	ADJ
ftr-397	399	18	tax	tax	NOUN
ftr-397	399	19	results	result	NOUN
ftr-397	399	20	swiftly	swiftly	ADV
ftr-397	399	21	follow	follow	VERB
ftr-397	399	22	.	.	PUNCT
ftr-397	400	1	in	in	ADP
ftr-397	400	2	paoli	paoli	PROPN
ftr-397	400	3	v.	v.	ADP
ftr-397	400	4	comm’r	comm’r	PROPN
ftr-397	400	5	,	,	PUNCT
ftr-397	400	6	for	for	ADP
ftr-397	400	7	example	example	NOUN
ftr-397	400	8	,	,	PUNCT
ftr-397	400	9	the	the	DET
ftr-397	400	10	court	court	NOUN
ftr-397	400	11	was	be	AUX
ftr-397	400	12	asked	ask	VERB
ftr-397	400	13	to	to	PART
ftr-397	400	14	determine	determine	VERB
ftr-397	400	15	whether	whether	SCONJ
ftr-397	400	16	the	the	DET
ftr-397	400	17	taxpayer	taxpayer	NOUN
ftr-397	400	18	was	be	AUX
ftr-397	400	19	subject	subject	ADJ
ftr-397	400	20	to	to	ADP
ftr-397	400	21	the	the	DET
ftr-397	400	22	investment	investment	NOUN
ftr-397	400	23	interest	interest	NOUN
ftr-397	400	24	limitation	limitation	NOUN
ftr-397	400	25	under	under	ADP
ftr-397	400	26	irc	irc	PROPN
ftr-397	400	27	section	section	NOUN
ftr-397	400	28	163(d).72	163(d).72	NUM
ftr-397	400	29	the	the	DET
ftr-397	400	30	court	court	NOUN
ftr-397	400	31	first	first	ADV
ftr-397	400	32	distinguished	distinguish	VERB
ftr-397	400	33	between	between	ADP
ftr-397	400	34	investors	investor	NOUN
ftr-397	400	35	,	,	PUNCT
ftr-397	400	36	traders	trader	NOUN
ftr-397	400	37	,	,	PUNCT
ftr-397	400	38	and	and	CCONJ
ftr-397	400	39	dealers	dealer	NOUN
ftr-397	400	40	,	,	PUNCT
ftr-397	400	41	and	and	CCONJ
ftr-397	400	42	stated	state	VERB
ftr-397	400	43	that	that	SCONJ
ftr-397	400	44	“	"	PUNCT
ftr-397	400	45	[	[	X
ftr-397	400	46	b]oth	b]oth	CCONJ
ftr-397	400	47	traders	trader	NOUN
ftr-397	400	48	and	and	CCONJ
ftr-397	400	49	dealers	dealer	NOUN
ftr-397	400	50	engage	engage	VERB
ftr-397	400	51	in	in	ADP
ftr-397	400	52	the	the	DET
ftr-397	400	53	trade	trade	NOUN
ftr-397	400	54	or	or	CCONJ
ftr-397	400	55	business	business	NOUN
ftr-397	400	56	of	of	ADP
ftr-397	400	57	buying	buying	NOUN
ftr-397	400	58	and	and	CCONJ
ftr-397	400	59	selling	sell	VERB
ftr-397	400	60	securities	security	NOUN
ftr-397	400	61	,	,	PUNCT
ftr-397	400	62	whereas	whereas	SCONJ
ftr-397	400	63	the	the	DET
ftr-397	400	64	activities	activity	NOUN
ftr-397	400	65	of	of	ADP
ftr-397	400	66	an	an	DET
ftr-397	400	67	investor	investor	NOUN
ftr-397	400	68	do	do	AUX
ftr-397	400	69	not	not	PART
ftr-397	400	70	qualify	qualify	VERB
ftr-397	400	71	as	as	ADP
ftr-397	400	72	a	a	DET
ftr-397	400	73	trade	trade	NOUN
ftr-397	400	74	or	or	CCONJ
ftr-397	400	75	business	business	NOUN
ftr-397	400	76	.	.	PUNCT
ftr-397	401	1	”73	”73	PROPN
ftr-397	401	2	the	the	DET
ftr-397	401	3	court	court	NOUN
ftr-397	401	4	said	say	VERB
ftr-397	401	5	that	that	SCONJ
ftr-397	401	6	the	the	DET
ftr-397	401	7	taxpayer	taxpayer	NOUN
ftr-397	401	8	had	have	VERB
ftr-397	401	9	to	to	PART
ftr-397	401	10	qualify	qualify	VERB
ftr-397	401	11	as	as	ADP
ftr-397	401	12	“	"	PUNCT
ftr-397	401	13	a	a	DET
ftr-397	401	14	trader	trader	NOUN
ftr-397	401	15	who	who	PRON
ftr-397	401	16	is	be	AUX
ftr-397	401	17	engaged	engage	VERB
ftr-397	401	18	in	in	ADP
ftr-397	401	19	a	a	DET
ftr-397	401	20	trade	trade	NOUN
ftr-397	401	21	or	or	CCONJ
ftr-397	401	22	business	business	NOUN
ftr-397	401	23	”	"	PUNCT
ftr-397	401	24	in	in	ADP
ftr-397	401	25	order	order	NOUN
ftr-397	401	26	to	to	PART
ftr-397	401	27	be	be	AUX
ftr-397	401	28	eligible	eligible	ADJ
ftr-397	401	29	for	for	ADP
ftr-397	401	30	a	a	DET
ftr-397	401	31	full	full	ADJ
ftr-397	401	32	deduction	deduction	NOUN
ftr-397	401	33	.	.	PUNCT
ftr-397	402	1	in	in	ADP
ftr-397	402	2	estate	estate	NOUN
ftr-397	402	3	of	of	ADP
ftr-397	402	4	yaeger	yaeger	PROPN
ftr-397	402	5	v.	v.	ADP
ftr-397	402	6	comm’r	comm’r	PROPN
ftr-397	402	7	,	,	PUNCT
ftr-397	402	8	the	the	DET
ftr-397	402	9	court	court	NOUN
ftr-397	402	10	was	be	AUX
ftr-397	402	11	called	call	VERB
ftr-397	402	12	upon	upon	SCONJ
ftr-397	402	13	to	to	PART
ftr-397	402	14	decide	decide	VERB
ftr-397	402	15	the	the	DET
ftr-397	402	16	same	same	ADJ
ftr-397	402	17	issue	issue	NOUN
ftr-397	402	18	.	.	PUNCT
ftr-397	403	1	the	the	DET
ftr-397	403	2	court	court	NOUN
ftr-397	403	3	likewise	likewise	ADV
ftr-397	403	4	stated	state	VERB
ftr-397	403	5	that	that	SCONJ
ftr-397	403	6	the	the	DET
ftr-397	403	7	“	"	PUNCT
ftr-397	403	8	issue	issue	NOUN
ftr-397	403	9	turned	turn	VERB
ftr-397	403	10	on	on	ADP
ftr-397	403	11	whether	whether	SCONJ
ftr-397	403	12	yaeger	yaeger	PROPN
ftr-397	403	13	’s	’s	PART
ftr-397	403	14	stock	stock	NOUN
ftr-397	403	15	market	market	NOUN
ftr-397	403	16	activities	activity	NOUN
ftr-397	403	17	constituted	constitute	VERB
ftr-397	403	18	investment	investment	NOUN
ftr-397	403	19	activity	activity	NOUN
ftr-397	403	20	or	or	CCONJ
ftr-397	403	21	the	the	DET
ftr-397	403	22	activity	activity	NOUN
ftr-397	403	23	of	of	ADP
ftr-397	403	24	trading	trading	NOUN
ftr-397	403	25	in	in	ADP
ftr-397	403	26	securities	security	NOUN
ftr-397	403	27	as	as	ADP
ftr-397	403	28	a	a	DET
ftr-397	403	29	trade	trade	NOUN
ftr-397	403	30	or	or	CCONJ
ftr-397	403	31	business	business	NOUN
ftr-397	403	32	,	,	PUNCT
ftr-397	403	33	”	"	PUNCT
ftr-397	403	34	and	and	CCONJ
ftr-397	403	35	determined	determine	VERB
ftr-397	403	36	that	that	SCONJ
ftr-397	403	37	the	the	DET
ftr-397	403	38	taxpayer	taxpayer	NOUN
ftr-397	403	39	was	be	AUX
ftr-397	403	40	an	an	DET
ftr-397	403	41	investor	investor	NOUN
ftr-397	403	42	not	not	PART
ftr-397	403	43	engaged	engage	VERB
ftr-397	403	44	in	in	ADP
ftr-397	403	45	such	such	ADJ
ftr-397	403	46	trade	trade	NOUN
ftr-397	403	47	or	or	CCONJ
ftr-397	403	48	business	business	NOUN
ftr-397	403	49	,	,	PUNCT
ftr-397	403	50	rather	rather	ADV
ftr-397	403	51	than	than	ADP
ftr-397	403	52	a	a	DET
ftr-397	403	53	securities	security	NOUN
ftr-397	403	54	trader.74	trader.74	NOUN
ftr-397	403	55	similarly	similarly	ADV
ftr-397	403	56	,	,	PUNCT
ftr-397	403	57	in	in	ADP
ftr-397	403	58	boatner	boatner	NOUN
ftr-397	403	59	v.	v.	ADP
ftr-397	403	60	comm’r	comm’r	PROPN
ftr-397	403	61	,	,	PUNCT
ftr-397	403	62	the	the	DET
ftr-397	403	63	court	court	NOUN
ftr-397	403	64	,	,	PUNCT
ftr-397	403	65	in	in	ADP
ftr-397	403	66	deciding	decide	VERB
ftr-397	403	67	whether	whether	SCONJ
ftr-397	403	68	the	the	DET
ftr-397	403	69	taxpayer	taxpayer	NOUN
ftr-397	403	70	’s	’s	PART
ftr-397	403	71	expenses	expense	NOUN
ftr-397	403	72	could	could	AUX
ftr-397	403	73	be	be	AUX
ftr-397	403	74	deducted	deduct	VERB
ftr-397	403	75	in	in	ADP
ftr-397	403	76	determining	determine	VERB
ftr-397	403	77	adjusted	adjust	VERB
ftr-397	403	78	gross	gross	ADJ
ftr-397	403	79	income	income	NOUN
ftr-397	403	80	rather	rather	ADV
ftr-397	403	81	than	than	ADP
ftr-397	403	82	being	be	AUX
ftr-397	403	83	itemized	itemize	VERB
ftr-397	403	84	as	as	ADP
ftr-397	403	85	expenses	expense	NOUN
ftr-397	403	86	,	,	PUNCT
ftr-397	403	87	stated	state	VERB
ftr-397	403	88	that	that	SCONJ
ftr-397	403	89	it	it	PRON
ftr-397	403	90	must	must	AUX
ftr-397	403	91	consider	consider	VERB
ftr-397	403	92	the	the	DET
ftr-397	403	93	question	question	NOUN
ftr-397	403	94	of	of	ADP
ftr-397	403	95	whether	whether	SCONJ
ftr-397	403	96	petitioner	petitioner	NOUN
ftr-397	403	97	was	be	AUX
ftr-397	403	98	engaged	engage	VERB
ftr-397	403	99	in	in	ADP
ftr-397	403	100	the	the	DET
ftr-397	403	101	trade	trade	NOUN
ftr-397	403	102	or	or	CCONJ
ftr-397	403	103	business	business	NOUN
ftr-397	403	104	of	of	ADP
ftr-397	403	105	buying	buy	VERB
ftr-397	403	106	and	and	CCONJ
ftr-397	403	107	selling	sell	VERB
ftr-397	403	108	stocks	stock	NOUN
ftr-397	403	109	.	.	PUNCT
ftr-397	404	1	if	if	SCONJ
ftr-397	404	2	so	so	ADV
ftr-397	404	3	,	,	PUNCT
ftr-397	404	4	petitioner	petitioner	NOUN
ftr-397	404	5	was	be	AUX
ftr-397	404	6	a	a	DET
ftr-397	404	7	“	"	PUNCT
ftr-397	404	8	trader	trader	NOUN
ftr-397	404	9	”	"	PUNCT
ftr-397	404	10	as	as	SCONJ
ftr-397	404	11	opposed	oppose	VERB
ftr-397	404	12	to	to	ADP
ftr-397	404	13	an	an	DET
ftr-397	404	14	“	"	PUNCT
ftr-397	404	15	investor	investor	NOUN
ftr-397	404	16	”	"	PUNCT
ftr-397	404	17	and	and	CCONJ
ftr-397	404	18	was	be	AUX
ftr-397	404	19	eligible	eligible	ADJ
ftr-397	404	20	to	to	PART
ftr-397	404	21	deduct	deduct	VERB
ftr-397	404	22	his	his	PRON
ftr-397	404	23	business	business	NOUN
ftr-397	404	24	expenses.75	expenses.75	PROPN
ftr-397	404	25	in	in	ADP
ftr-397	404	26	moller	moller	PROPN
ftr-397	404	27	v.	v.	ADP
ftr-397	404	28	comm’r	comm’r	PROPN
ftr-397	404	29	,	,	PUNCT
ftr-397	404	30	the	the	DET
ftr-397	404	31	court	court	NOUN
ftr-397	404	32	had	have	VERB
ftr-397	404	33	to	to	PART
ftr-397	404	34	decide	decide	VERB
ftr-397	404	35	whether	whether	SCONJ
ftr-397	404	36	the	the	DET
ftr-397	404	37	taxpayer	taxpayer	NOUN
ftr-397	404	38	was	be	AUX
ftr-397	404	39	a	a	DET
ftr-397	404	40	trader	trader	NOUN
ftr-397	404	41	engaged	engage	VERB
ftr-397	404	42	in	in	ADP
ftr-397	404	43	a	a	DET
ftr-397	404	44	trade	trade	NOUN
ftr-397	404	45	or	or	CCONJ
ftr-397	404	46	business	business	NOUN
ftr-397	404	47	who	who	PRON
ftr-397	404	48	was	be	AUX
ftr-397	404	49	therefore	therefore	ADV
ftr-397	404	50	entitled	entitle	VERB
ftr-397	404	51	to	to	ADP
ftr-397	404	52	a	a	DET
ftr-397	404	53	“	"	PUNCT
ftr-397	404	54	home	home	NOUN
ftr-397	404	55	office	office	NOUN
ftr-397	404	56	”	"	PUNCT
ftr-397	404	57	deduction	deduction	NOUN
ftr-397	404	58	under	under	ADP
ftr-397	404	59	irc	irc	PROPN
ftr-397	404	60	section	section	NOUN
ftr-397	404	61	280a	280a	NOUN
ftr-397	404	62	,	,	PUNCT
ftr-397	404	63	or	or	CCONJ
ftr-397	404	64	an	an	DET
ftr-397	404	65	investor	investor	NOUN
ftr-397	404	66	who	who	PRON
ftr-397	404	67	was	be	AUX
ftr-397	404	68	not	not	PART
ftr-397	404	69	so	so	ADV
ftr-397	404	70	entitled.76	entitled.76	PROPN
ftr-397	404	71	the	the	DET
ftr-397	404	72	court	court	NOUN
ftr-397	404	73	stated	state	VERB
ftr-397	404	74	that	that	SCONJ
ftr-397	404	75	“	"	PUNCT
ftr-397	404	76	[	[	X
ftr-397	404	77	t]he	t]he	ADV
ftr-397	404	78	principal	principal	ADJ
ftr-397	404	79	question	question	NOUN
ftr-397	404	80	in	in	ADP
ftr-397	404	81	the	the	DET
ftr-397	404	82	instant	instant	ADJ
ftr-397	404	83	case	case	NOUN
ftr-397	404	84	[	[	X
ftr-397	404	85	was	be	AUX
ftr-397	404	86	]	]	PUNCT
ftr-397	404	87	whether	whether	SCONJ
ftr-397	404	88	the	the	DET
ftr-397	404	89	taxpayer	taxpayer	NOUN
ftr-397	404	90	’s	’s	PART
ftr-397	404	91	investment	investment	NOUN
ftr-397	404	92	activity	activity	NOUN
ftr-397	404	93	was	be	AUX
ftr-397	404	94	a	a	DET
ftr-397	404	95	trade	trade	NOUN
ftr-397	404	96	or	or	CCONJ
ftr-397	404	97	business	business	NOUN
ftr-397	404	98	.	.	PUNCT
ftr-397	404	99	”77	”77	NOUN
ftr-397	405	1	in	in	ADP
ftr-397	405	2	chen	chen	PROPN
ftr-397	406	1	v.	v.	ADP
ftr-397	406	2	comm’r	comm’r	PROPN
ftr-397	406	3	,	,	PUNCT
ftr-397	406	4	the	the	DET
ftr-397	406	5	tax	tax	NOUN
ftr-397	406	6	court	court	NOUN
ftr-397	406	7	considered	consider	VERB
ftr-397	406	8	whether	whether	SCONJ
ftr-397	406	9	a	a	DET
ftr-397	406	10	taxpayer	taxpayer	NOUN
ftr-397	406	11	who	who	PRON
ftr-397	406	12	was	be	AUX
ftr-397	406	13	a	a	DET
ftr-397	406	14	full	full	ADJ
ftr-397	406	15	-	-	PUNCT
ftr-397	406	16	time	time	NOUN
ftr-397	406	17	engineer	engineer	NOUN
ftr-397	406	18	was	be	AUX
ftr-397	406	19	a	a	DET
ftr-397	406	20	securities	security	NOUN
ftr-397	406	21	trader	trader	NOUN
ftr-397	406	22	entitled	entitle	VERB
ftr-397	406	23	to	to	PART
ftr-397	406	24	make	make	VERB
ftr-397	406	25	a	a	DET
ftr-397	406	26	market	market	NOUN
ftr-397	406	27	-	-	PUNCT
ftr-397	406	28	to	to	ADP
ftr-397	406	29	-	-	PUNCT
ftr-397	406	30	market	market	NOUN
ftr-397	406	31	election	election	NOUN
ftr-397	406	32	rendering	render	VERB
ftr-397	406	33	his	his	PRON
ftr-397	406	34	losses	loss	NOUN
ftr-397	406	35	ordinary	ordinary	ADJ
ftr-397	406	36	,	,	PUNCT
ftr-397	406	37	or	or	CCONJ
ftr-397	406	38	whether	whether	SCONJ
ftr-397	406	39	72	72	NUM
ftr-397	406	40	.	.	PUNCT
ftr-397	407	1	paoli	paoli	PROPN
ftr-397	407	2	v.	v.	ADP
ftr-397	407	3	comm’r	comm’r	PROPN
ftr-397	407	4	,	,	PUNCT
ftr-397	407	5	62	62	NUM
ftr-397	407	6	t.c.m	t.c.m	NOUN
ftr-397	407	7	.	.	PUNCT
ftr-397	408	1	(	(	PUNCT
ftr-397	408	2	cch	cch	NOUN
ftr-397	408	3	)	)	PUNCT
ftr-397	408	4	275	275	NUM
ftr-397	408	5	(	(	PUNCT
ftr-397	408	6	1991	1991	NUM
ftr-397	408	7	)	)	PUNCT
ftr-397	408	8	;	;	PUNCT
ftr-397	408	9	see	see	VERB
ftr-397	408	10	also	also	ADV
ftr-397	408	11	paoli	paoli	PROPN
ftr-397	408	12	v.	v.	PROPN
ftr-397	408	13	united	united	PROPN
ftr-397	408	14	states	states	PROPN
ftr-397	408	15	,	,	PUNCT
ftr-397	408	16	92	92	NUM
ftr-397	408	17	-	-	SYM
ftr-397	408	18	1	1	NUM
ftr-397	408	19	ustc	ustc	NOUN
ftr-397	408	20	¶	¶	PROPN
ftr-397	408	21	50102	50102	NUM
ftr-397	408	22	(	(	PUNCT
ftr-397	408	23	1991	1991	NUM
ftr-397	408	24	)	)	PUNCT
ftr-397	408	25	(	(	PUNCT
ftr-397	408	26	involving	involve	VERB
ftr-397	408	27	earlier	early	ADJ
ftr-397	408	28	years	year	NOUN
ftr-397	408	29	)	)	PUNCT
ftr-397	408	30	.	.	PUNCT
ftr-397	409	1	73	73	NUM
ftr-397	409	2	.	.	PUNCT
ftr-397	410	1	62	62	NUM
ftr-397	410	2	t.c.m	t.c.m	NOUN
ftr-397	410	3	.	.	PUNCT
ftr-397	411	1	(	(	PUNCT
ftr-397	411	2	cch	cch	NOUN
ftr-397	411	3	)	)	PUNCT
ftr-397	411	4	at	at	ADP
ftr-397	411	5	280	280	NUM
ftr-397	411	6	.	.	PUNCT
ftr-397	412	1	74	74	NUM
ftr-397	412	2	.	.	PUNCT
ftr-397	413	1	yaeger	yaeger	PROPN
ftr-397	413	2	,	,	PUNCT
ftr-397	413	3	889	889	NUM
ftr-397	413	4	f.2d	f.2d	X
ftr-397	413	5	29	29	NUM
ftr-397	413	6	.	.	PUNCT
ftr-397	414	1	75	75	NUM
ftr-397	414	2	.	.	PUNCT
ftr-397	414	3	boatner	boatner	PROPN
ftr-397	414	4	v.	v.	ADP
ftr-397	414	5	comm’r	comm’r	PROPN
ftr-397	414	6	,	,	PUNCT
ftr-397	414	7	74	74	NUM
ftr-397	414	8	t.c.m	t.c.m	NOUN
ftr-397	414	9	.	.	PUNCT
ftr-397	415	1	(	(	PUNCT
ftr-397	415	2	cch	cch	NOUN
ftr-397	415	3	)	)	PUNCT
ftr-397	415	4	342	342	NUM
ftr-397	415	5	(	(	PUNCT
ftr-397	415	6	1997	1997	NUM
ftr-397	415	7	)	)	PUNCT
ftr-397	415	8	,	,	PUNCT
ftr-397	415	9	aff’d	aff’d	VERB
ftr-397	415	10	,	,	PUNCT
ftr-397	415	11	164	164	NUM
ftr-397	415	12	f.3d	f.3d	NUM
ftr-397	415	13	629	629	NUM
ftr-397	415	14	(	(	PUNCT
ftr-397	415	15	9th	9th	ADJ
ftr-397	415	16	cir	cir	NOUN
ftr-397	415	17	.	.	PUNCT
ftr-397	415	18	1998	1998	NUM
ftr-397	415	19	)	)	PUNCT
ftr-397	415	20	.	.	PUNCT
ftr-397	416	1	76	76	NUM
ftr-397	416	2	.	.	PUNCT
ftr-397	417	1	moller	moller	PROPN
ftr-397	417	2	v.	v.	ADP
ftr-397	417	3	comm’r	comm’r	PROPN
ftr-397	417	4	,	,	PUNCT
ftr-397	417	5	721	721	NUM
ftr-397	417	6	f.2d	f.2d	NOUN
ftr-397	417	7	810	810	NUM
ftr-397	417	8	,	,	PUNCT
ftr-397	417	9	811	811	NUM
ftr-397	417	10	(	(	PUNCT
ftr-397	417	11	1983	1983	NUM
ftr-397	417	12	)	)	PUNCT
ftr-397	417	13	.	.	PUNCT
ftr-397	418	1	77	77	NUM
ftr-397	418	2	.	.	PUNCT
ftr-397	419	1	i	i	PRON
ftr-397	419	2	d.	d.	PROPN
ftr-397	419	3	at	at	ADP
ftr-397	419	4	813	813	NUM
ftr-397	419	5	.	.	PUNCT
ftr-397	420	1	1132	1132	NUM
ftr-397	420	2	florida	florida	PROPN
ftr-397	420	3	tax	tax	PROPN
ftr-397	420	4	review	review	NOUN
ftr-397	421	1	[	[	X
ftr-397	421	2	vol	vol	NOUN
ftr-397	421	3	.	.	PUNCT
ftr-397	421	4	8:10	8:10	NUM
ftr-397	422	1	he	he	PRON
ftr-397	422	2	was	be	AUX
ftr-397	422	3	an	an	DET
ftr-397	422	4	investor	investor	NOUN
ftr-397	422	5	subject	subject	NOUN
ftr-397	422	6	to	to	ADP
ftr-397	422	7	the	the	DET
ftr-397	422	8	rules	rule	NOUN
ftr-397	422	9	on	on	ADP
ftr-397	422	10	capital	capital	NOUN
ftr-397	422	11	loss	loss	NOUN
ftr-397	422	12	limitations.78	limitations.78	NOUN
ftr-397	422	13	the	the	DET
ftr-397	422	14	court	court	NOUN
ftr-397	422	15	recognized	recognize	VERB
ftr-397	422	16	the	the	DET
ftr-397	422	17	three	three	NUM
ftr-397	422	18	distinct	distinct	ADJ
ftr-397	422	19	categories	category	NOUN
ftr-397	422	20	of	of	ADP
ftr-397	422	21	dealer	dealer	NOUN
ftr-397	422	22	,	,	PUNCT
ftr-397	422	23	trader	trader	NOUN
ftr-397	422	24	,	,	PUNCT
ftr-397	422	25	and	and	CCONJ
ftr-397	422	26	investor	investor	NOUN
ftr-397	422	27	in	in	ADP
ftr-397	422	28	securities	security	NOUN
ftr-397	422	29	,	,	PUNCT
ftr-397	422	30	and	and	CCONJ
ftr-397	422	31	stated	state	VERB
ftr-397	422	32	that	that	SCONJ
ftr-397	422	33	“	"	PUNCT
ftr-397	422	34	[	[	X
ftr-397	422	35	i	i	X
ftr-397	422	36	]	]	PUNCT
ftr-397	422	37	in	in	ADP
ftr-397	422	38	order	order	NOUN
ftr-397	422	39	to	to	PART
ftr-397	422	40	qualify	qualify	VERB
ftr-397	422	41	as	as	ADP
ftr-397	422	42	a	a	DET
ftr-397	422	43	trader	trader	NOUN
ftr-397	422	44	(	(	PUNCT
ftr-397	422	45	as	as	SCONJ
ftr-397	422	46	opposed	oppose	VERB
ftr-397	422	47	to	to	ADP
ftr-397	422	48	an	an	DET
ftr-397	422	49	investor	investor	NOUN
ftr-397	422	50	)	)	PUNCT
ftr-397	422	51	petitioner	petitioner	NOUN
ftr-397	422	52	’s	’s	PART
ftr-397	422	53	purchases	purchase	NOUN
ftr-397	422	54	and	and	CCONJ
ftr-397	422	55	sales	sale	NOUN
ftr-397	422	56	of	of	ADP
ftr-397	422	57	securities	security	NOUN
ftr-397	422	58	…	…	PUNCT
ftr-397	422	59	must	must	AUX
ftr-397	422	60	have	have	AUX
ftr-397	422	61	constituted	constitute	VERB
ftr-397	422	62	a	a	DET
ftr-397	422	63	trade	trade	NOUN
ftr-397	422	64	or	or	CCONJ
ftr-397	422	65	business	business	NOUN
ftr-397	422	66	.	.	PUNCT
ftr-397	423	1	”79	”79	NOUN
ftr-397	423	2	the	the	DET
ftr-397	423	3	above	above	ADJ
ftr-397	423	4	cases	case	NOUN
ftr-397	423	5	demonstrate	demonstrate	VERB
ftr-397	423	6	that	that	SCONJ
ftr-397	423	7	,	,	PUNCT
ftr-397	423	8	in	in	ADP
ftr-397	423	9	accordance	accordance	NOUN
ftr-397	423	10	with	with	ADP
ftr-397	423	11	the	the	DET
ftr-397	423	12	requirements	requirement	NOUN
ftr-397	423	13	of	of	ADP
ftr-397	423	14	the	the	DET
ftr-397	423	15	applicable	applicable	ADJ
ftr-397	423	16	statute	statute	NOUN
ftr-397	423	17	,	,	PUNCT
ftr-397	423	18	court	court	NOUN
ftr-397	423	19	inquiries	inquiry	NOUN
ftr-397	423	20	have	have	AUX
ftr-397	423	21	focused	focus	VERB
ftr-397	423	22	on	on	ADP
ftr-397	423	23	the	the	DET
ftr-397	423	24	threshold	threshold	NOUN
ftr-397	423	25	question	question	NOUN
ftr-397	423	26	of	of	ADP
ftr-397	423	27	whether	whether	SCONJ
ftr-397	423	28	the	the	DET
ftr-397	423	29	taxpayer	taxpayer	NOUN
ftr-397	423	30	in	in	ADP
ftr-397	423	31	question	question	NOUN
ftr-397	423	32	was	be	AUX
ftr-397	423	33	in	in	ADP
ftr-397	423	34	a	a	DET
ftr-397	423	35	trade	trade	NOUN
ftr-397	423	36	or	or	CCONJ
ftr-397	423	37	business	business	NOUN
ftr-397	423	38	.	.	PUNCT
ftr-397	424	1	however	however	ADV
ftr-397	424	2	,	,	PUNCT
ftr-397	424	3	despite	despite	SCONJ
ftr-397	424	4	its	its	PRON
ftr-397	424	5	multiple	multiple	ADJ
ftr-397	424	6	appearances	appearance	NOUN
ftr-397	424	7	in	in	ADP
ftr-397	424	8	the	the	DET
ftr-397	424	9	code	code	NOUN
ftr-397	424	10	,	,	PUNCT
ftr-397	424	11	the	the	DET
ftr-397	424	12	term	term	NOUN
ftr-397	424	13	“	"	PUNCT
ftr-397	424	14	engaged	engage	VERB
ftr-397	424	15	in	in	ADP
ftr-397	424	16	a	a	DET
ftr-397	424	17	trade	trade	NOUN
ftr-397	424	18	or	or	CCONJ
ftr-397	424	19	business	business	NOUN
ftr-397	424	20	”	"	PUNCT
ftr-397	424	21	is	be	AUX
ftr-397	424	22	not	not	PART
ftr-397	424	23	defined	define	VERB
ftr-397	424	24	in	in	ADP
ftr-397	424	25	the	the	DET
ftr-397	424	26	code.80	code.80	NOUN
ftr-397	424	27	courts	court	NOUN
ftr-397	424	28	have	have	AUX
ftr-397	424	29	therefore	therefore	ADV
ftr-397	424	30	had	have	VERB
ftr-397	424	31	to	to	PART
ftr-397	424	32	resolve	resolve	VERB
ftr-397	424	33	the	the	DET
ftr-397	424	34	question	question	NOUN
ftr-397	424	35	themselves	themselves	PRON
ftr-397	424	36	,	,	PUNCT
ftr-397	424	37	and	and	CCONJ
ftr-397	424	38	have	have	AUX
ftr-397	424	39	,	,	PUNCT
ftr-397	424	40	in	in	ADP
ftr-397	424	41	general	general	ADJ
ftr-397	424	42	,	,	PUNCT
ftr-397	424	43	looked	look	VERB
ftr-397	424	44	at	at	ADP
ftr-397	424	45	a	a	DET
ftr-397	424	46	variety	variety	NOUN
ftr-397	424	47	of	of	ADP
ftr-397	424	48	different	different	ADJ
ftr-397	424	49	factors	factor	NOUN
ftr-397	424	50	in	in	ADP
ftr-397	424	51	making	make	VERB
ftr-397	424	52	this	this	DET
ftr-397	424	53	determination	determination	NOUN
ftr-397	424	54	.	.	PUNCT
ftr-397	425	1	in	in	ADP
ftr-397	425	2	the	the	DET
ftr-397	425	3	specific	specific	ADJ
ftr-397	425	4	context	context	NOUN
ftr-397	425	5	of	of	ADP
ftr-397	425	6	securities	security	NOUN
ftr-397	425	7	traders	trader	NOUN
ftr-397	425	8	,	,	PUNCT
ftr-397	425	9	courts	court	NOUN
ftr-397	425	10	have	have	AUX
ftr-397	425	11	developed	develop	VERB
ftr-397	425	12	a	a	DET
ftr-397	425	13	fairly	fairly	ADV
ftr-397	425	14	consistent	consistent	ADJ
ftr-397	425	15	list	list	NOUN
ftr-397	425	16	of	of	ADP
ftr-397	425	17	factors	factor	NOUN
ftr-397	425	18	they	they	PRON
ftr-397	425	19	examine	examine	VERB
ftr-397	425	20	when	when	SCONJ
ftr-397	425	21	making	make	VERB
ftr-397	425	22	this	this	DET
ftr-397	425	23	determination	determination	NOUN
ftr-397	425	24	:	:	PUNCT
ftr-397	425	25	generally	generally	ADV
ftr-397	425	26	,	,	PUNCT
ftr-397	425	27	court	court	NOUN
ftr-397	425	28	determinations	determination	NOUN
ftr-397	425	29	come	come	VERB
ftr-397	425	30	down	down	ADP
ftr-397	425	31	to	to	ADP
ftr-397	425	32	(	(	PUNCT
ftr-397	425	33	1	1	X
ftr-397	425	34	)	)	PUNCT
ftr-397	425	35	the	the	DET
ftr-397	425	36	frequency	frequency	NOUN
ftr-397	425	37	,	,	PUNCT
ftr-397	425	38	extent	extent	NOUN
ftr-397	425	39	,	,	PUNCT
ftr-397	425	40	and	and	CCONJ
ftr-397	425	41	regularity	regularity	NOUN
ftr-397	425	42	of	of	ADP
ftr-397	425	43	the	the	DET
ftr-397	425	44	taxpayer	taxpayer	NOUN
ftr-397	425	45	’s	’s	PART
ftr-397	425	46	activity	activity	NOUN
ftr-397	425	47	and	and	CCONJ
ftr-397	425	48	(	(	PUNCT
ftr-397	425	49	2	2	X
ftr-397	425	50	)	)	PUNCT
ftr-397	425	51	the	the	DET
ftr-397	425	52	nature	nature	NOUN
ftr-397	425	53	of	of	ADP
ftr-397	425	54	the	the	DET
ftr-397	425	55	income	income	NOUN
ftr-397	425	56	derived	derive	VERB
ftr-397	425	57	from	from	ADP
ftr-397	425	58	the	the	DET
ftr-397	425	59	activity	activity	NOUN
ftr-397	425	60	and	and	CCONJ
ftr-397	425	61	the	the	DET
ftr-397	425	62	taxpayer	taxpayer	NOUN
ftr-397	425	63	“	"	PUNCT
ftr-397	425	64	investment	investment	NOUN
ftr-397	425	65	intent	intent	NOUN
ftr-397	425	66	”	"	PUNCT
ftr-397	425	67	in	in	ADP
ftr-397	425	68	performing	perform	VERB
ftr-397	425	69	the	the	DET
ftr-397	425	70	activity.81	activity.81	PROPN
ftr-397	425	71	i.	i.	NOUN
ftr-397	425	72	whether	whether	SCONJ
ftr-397	425	73	the	the	DET
ftr-397	425	74	taxpayer	taxpayer	NOUN
ftr-397	425	75	’s	’s	PART
ftr-397	425	76	activity	activity	NOUN
ftr-397	425	77	is	be	AUX
ftr-397	425	78	frequent	frequent	ADJ
ftr-397	425	79	,	,	PUNCT
ftr-397	425	80	regular	regular	ADJ
ftr-397	425	81	,	,	PUNCT
ftr-397	425	82	and	and	CCONJ
ftr-397	425	83	continuous	continuous	ADJ
ftr-397	425	84	in	in	ADP
ftr-397	425	85	order	order	NOUN
ftr-397	425	86	to	to	PART
ftr-397	425	87	be	be	AUX
ftr-397	425	88	considered	consider	VERB
ftr-397	425	89	to	to	PART
ftr-397	425	90	be	be	AUX
ftr-397	425	91	in	in	ADP
ftr-397	425	92	the	the	DET
ftr-397	425	93	trade	trade	NOUN
ftr-397	425	94	or	or	CCONJ
ftr-397	425	95	business	business	NOUN
ftr-397	425	96	of	of	ADP
ftr-397	425	97	securities	security	NOUN
ftr-397	425	98	trading	trading	NOUN
ftr-397	425	99	,	,	PUNCT
ftr-397	425	100	the	the	DET
ftr-397	425	101	taxpayer	taxpayer	NOUN
ftr-397	425	102	’s	’s	PART
ftr-397	425	103	activity	activity	NOUN
ftr-397	425	104	must	must	AUX
ftr-397	425	105	be	be	AUX
ftr-397	425	106	frequent	frequent	ADJ
ftr-397	425	107	,	,	PUNCT
ftr-397	425	108	regular	regular	ADJ
ftr-397	425	109	,	,	PUNCT
ftr-397	425	110	and	and	CCONJ
ftr-397	425	111	continuous	continuous	ADJ
ftr-397	425	112	enough	enough	ADV
ftr-397	425	113	to	to	PART
ftr-397	425	114	so	so	ADV
ftr-397	425	115	qualify	qualify	VERB
ftr-397	425	116	.	.	PUNCT
ftr-397	426	1	this	this	PRON
ftr-397	426	2	was	be	AUX
ftr-397	426	3	evident	evident	ADJ
ftr-397	426	4	in	in	ADP
ftr-397	426	5	fuld	fuld	PROPN
ftr-397	426	6	v.	v.	ADP
ftr-397	426	7	comm’r	comm’r	PROPN
ftr-397	426	8	,	,	PUNCT
ftr-397	426	9	an	an	DET
ftr-397	426	10	early	early	ADJ
ftr-397	426	11	case	case	NOUN
ftr-397	426	12	involving	involve	VERB
ftr-397	426	13	the	the	DET
ftr-397	426	14	question	question	NOUN
ftr-397	426	15	of	of	ADP
ftr-397	426	16	whether	whether	SCONJ
ftr-397	426	17	the	the	DET
ftr-397	426	18	taxpayers	taxpayer	NOUN
ftr-397	426	19	were	be	AUX
ftr-397	426	20	engaged	engage	VERB
ftr-397	426	21	in	in	ADP
ftr-397	426	22	the	the	DET
ftr-397	426	23	trade	trade	NOUN
ftr-397	426	24	or	or	CCONJ
ftr-397	426	25	business	business	NOUN
ftr-397	426	26	of	of	ADP
ftr-397	426	27	trading.82	trading.82	PROPN
ftr-397	426	28	in	in	ADP
ftr-397	426	29	fuld	fuld	PROPN
ftr-397	426	30	,	,	PUNCT
ftr-397	426	31	the	the	DET
ftr-397	426	32	tax	tax	NOUN
ftr-397	426	33	court	court	NOUN
ftr-397	426	34	determined	determine	VERB
ftr-397	426	35	,	,	PUNCT
ftr-397	426	36	and	and	CCONJ
ftr-397	426	37	the	the	DET
ftr-397	426	38	second	second	ADJ
ftr-397	426	39	circuit	circuit	NOUN
ftr-397	426	40	agreed	agree	VERB
ftr-397	426	41	,	,	PUNCT
ftr-397	426	42	that	that	SCONJ
ftr-397	426	43	the	the	DET
ftr-397	426	44	taxpayers	taxpayer	NOUN
ftr-397	426	45	’	’	PART
ftr-397	426	46	activities	activity	NOUN
ftr-397	426	47	were	be	AUX
ftr-397	426	48	continuous	continuous	ADJ
ftr-397	426	49	and	and	CCONJ
ftr-397	426	50	intensive	intensive	ADJ
ftr-397	426	51	enough	enough	ADV
ftr-397	426	52	to	to	PART
ftr-397	426	53	constitute	constitute	VERB
ftr-397	426	54	engagement	engagement	NOUN
ftr-397	426	55	in	in	ADP
ftr-397	426	56	the	the	DET
ftr-397	426	57	securities	security	NOUN
ftr-397	426	58	-	-	PUNCT
ftr-397	426	59	trading	trading	NOUN
ftr-397	426	60	trade	trade	NOUN
ftr-397	426	61	or	or	CCONJ
ftr-397	426	62	business.83	business.83	ADJ
ftr-397	426	63	78	78	NUM
ftr-397	426	64	.	.	PUNCT
ftr-397	427	1	chen	chen	PROPN
ftr-397	428	1	v.	v.	ADP
ftr-397	428	2	comm’r	comm’r	PROPN
ftr-397	428	3	,	,	PUNCT
ftr-397	428	4	t.c.m	t.c.m	NOUN
ftr-397	428	5	.	.	PROPN
ftr-397	428	6	,	,	PUNCT
ftr-397	428	7	2004	2004	NUM
ftr-397	428	8	-	-	SYM
ftr-397	428	9	132	132	NUM
ftr-397	428	10	,	,	PUNCT
ftr-397	428	11	2004	2004	NUM
ftr-397	428	12	t.c.m	t.c.m	NOUN
ftr-397	428	13	.	.	PUNCT
ftr-397	429	1	(	(	PUNCT
ftr-397	429	2	ria	ria	PROPN
ftr-397	429	3	)	)	PUNCT
ftr-397	429	4	at	at	ADP
ftr-397	429	5	852	852	NUM
ftr-397	429	6	.	.	PUNCT
ftr-397	430	1	79	79	NUM
ftr-397	430	2	.	.	PUNCT
ftr-397	431	1	2004	2004	NUM
ftr-397	431	2	t.c.m	t.c.m	NOUN
ftr-397	431	3	.	.	PUNCT
ftr-397	432	1	(	(	PUNCT
ftr-397	432	2	ria	ria	PROPN
ftr-397	432	3	)	)	PUNCT
ftr-397	432	4	at	at	ADP
ftr-397	432	5	854	854	NUM
ftr-397	432	6	.	.	NOUN
ftr-397	432	7	80	80	NUM
ftr-397	432	8	.	.	PUNCT
ftr-397	433	1	see	see	VERB
ftr-397	433	2	,	,	PUNCT
ftr-397	433	3	e.g.	e.g.	ADV
ftr-397	433	4	,	,	PUNCT
ftr-397	433	5	bittker	bittker	NOUN
ftr-397	433	6	&	&	CCONJ
ftr-397	433	7	lokken	lokken	PROPN
ftr-397	433	8	,	,	PUNCT
ftr-397	433	9	supra	supra	PROPN
ftr-397	433	10	note	note	NOUN
ftr-397	433	11	23	23	NUM
ftr-397	433	12	at	at	ADP
ftr-397	433	13	¶	¶	PROPN
ftr-397	433	14	20.1	20.1	NUM
ftr-397	433	15	(	(	PUNCT
ftr-397	433	16	“	"	PUNCT
ftr-397	433	17	[	[	X
ftr-397	433	18	t]he	t]he	ADJ
ftr-397	433	19	term	term	NOUN
ftr-397	433	20	‘	'	PUNCT
ftr-397	433	21	trade	trade	NOUN
ftr-397	433	22	or	or	CCONJ
ftr-397	433	23	business	business	NOUN
ftr-397	433	24	’	'	PUNCT
ftr-397	433	25	is	be	AUX
ftr-397	433	26	not	not	PART
ftr-397	433	27	defined	define	VERB
ftr-397	433	28	by	by	ADP
ftr-397	433	29	the	the	DET
ftr-397	433	30	statute	statute	NOUN
ftr-397	433	31	or	or	CCONJ
ftr-397	433	32	the	the	DET
ftr-397	433	33	regulations	regulation	NOUN
ftr-397	433	34	;	;	PUNCT
ftr-397	433	35	neither	neither	CCONJ
ftr-397	433	36	is	be	AUX
ftr-397	433	37	there	there	PRON
ftr-397	433	38	an	an	DET
ftr-397	433	39	authoritative	authoritative	ADJ
ftr-397	433	40	judicial	judicial	ADJ
ftr-397	433	41	definition	definition	NOUN
ftr-397	433	42	”	"	PUNCT
ftr-397	433	43	)	)	PUNCT
ftr-397	433	44	;	;	PUNCT
ftr-397	433	45	see	see	VERB
ftr-397	433	46	also	also	ADV
ftr-397	433	47	bittker	bittker	VERB
ftr-397	433	48	,	,	PUNCT
ftr-397	433	49	mcmahon	mcmahon	PROPN
ftr-397	433	50	&	&	CCONJ
ftr-397	433	51	zelenak	zelenak	PROPN
ftr-397	433	52	,	,	PUNCT
ftr-397	433	53	supra	supra	PROPN
ftr-397	433	54	note	note	NOUN
ftr-397	433	55	55	55	NUM
ftr-397	433	56	,	,	PUNCT
ftr-397	433	57	at	at	ADP
ftr-397	433	58	¶	¶	PROPN
ftr-397	433	59	11.01[2	11.01[2	NUM
ftr-397	433	60	]	]	PUNCT
ftr-397	433	61	.	.	PUNCT
ftr-397	434	1	81	81	NUM
ftr-397	434	2	.	.	PUNCT
ftr-397	435	1	moller	moller	PROPN
ftr-397	435	2	,	,	PUNCT
ftr-397	435	3	721	721	NUM
ftr-397	435	4	f.2d	f.2d	NOUN
ftr-397	435	5	at	at	ADP
ftr-397	435	6	813	813	NUM
ftr-397	435	7	;	;	PUNCT
ftr-397	435	8	yaeger	yaeger	NOUN
ftr-397	435	9	,	,	PUNCT
ftr-397	435	10	889	889	NUM
ftr-397	435	11	f.2d	f.2d	NOUN
ftr-397	435	12	at	at	ADP
ftr-397	435	13	33	33	NUM
ftr-397	435	14	;	;	PUNCT
ftr-397	435	15	cameron	cameron	PROPN
ftr-397	435	16	v.	v.	PROPN
ftr-397	435	17	comm’r	comm’r	PROPN
ftr-397	435	18	,	,	PUNCT
ftr-397	435	19	2007	2007	NUM
ftr-397	435	20	t.c.m	t.c.m	NOUN
ftr-397	435	21	.	.	PUNCT
ftr-397	436	1	(	(	PUNCT
ftr-397	436	2	ria	ria	PROPN
ftr-397	436	3	)	)	PUNCT
ftr-397	436	4	¶	¶	NOUN
ftr-397	436	5	2007	2007	NUM
ftr-397	436	6	-	-	SYM
ftr-397	436	7	260	260	NUM
ftr-397	436	8	,	,	PUNCT
ftr-397	436	9	94	94	NUM
ftr-397	436	10	t.c.m	t.c.m	NOUN
ftr-397	436	11	.	.	PUNCT
ftr-397	437	1	(	(	PUNCT
ftr-397	437	2	cch	cch	NOUN
ftr-397	437	3	)	)	PUNCT
ftr-397	437	4	245	245	NUM
ftr-397	437	5	;	;	PUNCT
ftr-397	437	6	mayer	mayer	PROPN
ftr-397	437	7	v.	v.	PROPN
ftr-397	437	8	u.s	u.s	PROPN
ftr-397	437	9	.	.	PROPN
ftr-397	437	10	,	,	PUNCT
ftr-397	437	11	32	32	NUM
ftr-397	437	12	fed	feed	VERB
ftr-397	437	13	.	.	PUNCT
ftr-397	438	1	cl	cl	NOUN
ftr-397	438	2	.	.	PROPN
ftr-397	438	3	149	149	NUM
ftr-397	438	4	(	(	PUNCT
ftr-397	438	5	1994	1994	NUM
ftr-397	438	6	)	)	PUNCT
ftr-397	438	7	;	;	PUNCT
ftr-397	438	8	chen	chen	PROPN
ftr-397	438	9	,	,	PUNCT
ftr-397	438	10	2004	2004	NUM
ftr-397	438	11	t.c.m	t.c.m	NOUN
ftr-397	438	12	.	.	PUNCT
ftr-397	439	1	(	(	PUNCT
ftr-397	439	2	ria	ria	PROPN
ftr-397	439	3	)	)	PUNCT
ftr-397	439	4	at	at	ADP
ftr-397	439	5	854	854	NUM
ftr-397	439	6	;	;	PUNCT
ftr-397	439	7	see	see	VERB
ftr-397	439	8	also	also	ADV
ftr-397	439	9	instructions	instruction	NOUN
ftr-397	439	10	to	to	ADP
ftr-397	439	11	2007	2007	NUM
ftr-397	439	12	internal	internal	ADJ
ftr-397	439	13	revenue	revenue	NOUN
ftr-397	439	14	service	service	NOUN
ftr-397	439	15	form	form	NOUN
ftr-397	439	16	1040	1040	NUM
ftr-397	439	17	schedule	schedule	NOUN
ftr-397	439	18	d	d	NOUN
ftr-397	439	19	,	,	PUNCT
ftr-397	439	20	at	at	ADP
ftr-397	439	21	d-3	d-3	NOUN
ftr-397	439	22	(	(	PUNCT
ftr-397	439	23	describing	describe	VERB
ftr-397	439	24	requirements	requirement	NOUN
ftr-397	439	25	to	to	PART
ftr-397	439	26	be	be	AUX
ftr-397	439	27	classified	classify	VERB
ftr-397	439	28	as	as	ADP
ftr-397	439	29	a	a	DET
ftr-397	439	30	securities	security	NOUN
ftr-397	439	31	trader	trader	NOUN
ftr-397	439	32	)	)	PUNCT
ftr-397	439	33	,	,	PUNCT
ftr-397	439	34	available	available	ADJ
ftr-397	439	35	at	at	ADP
ftr-397	439	36	http://www.irs.gov/pub/irspdf/i1040sd.pdf	http://www.irs.gov/pub/irspdf/i1040sd.pdf	PROPN
ftr-397	439	37	(	(	PUNCT
ftr-397	439	38	last	last	ADV
ftr-397	439	39	visited	visit	VERB
ftr-397	439	40	jan	jan	PROPN
ftr-397	439	41	.	.	PROPN
ftr-397	439	42	6	6	NUM
ftr-397	439	43	,	,	PUNCT
ftr-397	439	44	2008	2008	NUM
ftr-397	439	45	)	)	PUNCT
ftr-397	439	46	.	.	PUNCT
ftr-397	440	1	82	82	NUM
ftr-397	440	2	.	.	PUNCT
ftr-397	441	1	fuld	fuld	PROPN
ftr-397	441	2	v.	v.	PROPN
ftr-397	441	3	comm’r	comm’r	PROPN
ftr-397	441	4	,	,	PUNCT
ftr-397	441	5	139	139	NUM
ftr-397	441	6	f.2d	f.2d	ADP
ftr-397	441	7	465	465	NUM
ftr-397	441	8	(	(	PUNCT
ftr-397	441	9	2d	2d	NUM
ftr-397	441	10	cir	cir	NOUN
ftr-397	441	11	.	.	PUNCT
ftr-397	441	12	1943	1943	NUM
ftr-397	441	13	)	)	PUNCT
ftr-397	441	14	,	,	PUNCT
ftr-397	441	15	aff’g	aff’g	PROPN
ftr-397	441	16	44	44	NUM
ftr-397	441	17	b.t.a	b.t.a	NOUN
ftr-397	441	18	.	.	PROPN
ftr-397	441	19	1268	1268	NUM
ftr-397	441	20	(	(	PUNCT
ftr-397	441	21	1941	1941	NUM
ftr-397	441	22	)	)	PUNCT
ftr-397	441	23	.	.	PUNCT
ftr-397	442	1	83	83	NUM
ftr-397	442	2	.	.	PUNCT
ftr-397	443	1	fuld	fuld	PROPN
ftr-397	443	2	,	,	PUNCT
ftr-397	443	3	139	139	NUM
ftr-397	443	4	f.2d	f.2d	X
ftr-397	443	5	at	at	ADP
ftr-397	443	6	468	468	NUM
ftr-397	443	7	-	-	SYM
ftr-397	443	8	69	69	NUM
ftr-397	443	9	.	.	PUNCT
ftr-397	443	10	2008	2008	NUM
ftr-397	443	11	]	]	PUNCT
ftr-397	443	12	a	a	DET
ftr-397	443	13	structural	structural	ADJ
ftr-397	443	14	critique	critique	NOUN
ftr-397	443	15	of	of	ADP
ftr-397	443	16	trader	trader	NOUN
ftr-397	443	17	taxation	taxation	NOUN
ftr-397	443	18	1133	1133	NUM
ftr-397	443	19	the	the	DET
ftr-397	443	20	taxpayers	taxpayer	NOUN
ftr-397	443	21	,	,	PUNCT
ftr-397	443	22	a	a	DET
ftr-397	443	23	brother	brother	NOUN
ftr-397	443	24	and	and	CCONJ
ftr-397	443	25	sister	sister	NOUN
ftr-397	443	26	,	,	PUNCT
ftr-397	443	27	had	have	AUX
ftr-397	443	28	made	make	VERB
ftr-397	443	29	long	long	ADJ
ftr-397	443	30	-	-	PUNCT
ftr-397	443	31	term	term	NOUN
ftr-397	443	32	investments	investment	NOUN
ftr-397	443	33	prior	prior	ADV
ftr-397	443	34	to	to	ADP
ftr-397	443	35	october	october	PROPN
ftr-397	443	36	1930	1930	NUM
ftr-397	443	37	but	but	CCONJ
ftr-397	443	38	had	have	AUX
ftr-397	443	39	changed	change	VERB
ftr-397	443	40	their	their	PRON
ftr-397	443	41	approach	approach	NOUN
ftr-397	443	42	in	in	ADP
ftr-397	443	43	october	october	PROPN
ftr-397	443	44	1930	1930	NUM
ftr-397	443	45	to	to	PART
ftr-397	443	46	engage	engage	VERB
ftr-397	443	47	in	in	ADP
ftr-397	443	48	short	short	ADJ
ftr-397	443	49	-	-	PUNCT
ftr-397	443	50	term	term	NOUN
ftr-397	443	51	speculation.84	speculation.84	NOUN
ftr-397	443	52	in	in	ADP
ftr-397	443	53	holding	hold	VERB
ftr-397	443	54	that	that	SCONJ
ftr-397	443	55	the	the	DET
ftr-397	443	56	brother	brother	NOUN
ftr-397	443	57	and	and	CCONJ
ftr-397	443	58	sister	sister	NOUN
ftr-397	443	59	taxpayers	taxpayer	NOUN
ftr-397	443	60	were	be	AUX
ftr-397	443	61	engaged	engage	VERB
ftr-397	443	62	in	in	ADP
ftr-397	443	63	a	a	DET
ftr-397	443	64	trade	trade	NOUN
ftr-397	443	65	or	or	CCONJ
ftr-397	443	66	business	business	NOUN
ftr-397	443	67	on	on	ADP
ftr-397	443	68	and	and	CCONJ
ftr-397	443	69	after	after	ADP
ftr-397	443	70	october	october	PROPN
ftr-397	443	71	1930	1930	NUM
ftr-397	443	72	,	,	PUNCT
ftr-397	443	73	the	the	DET
ftr-397	443	74	tax	tax	NOUN
ftr-397	443	75	court	court	NOUN
ftr-397	443	76	found	find	VERB
ftr-397	443	77	that	that	SCONJ
ftr-397	443	78	(	(	PUNCT
ftr-397	443	79	1	1	X
ftr-397	443	80	)	)	PUNCT
ftr-397	443	81	the	the	DET
ftr-397	443	82	brother	brother	NOUN
ftr-397	443	83	had	have	AUX
ftr-397	443	84	devoted	devote	VERB
ftr-397	443	85	an	an	DET
ftr-397	443	86	average	average	NOUN
ftr-397	443	87	of	of	ADP
ftr-397	443	88	eight	eight	NUM
ftr-397	443	89	hours	hour	NOUN
ftr-397	443	90	a	a	DET
ftr-397	443	91	day	day	NOUN
ftr-397	443	92	to	to	ADP
ftr-397	443	93	studying	study	VERB
ftr-397	443	94	texts	text	NOUN
ftr-397	443	95	and	and	CCONJ
ftr-397	443	96	services	service	NOUN
ftr-397	443	97	,	,	PUNCT
ftr-397	443	98	charting	charting	NOUN
ftr-397	443	99	prices	price	NOUN
ftr-397	443	100	,	,	PUNCT
ftr-397	443	101	conferring	confer	VERB
ftr-397	443	102	with	with	ADP
ftr-397	443	103	his	his	PRON
ftr-397	443	104	broker	broker	NOUN
ftr-397	443	105	,	,	PUNCT
ftr-397	443	106	attending	attend	VERB
ftr-397	443	107	meetings	meeting	NOUN
ftr-397	443	108	,	,	PUNCT
ftr-397	443	109	and	and	CCONJ
ftr-397	443	110	consulting	consult	VERB
ftr-397	443	111	corporate	corporate	ADJ
ftr-397	443	112	executives	executive	NOUN
ftr-397	443	113	;	;	PUNCT
ftr-397	443	114	(	(	PUNCT
ftr-397	443	115	2	2	X
ftr-397	443	116	)	)	PUNCT
ftr-397	443	117	the	the	DET
ftr-397	443	118	sister	sister	NOUN
ftr-397	443	119	had	have	VERB
ftr-397	443	120	no	no	DET
ftr-397	443	121	trade	trade	NOUN
ftr-397	443	122	or	or	CCONJ
ftr-397	443	123	business	business	NOUN
ftr-397	443	124	other	other	ADJ
ftr-397	443	125	than	than	ADP
ftr-397	443	126	buying	buy	VERB
ftr-397	443	127	and	and	CCONJ
ftr-397	443	128	selling	sell	VERB
ftr-397	443	129	securities	security	NOUN
ftr-397	443	130	,	,	PUNCT
ftr-397	443	131	and	and	CCONJ
ftr-397	443	132	she	she	PRON
ftr-397	443	133	,	,	PUNCT
ftr-397	443	134	too	too	ADV
ftr-397	443	135	,	,	PUNCT
ftr-397	443	136	studied	studied	ADJ
ftr-397	443	137	services	service	NOUN
ftr-397	443	138	,	,	PUNCT
ftr-397	443	139	read	read	VERB
ftr-397	443	140	corporate	corporate	ADJ
ftr-397	443	141	annual	annual	ADJ
ftr-397	443	142	reports	report	NOUN
ftr-397	443	143	,	,	PUNCT
ftr-397	443	144	charted	charted	ADJ
ftr-397	443	145	prices	price	NOUN
ftr-397	443	146	,	,	PUNCT
ftr-397	443	147	attended	attend	VERB
ftr-397	443	148	meetings	meeting	NOUN
ftr-397	443	149	,	,	PUNCT
ftr-397	443	150	and	and	CCONJ
ftr-397	443	151	consulted	consult	VERB
ftr-397	443	152	with	with	ADP
ftr-397	443	153	corporate	corporate	ADJ
ftr-397	443	154	executives	executive	NOUN
ftr-397	443	155	;	;	PUNCT
ftr-397	443	156	(	(	PUNCT
ftr-397	443	157	3	3	X
ftr-397	443	158	)	)	PUNCT
ftr-397	443	159	the	the	DET
ftr-397	443	160	main	main	ADJ
ftr-397	443	161	source	source	NOUN
ftr-397	443	162	of	of	ADP
ftr-397	443	163	livelihood	livelihood	NOUN
ftr-397	443	164	of	of	ADP
ftr-397	443	165	both	both	DET
ftr-397	443	166	taxpayers	taxpayer	NOUN
ftr-397	443	167	was	be	AUX
ftr-397	443	168	from	from	ADP
ftr-397	443	169	their	their	PRON
ftr-397	443	170	securities	security	NOUN
ftr-397	443	171	transactions	transaction	NOUN
ftr-397	443	172	;	;	PUNCT
ftr-397	443	173	(	(	PUNCT
ftr-397	443	174	4	4	X
ftr-397	443	175	)	)	PUNCT
ftr-397	443	176	the	the	DET
ftr-397	443	177	taxpayers	taxpayer	NOUN
ftr-397	443	178	maintained	maintain	VERB
ftr-397	443	179	no	no	DET
ftr-397	443	180	business	business	NOUN
ftr-397	443	181	offices	office	NOUN
ftr-397	443	182	and	and	CCONJ
ftr-397	443	183	had	have	VERB
ftr-397	443	184	no	no	DET
ftr-397	443	185	customers	customer	NOUN
ftr-397	443	186	to	to	PART
ftr-397	443	187	whom	whom	PRON
ftr-397	443	188	they	they	PRON
ftr-397	443	189	sold	sell	VERB
ftr-397	443	190	securities	security	NOUN
ftr-397	443	191	;	;	PUNCT
ftr-397	443	192	and	and	CCONJ
ftr-397	443	193	(	(	PUNCT
ftr-397	443	194	5	5	X
ftr-397	443	195	)	)	PUNCT
ftr-397	443	196	the	the	DET
ftr-397	443	197	taxpayers	taxpayer	NOUN
ftr-397	443	198	never	never	ADV
ftr-397	443	199	sold	sell	VERB
ftr-397	443	200	short	short	ADV
ftr-397	443	201	and	and	CCONJ
ftr-397	443	202	never	never	ADV
ftr-397	443	203	held	hold	VERB
ftr-397	443	204	themselves	themselves	PRON
ftr-397	443	205	out	out	ADP
ftr-397	443	206	to	to	ADP
ftr-397	443	207	the	the	DET
ftr-397	443	208	public	public	NOUN
ftr-397	443	209	as	as	ADP
ftr-397	443	210	dealers	dealer	NOUN
ftr-397	443	211	(	(	PUNCT
ftr-397	443	212	although	although	SCONJ
ftr-397	443	213	the	the	DET
ftr-397	443	214	brother	brother	NOUN
ftr-397	443	215	was	be	AUX
ftr-397	443	216	registered	register	VERB
ftr-397	443	217	with	with	ADP
ftr-397	443	218	the	the	DET
ftr-397	443	219	sec	sec	PROPN
ftr-397	443	220	as	as	ADP
ftr-397	443	221	a	a	DET
ftr-397	443	222	dealer).85	dealer).85	NOUN
ftr-397	443	223	the	the	DET
ftr-397	443	224	tax	tax	NOUN
ftr-397	443	225	court	court	NOUN
ftr-397	443	226	also	also	ADV
ftr-397	443	227	found	find	VERB
ftr-397	443	228	that	that	SCONJ
ftr-397	443	229	in	in	ADP
ftr-397	443	230	1933	1933	NUM
ftr-397	443	231	the	the	DET
ftr-397	443	232	brother	brother	NOUN
ftr-397	443	233	made	make	VERB
ftr-397	443	234	about	about	ADP
ftr-397	443	235	249	249	NUM
ftr-397	443	236	sales	sale	NOUN
ftr-397	443	237	of	of	ADP
ftr-397	443	238	securities	security	NOUN
ftr-397	443	239	held	hold	VERB
ftr-397	443	240	for	for	ADP
ftr-397	443	241	more	more	ADJ
ftr-397	443	242	than	than	ADP
ftr-397	443	243	two	two	NUM
ftr-397	443	244	years	year	NOUN
ftr-397	443	245	and	and	CCONJ
ftr-397	443	246	about	about	ADV
ftr-397	443	247	98	98	NUM
ftr-397	443	248	sales	sale	NOUN
ftr-397	443	249	of	of	ADP
ftr-397	443	250	securities	security	NOUN
ftr-397	443	251	held	hold	VERB
ftr-397	443	252	for	for	ADP
ftr-397	443	253	two	two	NUM
ftr-397	443	254	years	year	NOUN
ftr-397	443	255	or	or	CCONJ
ftr-397	443	256	less	less	ADJ
ftr-397	443	257	,	,	PUNCT
ftr-397	443	258	and	and	CCONJ
ftr-397	443	259	the	the	DET
ftr-397	443	260	sister	sister	NOUN
ftr-397	443	261	in	in	ADP
ftr-397	443	262	1933	1933	NUM
ftr-397	443	263	made	make	VERB
ftr-397	443	264	about	about	ADP
ftr-397	443	265	229	229	NUM
ftr-397	443	266	sales	sale	NOUN
ftr-397	443	267	of	of	ADP
ftr-397	443	268	securities	security	NOUN
ftr-397	443	269	held	hold	VERB
ftr-397	443	270	for	for	ADP
ftr-397	443	271	more	more	ADJ
ftr-397	443	272	than	than	ADP
ftr-397	443	273	two	two	NUM
ftr-397	443	274	years	year	NOUN
ftr-397	443	275	and	and	CCONJ
ftr-397	443	276	about	about	ADV
ftr-397	443	277	89	89	NUM
ftr-397	443	278	sales	sale	NOUN
ftr-397	443	279	of	of	ADP
ftr-397	443	280	securities	security	NOUN
ftr-397	443	281	held	hold	VERB
ftr-397	443	282	for	for	ADP
ftr-397	443	283	two	two	NUM
ftr-397	443	284	years	year	NOUN
ftr-397	443	285	or	or	CCONJ
ftr-397	443	286	less.86	less.86	NOUN
ftr-397	443	287	on	on	ADP
ftr-397	443	288	the	the	DET
ftr-397	443	289	basis	basis	NOUN
ftr-397	443	290	of	of	ADP
ftr-397	443	291	these	these	DET
ftr-397	443	292	findings	finding	NOUN
ftr-397	443	293	,	,	PUNCT
ftr-397	443	294	the	the	DET
ftr-397	443	295	tax	tax	NOUN
ftr-397	443	296	court	court	NOUN
ftr-397	443	297	found	find	VERB
ftr-397	443	298	that	that	SCONJ
ftr-397	443	299	,	,	PUNCT
ftr-397	443	300	from	from	ADP
ftr-397	443	301	october	october	PROPN
ftr-397	443	302	1930	1930	NUM
ftr-397	443	303	until	until	ADP
ftr-397	443	304	1933	1933	NUM
ftr-397	443	305	,	,	PUNCT
ftr-397	443	306	the	the	DET
ftr-397	443	307	taxpayers	taxpayer	NOUN
ftr-397	443	308	were	be	AUX
ftr-397	443	309	“	"	PUNCT
ftr-397	443	310	engaged	engage	VERB
ftr-397	443	311	in	in	ADP
ftr-397	443	312	the	the	DET
ftr-397	443	313	business	business	NOUN
ftr-397	443	314	of	of	ADP
ftr-397	443	315	trading	trading	NOUN
ftr-397	443	316	in	in	ADP
ftr-397	443	317	securities	security	NOUN
ftr-397	443	318	.	.	PUNCT
ftr-397	444	1	”87	”87	PROPN
ftr-397	445	1	the	the	DET
ftr-397	445	2	tax	tax	NOUN
ftr-397	445	3	court	court	NOUN
ftr-397	445	4	in	in	ADP
ftr-397	445	5	fuld	fuld	PROPN
ftr-397	445	6	thus	thus	ADV
ftr-397	445	7	primarily	primarily	ADV
ftr-397	445	8	emphasized	emphasize	VERB
ftr-397	445	9	the	the	DET
ftr-397	445	10	continuity	continuity	NOUN
ftr-397	445	11	and	and	CCONJ
ftr-397	445	12	the	the	DET
ftr-397	445	13	intensity	intensity	NOUN
ftr-397	445	14	of	of	ADP
ftr-397	445	15	the	the	DET
ftr-397	445	16	taxpayers	taxpayer	NOUN
ftr-397	445	17	’	’	PART
ftr-397	445	18	efforts	effort	NOUN
ftr-397	445	19	in	in	ADP
ftr-397	445	20	determining	determine	VERB
ftr-397	445	21	that	that	SCONJ
ftr-397	445	22	they	they	PRON
ftr-397	445	23	were	be	AUX
ftr-397	445	24	in	in	ADP
ftr-397	445	25	the	the	DET
ftr-397	445	26	“	"	PUNCT
ftr-397	445	27	trade	trade	NOUN
ftr-397	445	28	or	or	CCONJ
ftr-397	445	29	business	business	NOUN
ftr-397	445	30	”	"	PUNCT
ftr-397	445	31	of	of	ADP
ftr-397	445	32	securities	security	NOUN
ftr-397	445	33	trading	trading	NOUN
ftr-397	445	34	,	,	PUNCT
ftr-397	445	35	while	while	SCONJ
ftr-397	445	36	also	also	ADV
ftr-397	445	37	considering	consider	VERB
ftr-397	445	38	the	the	DET
ftr-397	445	39	frequency	frequency	NOUN
ftr-397	445	40	of	of	ADP
ftr-397	445	41	trades.88	trades.88	NOUN
ftr-397	445	42	on	on	ADP
ftr-397	445	43	appeal	appeal	NOUN
ftr-397	445	44	,	,	PUNCT
ftr-397	445	45	the	the	DET
ftr-397	445	46	tax	tax	NOUN
ftr-397	445	47	court	court	NOUN
ftr-397	445	48	’s	’s	PART
ftr-397	445	49	findings	finding	NOUN
ftr-397	445	50	were	be	AUX
ftr-397	445	51	affirmed	affirm	VERB
ftr-397	445	52	by	by	ADP
ftr-397	445	53	the	the	DET
ftr-397	445	54	second	second	ADJ
ftr-397	445	55	circuit.89	circuit.89	NOUN
ftr-397	445	56	the	the	DET
ftr-397	445	57	requirements	requirement	NOUN
ftr-397	445	58	of	of	ADP
ftr-397	445	59	continuity	continuity	NOUN
ftr-397	445	60	,	,	PUNCT
ftr-397	445	61	frequency	frequency	NOUN
ftr-397	445	62	,	,	PUNCT
ftr-397	445	63	and	and	CCONJ
ftr-397	445	64	intensiveness	intensiveness	NOUN
ftr-397	445	65	have	have	AUX
ftr-397	445	66	continued	continue	VERB
ftr-397	445	67	in	in	ADP
ftr-397	445	68	existence	existence	NOUN
ftr-397	445	69	to	to	ADP
ftr-397	445	70	more	more	ADV
ftr-397	445	71	recent	recent	ADJ
ftr-397	445	72	cases	case	NOUN
ftr-397	445	73	.	.	PUNCT
ftr-397	446	1	in	in	ADP
ftr-397	446	2	chen	chen	PROPN
ftr-397	446	3	,	,	PUNCT
ftr-397	446	4	discussed	discuss	VERB
ftr-397	446	5	above	above	ADV
ftr-397	446	6	,	,	PUNCT
ftr-397	446	7	for	for	ADP
ftr-397	446	8	example	example	NOUN
ftr-397	446	9	,	,	PUNCT
ftr-397	446	10	the	the	DET
ftr-397	446	11	court	court	NOUN
ftr-397	446	12	noted	note	VERB
ftr-397	446	13	that	that	SCONJ
ftr-397	446	14	to	to	PART
ftr-397	446	15	be	be	AUX
ftr-397	446	16	considered	consider	VERB
ftr-397	446	17	a	a	DET
ftr-397	446	18	trade	trade	NOUN
ftr-397	446	19	or	or	CCONJ
ftr-397	446	20	business	business	NOUN
ftr-397	446	21	the	the	DET
ftr-397	446	22	taxpayer	taxpayer	NOUN
ftr-397	446	23	’s	’s	PART
ftr-397	446	24	trading	trading	NOUN
ftr-397	446	25	activity	activity	NOUN
ftr-397	446	26	must	must	AUX
ftr-397	446	27	be	be	AUX
ftr-397	446	28	frequent	frequent	ADJ
ftr-397	446	29	,	,	PUNCT
ftr-397	446	30	regular	regular	ADJ
ftr-397	446	31	,	,	PUNCT
ftr-397	446	32	continuous	continuous	ADJ
ftr-397	446	33	,	,	PUNCT
ftr-397	446	34	and	and	CCONJ
ftr-397	446	35	substantial	substantial	ADJ
ftr-397	446	36	,	,	PUNCT
ftr-397	446	37	and	and	CCONJ
ftr-397	446	38	can	can	AUX
ftr-397	446	39	not	not	PART
ftr-397	446	40	be	be	AUX
ftr-397	446	41	sporadic.90	sporadic.90	PROPN
ftr-397	446	42	in	in	ADP
ftr-397	446	43	chen	chen	PROPN
ftr-397	446	44	,	,	PUNCT
ftr-397	446	45	the	the	DET
ftr-397	446	46	taxpayer	taxpayer	NOUN
ftr-397	446	47	’s	’s	PART
ftr-397	446	48	securitiestrading	securitiestrade	VERB
ftr-397	446	49	activities	activity	NOUN
ftr-397	446	50	took	take	VERB
ftr-397	446	51	place	place	NOUN
ftr-397	446	52	only	only	ADV
ftr-397	446	53	sporadically	sporadically	ADV
ftr-397	446	54	,	,	PUNCT
ftr-397	446	55	with	with	ADP
ftr-397	446	56	94	94	NUM
ftr-397	446	57	%	%	NOUN
ftr-397	446	58	occurring	occur	VERB
ftr-397	446	59	between	between	ADP
ftr-397	446	60	february	february	PROPN
ftr-397	446	61	and	and	CCONJ
ftr-397	446	62	april	april	PROPN
ftr-397	446	63	,	,	PUNCT
ftr-397	446	64	and	and	CCONJ
ftr-397	446	65	no	no	DET
ftr-397	446	66	transactions	transaction	NOUN
ftr-397	446	67	occurred	occur	VERB
ftr-397	446	68	in	in	ADP
ftr-397	446	69	six	six	NUM
ftr-397	446	70	of	of	ADP
ftr-397	446	71	the	the	DET
ftr-397	446	72	other	other	ADJ
ftr-397	446	73	nine	nine	NUM
ftr-397	446	74	months	month	NOUN
ftr-397	446	75	of	of	ADP
ftr-397	446	76	the	the	DET
ftr-397	446	77	tax	tax	NOUN
ftr-397	446	78	year.91	year.91	NOUN
ftr-397	446	79	the	the	DET
ftr-397	446	80	court	court	NOUN
ftr-397	446	81	determined	determine	VERB
ftr-397	446	82	that	that	SCONJ
ftr-397	446	83	the	the	DET
ftr-397	446	84	trading	trading	NOUN
ftr-397	446	85	activity	activity	NOUN
ftr-397	446	86	covered	cover	VERB
ftr-397	446	87	only	only	ADV
ftr-397	446	88	part	part	NOUN
ftr-397	446	89	of	of	ADP
ftr-397	446	90	one	one	NUM
ftr-397	446	91	taxable	taxable	ADJ
ftr-397	446	92	year	year	NOUN
ftr-397	446	93	and	and	CCONJ
ftr-397	446	94	was	be	AUX
ftr-397	446	95	not	not	PART
ftr-397	446	96	the	the	DET
ftr-397	446	97	only	only	ADJ
ftr-397	446	98	(	(	PUNCT
ftr-397	446	99	or	or	CCONJ
ftr-397	446	100	even	even	ADV
ftr-397	446	101	the	the	DET
ftr-397	446	102	84	84	NUM
ftr-397	446	103	.	.	PUNCT
ftr-397	447	1	fuld	fuld	PROPN
ftr-397	447	2	,	,	PUNCT
ftr-397	447	3	44	44	NUM
ftr-397	447	4	b.t.a	b.t.a	NOUN
ftr-397	447	5	.	.	PROPN
ftr-397	447	6	1269	1269	NUM
ftr-397	447	7	-	-	SYM
ftr-397	447	8	70	70	NUM
ftr-397	447	9	;	;	PUNCT
ftr-397	447	10	see	see	VERB
ftr-397	447	11	also	also	ADV
ftr-397	447	12	139	139	NUM
ftr-397	447	13	f.2d	f.2d	NOUN
ftr-397	447	14	at	at	ADP
ftr-397	447	15	466	466	NUM
ftr-397	447	16	.	.	PUNCT
ftr-397	447	17	85	85	NUM
ftr-397	447	18	.	.	PUNCT
ftr-397	448	1	fuld	fuld	PROPN
ftr-397	448	2	,	,	PUNCT
ftr-397	448	3	44	44	NUM
ftr-397	448	4	b.t.a	b.t.a	NOUN
ftr-397	448	5	.	.	PUNCT
ftr-397	449	1	at	at	ADP
ftr-397	449	2	1270	1270	NUM
ftr-397	449	3	;	;	PUNCT
ftr-397	449	4	see	see	VERB
ftr-397	449	5	also	also	ADV
ftr-397	449	6	139	139	NUM
ftr-397	449	7	f.2d	f.2d	NOUN
ftr-397	449	8	at	at	ADP
ftr-397	449	9	467	467	NUM
ftr-397	449	10	.	.	PROPN
ftr-397	449	11	86	86	NUM
ftr-397	449	12	.	.	PUNCT
ftr-397	450	1	fuld	fuld	PROPN
ftr-397	450	2	,	,	PUNCT
ftr-397	450	3	44	44	NUM
ftr-397	450	4	b.t.a	b.t.a	NOUN
ftr-397	450	5	.	.	PUNCT
ftr-397	451	1	at	at	ADP
ftr-397	451	2	1271	1271	NUM
ftr-397	451	3	;	;	PUNCT
ftr-397	451	4	see	see	VERB
ftr-397	451	5	also	also	ADV
ftr-397	451	6	139	139	NUM
ftr-397	451	7	f.2d	f.2d	NOUN
ftr-397	451	8	at	at	ADP
ftr-397	451	9	467	467	NUM
ftr-397	451	10	.	.	PROPN
ftr-397	451	11	87	87	NUM
ftr-397	451	12	.	.	PUNCT
ftr-397	452	1	fuld	fuld	PROPN
ftr-397	452	2	,	,	PUNCT
ftr-397	452	3	139	139	NUM
ftr-397	452	4	f.2d	f.2d	X
ftr-397	452	5	at	at	ADP
ftr-397	452	6	467	467	NUM
ftr-397	452	7	.	.	PROPN
ftr-397	452	8	88	88	NUM
ftr-397	452	9	.	.	PUNCT
ftr-397	453	1	fuld	fuld	PROPN
ftr-397	453	2	,	,	PUNCT
ftr-397	453	3	44	44	NUM
ftr-397	453	4	b.t.a	b.t.a	NOUN
ftr-397	453	5	.	.	PUNCT
ftr-397	454	1	at	at	ADP
ftr-397	454	2	1272	1272	NUM
ftr-397	454	3	.	.	PUNCT
ftr-397	454	4	89	89	NUM
ftr-397	454	5	.	.	PUNCT
ftr-397	455	1	fuld	fuld	PROPN
ftr-397	455	2	,	,	PUNCT
ftr-397	455	3	139	139	NUM
ftr-397	455	4	f.2d	f.2d	X
ftr-397	455	5	at	at	ADP
ftr-397	455	6	469	469	NUM
ftr-397	455	7	.	.	PROPN
ftr-397	455	8	90	90	NUM
ftr-397	455	9	.	.	PUNCT
ftr-397	456	1	chen	chen	PROPN
ftr-397	456	2	,	,	PUNCT
ftr-397	456	3	2004	2004	NUM
ftr-397	456	4	t.c.m	t.c.m	NOUN
ftr-397	456	5	.	.	PUNCT
ftr-397	457	1	(	(	PUNCT
ftr-397	457	2	ria	ria	PROPN
ftr-397	457	3	)	)	PUNCT
ftr-397	457	4	at	at	ADP
ftr-397	457	5	854	854	NUM
ftr-397	457	6	(	(	PUNCT
ftr-397	457	7	citing	cite	VERB
ftr-397	457	8	moller	moller	PROPN
ftr-397	457	9	,	,	PUNCT
ftr-397	457	10	721	721	NUM
ftr-397	457	11	f.2d	f.2d	NOUN
ftr-397	457	12	at	at	ADP
ftr-397	457	13	813	813	NUM
ftr-397	457	14	;	;	PUNCT
ftr-397	457	15	boatner	boatner	NOUN
ftr-397	457	16	v.	v.	ADP
ftr-397	457	17	comm’r	comm’r	PROPN
ftr-397	457	18	,	,	PUNCT
ftr-397	457	19	74	74	NUM
ftr-397	457	20	t.c.m	t.c.m	NOUN
ftr-397	457	21	.	.	PUNCT
ftr-397	458	1	(	(	PUNCT
ftr-397	458	2	cch	cch	NOUN
ftr-397	458	3	)	)	PUNCT
ftr-397	458	4	342	342	NUM
ftr-397	458	5	(	(	PUNCT
ftr-397	458	6	1997	1997	NUM
ftr-397	458	7	)	)	PUNCT
ftr-397	458	8	)	)	PUNCT
ftr-397	458	9	.	.	PUNCT
ftr-397	459	1	91	91	NUM
ftr-397	459	2	.	.	PUNCT
ftr-397	460	1	chen	chen	PROPN
ftr-397	460	2	,	,	PUNCT
ftr-397	460	3	2004	2004	NUM
ftr-397	460	4	t.c.m	t.c.m	NOUN
ftr-397	460	5	.	.	PUNCT
ftr-397	461	1	(	(	PUNCT
ftr-397	461	2	ria	ria	PROPN
ftr-397	461	3	)	)	PUNCT
ftr-397	461	4	at	at	ADP
ftr-397	461	5	852	852	NUM
ftr-397	461	6	,	,	PUNCT
ftr-397	461	7	854	854	NUM
ftr-397	461	8	.	.	SYM
ftr-397	461	9	1134	1134	NUM
ftr-397	461	10	florida	florida	PROPN
ftr-397	461	11	tax	tax	PROPN
ftr-397	461	12	review	review	NOUN
ftr-397	462	1	[	[	X
ftr-397	462	2	vol	vol	NOUN
ftr-397	462	3	.	.	PUNCT
ftr-397	463	1	8:10	8:10	NUM
ftr-397	463	2	primary	primary	ADJ
ftr-397	463	3	)	)	PUNCT
ftr-397	463	4	activity	activity	NOUN
ftr-397	463	5	via	via	ADP
ftr-397	463	6	which	which	PRON
ftr-397	463	7	the	the	DET
ftr-397	463	8	taxpayer	taxpayer	NOUN
ftr-397	463	9	produced	produce	VERB
ftr-397	463	10	income	income	NOUN
ftr-397	463	11	,	,	PUNCT
ftr-397	463	12	and	and	CCONJ
ftr-397	463	13	that	that	SCONJ
ftr-397	463	14	the	the	DET
ftr-397	463	15	taxpayer	taxpayer	NOUN
ftr-397	463	16	therefore	therefore	ADV
ftr-397	463	17	failed	fail	VERB
ftr-397	463	18	to	to	PART
ftr-397	463	19	qualify	qualify	VERB
ftr-397	463	20	as	as	ADP
ftr-397	463	21	a	a	DET
ftr-397	463	22	trader.92	trader.92	NOUN
ftr-397	463	23	in	in	ADP
ftr-397	463	24	mayer	mayer	PROPN
ftr-397	463	25	,	,	PUNCT
ftr-397	463	26	on	on	ADP
ftr-397	463	27	the	the	DET
ftr-397	463	28	other	other	ADJ
ftr-397	463	29	hand	hand	NOUN
ftr-397	463	30	,	,	PUNCT
ftr-397	463	31	the	the	DET
ftr-397	463	32	court	court	NOUN
ftr-397	463	33	considered	consider	VERB
ftr-397	463	34	the	the	DET
ftr-397	463	35	taxpayer	taxpayer	NOUN
ftr-397	463	36	’s	’s	PART
ftr-397	463	37	trading	trading	NOUN
ftr-397	463	38	activity	activity	NOUN
ftr-397	463	39	to	to	PART
ftr-397	463	40	be	be	AUX
ftr-397	463	41	“	"	PUNCT
ftr-397	463	42	substantial	substantial	ADJ
ftr-397	463	43	”	"	PUNCT
ftr-397	463	44	where	where	SCONJ
ftr-397	463	45	the	the	DET
ftr-397	463	46	taxpayer	taxpayer	NOUN
ftr-397	463	47	had	have	VERB
ftr-397	463	48	over	over	ADP
ftr-397	463	49	1,100	1,100	NUM
ftr-397	463	50	executed	execute	VERB
ftr-397	463	51	sales	sale	NOUN
ftr-397	463	52	and	and	CCONJ
ftr-397	463	53	purchases	purchase	NOUN
ftr-397	463	54	in	in	ADP
ftr-397	463	55	each	each	PRON
ftr-397	463	56	of	of	ADP
ftr-397	463	57	the	the	DET
ftr-397	463	58	years	year	NOUN
ftr-397	463	59	at	at	ADP
ftr-397	463	60	issue.93	issue.93	PROPN
ftr-397	463	61	in	in	ADP
ftr-397	463	62	cameron	cameron	PROPN
ftr-397	463	63	,	,	PUNCT
ftr-397	463	64	the	the	DET
ftr-397	463	65	court	court	NOUN
ftr-397	463	66	held	hold	VERB
ftr-397	463	67	that	that	SCONJ
ftr-397	463	68	the	the	DET
ftr-397	463	69	taxpayer	taxpayer	NOUN
ftr-397	463	70	’s	’s	PART
ftr-397	463	71	trading	trading	NOUN
ftr-397	463	72	activity	activity	NOUN
ftr-397	463	73	was	be	AUX
ftr-397	463	74	not	not	PART
ftr-397	463	75	adequate	adequate	ADJ
ftr-397	463	76	to	to	PART
ftr-397	463	77	be	be	AUX
ftr-397	463	78	considered	consider	VERB
ftr-397	463	79	a	a	DET
ftr-397	463	80	trade	trade	NOUN
ftr-397	463	81	or	or	CCONJ
ftr-397	463	82	business	business	NOUN
ftr-397	463	83	,	,	PUNCT
ftr-397	463	84	where	where	SCONJ
ftr-397	463	85	the	the	DET
ftr-397	463	86	taxpayer	taxpayer	NOUN
ftr-397	463	87	did	do	AUX
ftr-397	463	88	not	not	PART
ftr-397	463	89	trade	trade	VERB
ftr-397	463	90	five	five	NUM
ftr-397	463	91	days	day	NOUN
ftr-397	463	92	a	a	DET
ftr-397	463	93	week	week	NOUN
ftr-397	463	94	,	,	PUNCT
ftr-397	463	95	and	and	CCONJ
ftr-397	463	96	traded	trade	VERB
ftr-397	463	97	on	on	ADP
ftr-397	463	98	more	more	ADJ
ftr-397	463	99	than	than	ADP
ftr-397	463	100	10	10	NUM
ftr-397	463	101	days	day	NOUN
ftr-397	463	102	a	a	DET
ftr-397	463	103	month	month	NOUN
ftr-397	463	104	in	in	ADP
ftr-397	463	105	only	only	ADV
ftr-397	463	106	two	two	NUM
ftr-397	463	107	months.94	months.94	NOUN
ftr-397	463	108	the	the	DET
ftr-397	463	109	taxpayer	taxpayer	NOUN
ftr-397	463	110	’s	’s	PART
ftr-397	463	111	trading	trading	NOUN
ftr-397	463	112	activity	activity	NOUN
ftr-397	463	113	consisted	consist	VERB
ftr-397	463	114	of	of	ADP
ftr-397	463	115	46	46	NUM
ftr-397	463	116	purchases	purchase	NOUN
ftr-397	463	117	and	and	CCONJ
ftr-397	463	118	14	14	NUM
ftr-397	463	119	sales	sale	NOUN
ftr-397	463	120	in	in	ADP
ftr-397	463	121	2002	2002	NUM
ftr-397	463	122	,	,	PUNCT
ftr-397	463	123	and	and	CCONJ
ftr-397	463	124	in	in	ADP
ftr-397	463	125	2003	2003	NUM
ftr-397	463	126	he	he	PRON
ftr-397	463	127	completed	complete	VERB
ftr-397	463	128	109	109	NUM
ftr-397	463	129	purchases	purchase	NOUN
ftr-397	463	130	and	and	CCONJ
ftr-397	463	131	103	103	NUM
ftr-397	463	132	sales.95	sales.95	NOUN
ftr-397	463	133	it	it	PRON
ftr-397	463	134	should	should	AUX
ftr-397	463	135	be	be	AUX
ftr-397	463	136	noted	note	VERB
ftr-397	463	137	that	that	SCONJ
ftr-397	463	138	,	,	PUNCT
ftr-397	463	139	in	in	ADP
ftr-397	463	140	those	those	DET
ftr-397	463	141	cases	case	NOUN
ftr-397	463	142	in	in	ADP
ftr-397	463	143	which	which	PRON
ftr-397	463	144	the	the	DET
ftr-397	463	145	taxpayer	taxpayer	NOUN
ftr-397	463	146	has	have	AUX
ftr-397	463	147	successfully	successfully	ADV
ftr-397	463	148	claimed	claim	VERB
ftr-397	463	149	trader	trader	NOUN
ftr-397	463	150	status	status	NOUN
ftr-397	463	151	,	,	PUNCT
ftr-397	463	152	the	the	DET
ftr-397	463	153	securities	security	NOUN
ftr-397	463	154	-	-	PUNCT
ftr-397	463	155	trading	trading	NOUN
ftr-397	463	156	activity	activity	NOUN
ftr-397	463	157	has	have	AUX
ftr-397	463	158	usually	usually	ADV
ftr-397	463	159	been	be	AUX
ftr-397	463	160	that	that	DET
ftr-397	463	161	taxpayer	taxpayer	NOUN
ftr-397	463	162	’s	’s	PART
ftr-397	463	163	only	only	ADV
ftr-397	463	164	income	income	NOUN
ftr-397	463	165	-	-	PUNCT
ftr-397	463	166	producing	produce	VERB
ftr-397	463	167	activity	activity	NOUN
ftr-397	463	168	,	,	PUNCT
ftr-397	463	169	or	or	CCONJ
ftr-397	463	170	at	at	ADP
ftr-397	463	171	least	least	ADJ
ftr-397	463	172	his	his	PRON
ftr-397	463	173	primary	primary	ADJ
ftr-397	463	174	one	one	NOUN
ftr-397	463	175	.	.	PUNCT
ftr-397	464	1	for	for	ADP
ftr-397	464	2	instance	instance	NOUN
ftr-397	464	3	,	,	PUNCT
ftr-397	464	4	in	in	ADP
ftr-397	464	5	chen	chen	PROPN
ftr-397	464	6	,	,	PUNCT
ftr-397	464	7	the	the	DET
ftr-397	464	8	court	court	NOUN
ftr-397	464	9	noted	note	VERB
ftr-397	464	10	that	that	SCONJ
ftr-397	464	11	[	[	X
ftr-397	464	12	i]n	i]n	VERB
ftr-397	464	13	the	the	DET
ftr-397	464	14	cases	case	NOUN
ftr-397	464	15	in	in	ADP
ftr-397	464	16	which	which	PRON
ftr-397	464	17	taxpayers	taxpayer	NOUN
ftr-397	464	18	have	have	AUX
ftr-397	464	19	been	be	AUX
ftr-397	464	20	held	hold	VERB
ftr-397	464	21	to	to	PART
ftr-397	464	22	be	be	AUX
ftr-397	464	23	traders	trader	NOUN
ftr-397	464	24	in	in	ADP
ftr-397	464	25	securities	security	NOUN
ftr-397	464	26	,	,	PUNCT
ftr-397	464	27	the	the	DET
ftr-397	464	28	number	number	NOUN
ftr-397	464	29	and	and	CCONJ
ftr-397	464	30	frequency	frequency	NOUN
ftr-397	464	31	of	of	ADP
ftr-397	464	32	transactions	transaction	NOUN
ftr-397	464	33	indicated	indicate	VERB
ftr-397	464	34	that	that	SCONJ
ftr-397	464	35	they	they	PRON
ftr-397	464	36	were	be	AUX
ftr-397	464	37	engaged	engage	VERB
ftr-397	464	38	in	in	ADP
ftr-397	464	39	market	market	NOUN
ftr-397	464	40	transactions	transaction	NOUN
ftr-397	464	41	almost	almost	ADV
ftr-397	464	42	daily	daily	ADV
ftr-397	464	43	for	for	ADP
ftr-397	464	44	a	a	DET
ftr-397	464	45	substantial	substantial	ADJ
ftr-397	464	46	and	and	CCONJ
ftr-397	464	47	continuous	continuous	ADJ
ftr-397	464	48	period	period	NOUN
ftr-397	464	49	,	,	PUNCT
ftr-397	464	50	generally	generally	ADV
ftr-397	464	51	exceeding	exceed	VERB
ftr-397	464	52	a	a	DET
ftr-397	464	53	single	single	ADJ
ftr-397	464	54	taxable	taxable	ADJ
ftr-397	464	55	year	year	NOUN
ftr-397	464	56	;	;	PUNCT
ftr-397	464	57	and	and	CCONJ
ftr-397	464	58	those	those	DET
ftr-397	464	59	activities	activity	NOUN
ftr-397	464	60	constituted	constitute	VERB
ftr-397	464	61	the	the	DET
ftr-397	464	62	taxpayers	taxpayer	NOUN
ftr-397	464	63	’	’	PART
ftr-397	464	64	sole	sole	ADJ
ftr-397	464	65	or	or	CCONJ
ftr-397	464	66	primary	primary	ADJ
ftr-397	464	67	incomeproducing	incomeproducing	NOUN
ftr-397	464	68	activity	activity	NOUN
ftr-397	464	69	.	.	PUNCT
ftr-397	465	1	conversely	conversely	ADV
ftr-397	465	2	,	,	PUNCT
ftr-397	465	3	where	where	SCONJ
ftr-397	465	4	,	,	PUNCT
ftr-397	465	5	as	as	ADP
ftr-397	465	6	in	in	ADP
ftr-397	465	7	this	this	DET
ftr-397	465	8	case	case	NOUN
ftr-397	465	9	,	,	PUNCT
ftr-397	465	10	(	(	PUNCT
ftr-397	465	11	1	1	X
ftr-397	465	12	)	)	PUNCT
ftr-397	465	13	the	the	DET
ftr-397	465	14	taxpayer	taxpayer	NOUN
ftr-397	465	15	’s	’s	PART
ftr-397	465	16	daily	daily	ADJ
ftr-397	465	17	trading	trading	NOUN
ftr-397	465	18	activities	activity	NOUN
ftr-397	465	19	covered	cover	VERB
ftr-397	465	20	only	only	ADV
ftr-397	465	21	a	a	DET
ftr-397	465	22	portion	portion	NOUN
ftr-397	465	23	of	of	ADP
ftr-397	465	24	a	a	DET
ftr-397	465	25	single	single	ADJ
ftr-397	465	26	taxable	taxable	ADJ
ftr-397	465	27	year	year	NOUN
ftr-397	465	28	,	,	PUNCT
ftr-397	465	29	and	and	CCONJ
ftr-397	465	30	(	(	PUNCT
ftr-397	465	31	2	2	X
ftr-397	465	32	)	)	PUNCT
ftr-397	465	33	securities	security	NOUN
ftr-397	465	34	trading	trading	NOUN
ftr-397	465	35	was	be	AUX
ftr-397	465	36	not	not	PART
ftr-397	465	37	the	the	DET
ftr-397	465	38	sole	sole	ADJ
ftr-397	465	39	or	or	CCONJ
ftr-397	465	40	even	even	ADV
ftr-397	465	41	primary	primary	ADJ
ftr-397	465	42	activity	activity	NOUN
ftr-397	465	43	in	in	ADP
ftr-397	465	44	which	which	PRON
ftr-397	465	45	the	the	DET
ftr-397	465	46	taxpayer	taxpayer	NOUN
ftr-397	465	47	engaged	engage	VERB
ftr-397	465	48	for	for	ADP
ftr-397	465	49	the	the	DET
ftr-397	465	50	production	production	NOUN
ftr-397	465	51	of	of	ADP
ftr-397	465	52	income	income	NOUN
ftr-397	465	53	,	,	PUNCT
ftr-397	465	54	trader	trader	NOUN
ftr-397	465	55	status	status	NOUN
ftr-397	465	56	was	be	AUX
ftr-397	465	57	denied	deny	VERB
ftr-397	465	58	.	.	PUNCT
ftr-397	466	1	daily	daily	ADJ
ftr-397	466	2	trading	trading	NOUN
ftr-397	466	3	in	in	ADP
ftr-397	466	4	securities	security	NOUN
ftr-397	466	5	for	for	ADP
ftr-397	466	6	only	only	ADV
ftr-397	466	7	a	a	DET
ftr-397	466	8	quarter	quarter	NOUN
ftr-397	466	9	of	of	ADP
ftr-397	466	10	a	a	DET
ftr-397	466	11	single	single	ADJ
ftr-397	466	12	taxable	taxable	ADJ
ftr-397	466	13	year	year	NOUN
ftr-397	466	14	is	be	AUX
ftr-397	466	15	reasonably	reasonably	ADV
ftr-397	466	16	characterized	characterize	VERB
ftr-397	466	17	as	as	ADP
ftr-397	466	18	“	"	PUNCT
ftr-397	466	19	sporadic	sporadic	ADJ
ftr-397	466	20	”	"	PUNCT
ftr-397	466	21	rather	rather	ADV
ftr-397	466	22	than	than	ADP
ftr-397	466	23	“	"	PUNCT
ftr-397	466	24	frequent	frequent	ADJ
ftr-397	466	25	,	,	PUNCT
ftr-397	466	26	regular	regular	ADJ
ftr-397	466	27	,	,	PUNCT
ftr-397	466	28	and	and	CCONJ
ftr-397	466	29	continuous	continuous	ADJ
ftr-397	466	30	,	,	PUNCT
ftr-397	466	31	”	"	PUNCT
ftr-397	466	32	and	and	CCONJ
ftr-397	466	33	,	,	PUNCT
ftr-397	466	34	therefore	therefore	ADV
ftr-397	466	35	,	,	PUNCT
ftr-397	466	36	insufficient	insufficient	ADJ
ftr-397	466	37	to	to	PART
ftr-397	466	38	achieve	achieve	VERB
ftr-397	466	39	trader	trader	NOUN
ftr-397	466	40	status.96	status.96	PROPN
ftr-397	466	41	in	in	ADP
ftr-397	466	42	moller	moller	PROPN
ftr-397	466	43	,	,	PUNCT
ftr-397	466	44	too	too	ADV
ftr-397	466	45	,	,	PUNCT
ftr-397	466	46	the	the	DET
ftr-397	466	47	court	court	NOUN
ftr-397	466	48	stated	state	VERB
ftr-397	466	49	that	that	SCONJ
ftr-397	466	50	“	"	PUNCT
ftr-397	466	51	[	[	X
ftr-397	466	52	i]n	i]n	VERB
ftr-397	466	53	the	the	DET
ftr-397	466	54	cases	case	NOUN
ftr-397	466	55	in	in	ADP
ftr-397	466	56	which	which	PRON
ftr-397	466	57	taxpayers	taxpayer	NOUN
ftr-397	466	58	have	have	AUX
ftr-397	466	59	been	be	AUX
ftr-397	466	60	held	hold	VERB
ftr-397	466	61	to	to	PART
ftr-397	466	62	be	be	AUX
ftr-397	466	63	in	in	ADP
ftr-397	466	64	the	the	DET
ftr-397	466	65	business	business	NOUN
ftr-397	466	66	of	of	ADP
ftr-397	466	67	trading	trading	NOUN
ftr-397	466	68	in	in	ADP
ftr-397	466	69	securities	security	NOUN
ftr-397	466	70	for	for	ADP
ftr-397	466	71	their	their	PRON
ftr-397	466	72	own	own	ADJ
ftr-397	466	73	account	account	NOUN
ftr-397	466	74	,	,	PUNCT
ftr-397	466	75	the	the	DET
ftr-397	466	76	number	number	NOUN
ftr-397	466	77	of	of	ADP
ftr-397	466	78	their	their	PRON
ftr-397	466	79	transactions	transaction	NOUN
ftr-397	466	80	indicated	indicate	VERB
ftr-397	466	81	that	that	SCONJ
ftr-397	466	82	they	they	PRON
ftr-397	466	83	were	be	AUX
ftr-397	466	84	engaged	engage	VERB
ftr-397	466	85	in	in	ADP
ftr-397	466	86	92	92	NUM
ftr-397	466	87	.	.	PUNCT
ftr-397	467	1	chen	chen	PROPN
ftr-397	467	2	,	,	PUNCT
ftr-397	467	3	2004	2004	NUM
ftr-397	467	4	t.c.m	t.c.m	NOUN
ftr-397	467	5	.	.	PUNCT
ftr-397	468	1	(	(	PUNCT
ftr-397	468	2	ria	ria	PROPN
ftr-397	468	3	)	)	PUNCT
ftr-397	468	4	at	at	ADP
ftr-397	468	5	845	845	NUM
ftr-397	468	6	-	-	SYM
ftr-397	468	7	55	55	NUM
ftr-397	468	8	;	;	PUNCT
ftr-397	468	9	see	see	VERB
ftr-397	468	10	also	also	ADV
ftr-397	468	11	boatner	boatner	NOUN
ftr-397	468	12	v.	v.	ADP
ftr-397	468	13	comm’r	comm’r	NOUN
ftr-397	468	14	,	,	PUNCT
ftr-397	468	15	74	74	NUM
ftr-397	468	16	t.c.m	t.c.m	NOUN
ftr-397	468	17	.	.	PUNCT
ftr-397	469	1	(	(	PUNCT
ftr-397	469	2	cch	cch	NOUN
ftr-397	469	3	)	)	PUNCT
ftr-397	469	4	342	342	NUM
ftr-397	469	5	(	(	PUNCT
ftr-397	469	6	taxpayer	taxpayer	NOUN
ftr-397	469	7	’s	’s	PART
ftr-397	469	8	75	75	NUM
ftr-397	469	9	securities	security	NOUN
ftr-397	469	10	transactions	transaction	NOUN
ftr-397	469	11	during	during	ADP
ftr-397	469	12	the	the	DET
ftr-397	469	13	taxable	taxable	ADJ
ftr-397	469	14	year	year	NOUN
ftr-397	469	15	fell	fall	VERB
ftr-397	469	16	short	short	ADV
ftr-397	469	17	of	of	ADP
ftr-397	469	18	being	be	AUX
ftr-397	469	19	“	"	PUNCT
ftr-397	469	20	frequent	frequent	ADJ
ftr-397	469	21	,	,	PUNCT
ftr-397	469	22	regular	regular	ADJ
ftr-397	469	23	,	,	PUNCT
ftr-397	469	24	and	and	CCONJ
ftr-397	469	25	continuous	continuous	ADJ
ftr-397	469	26	.	.	PUNCT
ftr-397	469	27	”	"	PUNCT
ftr-397	470	1	)	)	PUNCT
ftr-397	470	2	93	93	NUM
ftr-397	470	3	.	.	PUNCT
ftr-397	471	1	mayer	mayer	PROPN
ftr-397	471	2	,	,	PUNCT
ftr-397	471	3	67	67	NUM
ftr-397	471	4	t.c.m	t.c.m	NOUN
ftr-397	471	5	.	.	PUNCT
ftr-397	472	1	(	(	PUNCT
ftr-397	472	2	cch	cch	NOUN
ftr-397	472	3	)	)	PUNCT
ftr-397	472	4	2949	2949	NUM
ftr-397	472	5	,	,	PUNCT
ftr-397	472	6	2949	2949	NUM
ftr-397	472	7	-	-	SYM
ftr-397	472	8	4	4	NUM
ftr-397	472	9	–	–	PUNCT
ftr-397	472	10	2949	2949	NUM
ftr-397	472	11	-	-	SYM
ftr-397	472	12	5	5	NUM
ftr-397	472	13	(	(	PUNCT
ftr-397	472	14	1994	1994	NUM
ftr-397	472	15	)	)	PUNCT
ftr-397	472	16	.	.	PUNCT
ftr-397	473	1	94	94	NUM
ftr-397	473	2	.	.	PUNCT
ftr-397	474	1	cameron	cameron	PROPN
ftr-397	474	2	v	v	PROPN
ftr-397	474	3	comm’r	comm’r	PROPN
ftr-397	474	4	,	,	PUNCT
ftr-397	474	5	2007	2007	NUM
ftr-397	474	6	t.c.m	t.c.m	NOUN
ftr-397	474	7	.	.	PUNCT
ftr-397	475	1	(	(	PUNCT
ftr-397	475	2	ria	ria	PROPN
ftr-397	475	3	)	)	PUNCT
ftr-397	475	4	¶2007	¶2007	NOUN
ftr-397	475	5	-	-	PUNCT
ftr-397	475	6	260	260	NUM
ftr-397	475	7	at	at	ADP
ftr-397	475	8	1510	1510	NUM
ftr-397	475	9	.	.	PUNCT
ftr-397	476	1	95	95	NUM
ftr-397	476	2	.	.	PUNCT
ftr-397	477	1	i	i	PRON
ftr-397	477	2	d.	d.	PROPN
ftr-397	477	3	the	the	DET
ftr-397	477	4	court	court	NOUN
ftr-397	477	5	also	also	ADV
ftr-397	477	6	noted	note	VERB
ftr-397	477	7	that	that	SCONJ
ftr-397	477	8	the	the	DET
ftr-397	477	9	taxpayer	taxpayer	NOUN
ftr-397	477	10	collected	collect	VERB
ftr-397	477	11	unemployment	unemployment	NOUN
ftr-397	477	12	compensation	compensation	NOUN
ftr-397	477	13	during	during	ADP
ftr-397	477	14	2003	2003	NUM
ftr-397	477	15	,	,	PUNCT
ftr-397	477	16	which	which	PRON
ftr-397	477	17	further	far	ADV
ftr-397	477	18	undermined	undermine	VERB
ftr-397	477	19	his	his	PRON
ftr-397	477	20	claim	claim	NOUN
ftr-397	477	21	that	that	SCONJ
ftr-397	477	22	he	he	PRON
ftr-397	477	23	was	be	AUX
ftr-397	477	24	engaged	engage	VERB
ftr-397	477	25	in	in	ADP
ftr-397	477	26	a	a	DET
ftr-397	477	27	trade	trade	NOUN
ftr-397	477	28	or	or	CCONJ
ftr-397	477	29	business	business	NOUN
ftr-397	477	30	during	during	ADP
ftr-397	477	31	that	that	DET
ftr-397	477	32	year	year	NOUN
ftr-397	477	33	.	.	PUNCT
ftr-397	478	1	i	i	PRON
ftr-397	478	2	d.	d.	PROPN
ftr-397	478	3	96	96	NUM
ftr-397	478	4	.	.	PUNCT
ftr-397	479	1	chen	chen	PROPN
ftr-397	479	2	,	,	PUNCT
ftr-397	479	3	2004	2004	NUM
ftr-397	479	4	t.c.m	t.c.m	NOUN
ftr-397	479	5	.	.	PUNCT
ftr-397	480	1	(	(	PUNCT
ftr-397	480	2	ria	ria	PROPN
ftr-397	480	3	)	)	PUNCT
ftr-397	480	4	at	at	ADP
ftr-397	480	5	845	845	NUM
ftr-397	480	6	-	-	SYM
ftr-397	480	7	55	55	NUM
ftr-397	480	8	(	(	PUNCT
ftr-397	480	9	citations	citation	NOUN
ftr-397	480	10	omitted	omit	VERB
ftr-397	480	11	)	)	PUNCT
ftr-397	480	12	.	.	PUNCT
ftr-397	481	1	2008	2008	NUM
ftr-397	481	2	]	]	PUNCT
ftr-397	482	1	a	a	DET
ftr-397	482	2	structural	structural	ADJ
ftr-397	482	3	critique	critique	NOUN
ftr-397	482	4	of	of	ADP
ftr-397	482	5	trader	trader	NOUN
ftr-397	482	6	taxation	taxation	NOUN
ftr-397	482	7	1135	1135	NUM
ftr-397	482	8	market	market	NOUN
ftr-397	482	9	transactions	transaction	NOUN
ftr-397	482	10	on	on	ADP
ftr-397	482	11	an	an	DET
ftr-397	482	12	almost	almost	ADV
ftr-397	482	13	daily	daily	ADJ
ftr-397	482	14	basis.97	basis.97	NOUN
ftr-397	482	15	this	this	DET
ftr-397	482	16	standard	standard	NOUN
ftr-397	482	17	means	mean	VERB
ftr-397	482	18	that	that	SCONJ
ftr-397	482	19	a	a	DET
ftr-397	482	20	taxpayer	taxpayer	NOUN
ftr-397	482	21	claiming	claim	VERB
ftr-397	482	22	trader	trader	NOUN
ftr-397	482	23	status	status	NOUN
ftr-397	482	24	who	who	PRON
ftr-397	482	25	is	be	AUX
ftr-397	482	26	engaged	engage	VERB
ftr-397	482	27	in	in	ADP
ftr-397	482	28	another	another	DET
ftr-397	482	29	income	income	NOUN
ftr-397	482	30	-	-	PUNCT
ftr-397	482	31	producing	produce	VERB
ftr-397	482	32	occupation	occupation	NOUN
ftr-397	482	33	must	must	AUX
ftr-397	482	34	show	show	VERB
ftr-397	482	35	that	that	SCONJ
ftr-397	482	36	being	be	AUX
ftr-397	482	37	a	a	DET
ftr-397	482	38	trader	trader	NOUN
ftr-397	482	39	is	be	AUX
ftr-397	482	40	his	his	PRON
ftr-397	482	41	full	full	ADJ
ftr-397	482	42	-	-	PUNCT
ftr-397	482	43	time	time	NOUN
ftr-397	482	44	primary	primary	ADJ
ftr-397	482	45	occupation	occupation	NOUN
ftr-397	482	46	,	,	PUNCT
ftr-397	482	47	rather	rather	ADV
ftr-397	482	48	than	than	ADP
ftr-397	482	49	an	an	DET
ftr-397	482	50	occasional	occasional	ADJ
ftr-397	482	51	hobby	hobby	NOUN
ftr-397	482	52	,	,	PUNCT
ftr-397	482	53	no	no	ADV
ftr-397	482	54	matter	matter	ADV
ftr-397	482	55	how	how	SCONJ
ftr-397	482	56	seriously	seriously	ADV
ftr-397	482	57	he	he	PRON
ftr-397	482	58	takes	take	VERB
ftr-397	482	59	his	his	PRON
ftr-397	482	60	trading.98	trading.98	NOUN
ftr-397	482	61	therefore	therefore	ADV
ftr-397	482	62	,	,	PUNCT
ftr-397	482	63	the	the	DET
ftr-397	482	64	cases	case	NOUN
ftr-397	482	65	above	above	ADV
ftr-397	482	66	demonstrate	demonstrate	VERB
ftr-397	482	67	that	that	SCONJ
ftr-397	482	68	the	the	DET
ftr-397	482	69	taxpayer	taxpayer	NOUN
ftr-397	482	70	seeking	seek	VERB
ftr-397	482	71	to	to	PART
ftr-397	482	72	qualify	qualify	VERB
ftr-397	482	73	as	as	ADP
ftr-397	482	74	a	a	DET
ftr-397	482	75	trader	trader	NOUN
ftr-397	482	76	in	in	ADP
ftr-397	482	77	the	the	DET
ftr-397	482	78	“	"	PUNCT
ftr-397	482	79	trade	trade	NOUN
ftr-397	482	80	or	or	CCONJ
ftr-397	482	81	business	business	NOUN
ftr-397	482	82	”	"	PUNCT
ftr-397	482	83	of	of	ADP
ftr-397	482	84	trading	trading	NOUN
ftr-397	482	85	must	must	AUX
ftr-397	482	86	prove	prove	VERB
ftr-397	482	87	that	that	SCONJ
ftr-397	482	88	his	his	PRON
ftr-397	482	89	trading	trading	NOUN
ftr-397	482	90	activity	activity	NOUN
ftr-397	482	91	is	be	AUX
ftr-397	482	92	substantial	substantial	ADJ
ftr-397	482	93	enough	enough	ADV
ftr-397	482	94	to	to	PART
ftr-397	482	95	constitute	constitute	VERB
ftr-397	482	96	such	such	ADJ
ftr-397	482	97	trade	trade	NOUN
ftr-397	482	98	or	or	CCONJ
ftr-397	482	99	business	business	NOUN
ftr-397	482	100	.	.	PUNCT
ftr-397	483	1	commentators	commentator	NOUN
ftr-397	483	2	have	have	AUX
ftr-397	483	3	pointed	point	VERB
ftr-397	483	4	out	out	ADP
ftr-397	483	5	that	that	SCONJ
ftr-397	483	6	the	the	DET
ftr-397	483	7	exact	exact	ADJ
ftr-397	483	8	level	level	NOUN
ftr-397	483	9	of	of	ADP
ftr-397	483	10	trading	trading	NOUN
ftr-397	483	11	activity	activity	NOUN
ftr-397	483	12	required	require	VERB
ftr-397	483	13	in	in	ADP
ftr-397	483	14	order	order	NOUN
ftr-397	483	15	to	to	PART
ftr-397	483	16	be	be	AUX
ftr-397	483	17	a	a	DET
ftr-397	483	18	trader	trader	NOUN
ftr-397	483	19	is	be	AUX
ftr-397	483	20	not	not	PART
ftr-397	483	21	clear.99	clear.99	NOUN
ftr-397	483	22	however	however	ADV
ftr-397	483	23	,	,	PUNCT
ftr-397	483	24	what	what	PRON
ftr-397	483	25	is	be	AUX
ftr-397	483	26	clear	clear	ADJ
ftr-397	483	27	is	be	AUX
ftr-397	483	28	that	that	SCONJ
ftr-397	483	29	the	the	DET
ftr-397	483	30	standard	standard	NOUN
ftr-397	483	31	applied	apply	VERB
ftr-397	483	32	by	by	ADP
ftr-397	483	33	the	the	DET
ftr-397	483	34	courts	court	NOUN
ftr-397	483	35	is	be	AUX
ftr-397	483	36	generally	generally	ADV
ftr-397	483	37	extremely	extremely	ADV
ftr-397	483	38	high.100	high.100	PROPN
ftr-397	483	39	ii	ii	PROPN
ftr-397	483	40	.	.	PUNCT
ftr-397	484	1	nature	nature	NOUN
ftr-397	484	2	of	of	ADP
ftr-397	484	3	the	the	DET
ftr-397	484	4	income	income	NOUN
ftr-397	484	5	derived	derive	VERB
ftr-397	484	6	from	from	ADP
ftr-397	484	7	the	the	DET
ftr-397	484	8	activity	activity	NOUN
ftr-397	484	9	and	and	CCONJ
ftr-397	484	10	the	the	DET
ftr-397	484	11	taxpayer	taxpayer	NOUN
ftr-397	484	12	’s	’s	PART
ftr-397	484	13	intent	intent	NOUN
ftr-397	484	14	in	in	ADP
ftr-397	484	15	order	order	NOUN
ftr-397	484	16	to	to	PART
ftr-397	484	17	be	be	AUX
ftr-397	484	18	considered	consider	VERB
ftr-397	484	19	a	a	DET
ftr-397	484	20	trader	trader	NOUN
ftr-397	485	1	,	,	PUNCT
ftr-397	485	2	the	the	DET
ftr-397	485	3	taxpayer	taxpayer	NOUN
ftr-397	485	4	must	must	AUX
ftr-397	485	5	also	also	ADV
ftr-397	485	6	meet	meet	VERB
ftr-397	485	7	certain	certain	ADJ
ftr-397	485	8	requirements	requirement	NOUN
ftr-397	485	9	regarding	regard	VERB
ftr-397	485	10	his	his	PRON
ftr-397	485	11	intent	intent	NOUN
ftr-397	485	12	with	with	ADP
ftr-397	485	13	respect	respect	NOUN
ftr-397	485	14	to	to	ADP
ftr-397	485	15	holding	holding	NOUN
ftr-397	485	16	,	,	PUNCT
ftr-397	485	17	buying	buying	NOUN
ftr-397	485	18	,	,	PUNCT
ftr-397	485	19	or	or	CCONJ
ftr-397	485	20	selling	sell	VERB
ftr-397	485	21	the	the	DET
ftr-397	485	22	securities	security	NOUN
ftr-397	485	23	,	,	PUNCT
ftr-397	485	24	and	and	CCONJ
ftr-397	485	25	regarding	regard	VERB
ftr-397	485	26	the	the	DET
ftr-397	485	27	character	character	NOUN
ftr-397	485	28	of	of	ADP
ftr-397	485	29	the	the	DET
ftr-397	485	30	income	income	NOUN
ftr-397	485	31	derived	derive	VERB
ftr-397	485	32	from	from	ADP
ftr-397	485	33	his	his	PRON
ftr-397	485	34	securities	security	NOUN
ftr-397	485	35	activities	activity	NOUN
ftr-397	485	36	.	.	PUNCT
ftr-397	486	1	generally	generally	ADV
ftr-397	486	2	,	,	PUNCT
ftr-397	486	3	the	the	DET
ftr-397	486	4	courts	court	NOUN
ftr-397	486	5	have	have	AUX
ftr-397	486	6	held	hold	VERB
ftr-397	486	7	that	that	SCONJ
ftr-397	486	8	investors	investor	NOUN
ftr-397	486	9	hold	hold	VERB
ftr-397	486	10	securities	security	NOUN
ftr-397	486	11	for	for	ADP
ftr-397	486	12	the	the	DET
ftr-397	486	13	“	"	PUNCT
ftr-397	486	14	production	production	NOUN
ftr-397	486	15	of	of	ADP
ftr-397	486	16	income	income	NOUN
ftr-397	486	17	,	,	PUNCT
ftr-397	486	18	”	"	PUNCT
ftr-397	486	19	while	while	SCONJ
ftr-397	486	20	traders	trader	NOUN
ftr-397	486	21	derive	derive	VERB
ftr-397	486	22	profits	profit	NOUN
ftr-397	486	23	from	from	ADP
ftr-397	486	24	the	the	DET
ftr-397	486	25	“	"	PUNCT
ftr-397	486	26	direct	direct	ADJ
ftr-397	486	27	management	management	NOUN
ftr-397	486	28	of	of	ADP
ftr-397	486	29	purchasing	purchasing	NOUN
ftr-397	486	30	and	and	CCONJ
ftr-397	486	31	selling	selling	NOUN
ftr-397	486	32	”	"	PUNCT
ftr-397	486	33	securities.101	securities.101	NOUN
ftr-397	486	34	traders	trader	NOUN
ftr-397	486	35	,	,	PUNCT
ftr-397	486	36	unlike	unlike	ADP
ftr-397	486	37	investors	investor	NOUN
ftr-397	486	38	,	,	PUNCT
ftr-397	486	39	“	"	PUNCT
ftr-397	486	40	buy	buy	VERB
ftr-397	486	41	and	and	CCONJ
ftr-397	486	42	sell	sell	VERB
ftr-397	486	43	securities	security	NOUN
ftr-397	486	44	with	with	ADP
ftr-397	486	45	reasonable	reasonable	ADJ
ftr-397	486	46	frequency	frequency	NOUN
ftr-397	486	47	in	in	ADP
ftr-397	486	48	an	an	DET
ftr-397	486	49	endeavor	endeavor	NOUN
ftr-397	486	50	to	to	PART
ftr-397	486	51	catch	catch	VERB
ftr-397	486	52	the	the	DET
ftr-397	486	53	swings	swing	NOUN
ftr-397	486	54	in	in	ADP
ftr-397	486	55	the	the	DET
ftr-397	486	56	daily	daily	ADJ
ftr-397	486	57	market	market	NOUN
ftr-397	486	58	movements	movement	NOUN
ftr-397	486	59	and	and	CCONJ
ftr-397	486	60	profit	profit	NOUN
ftr-397	486	61	thereby	thereby	ADV
ftr-397	486	62	on	on	ADP
ftr-397	486	63	a	a	DET
ftr-397	486	64	short	short	ADJ
ftr-397	486	65	-	-	PUNCT
ftr-397	486	66	term	term	NOUN
ftr-397	486	67	basis	basis	NOUN
ftr-397	486	68	.	.	PUNCT
ftr-397	486	69	”102	”102	PUNCT
ftr-397	487	1	therefore	therefore	ADV
ftr-397	487	2	,	,	PUNCT
ftr-397	487	3	the	the	DET
ftr-397	487	4	taxpayer	taxpayer	NOUN
ftr-397	487	5	’s	’s	PART
ftr-397	487	6	holding	hold	VERB
ftr-397	487	7	period	period	NOUN
ftr-397	487	8	of	of	ADP
ftr-397	487	9	97	97	NUM
ftr-397	487	10	.	.	PUNCT
ftr-397	488	1	moller	moller	PROPN
ftr-397	488	2	,	,	PUNCT
ftr-397	488	3	721	721	NUM
ftr-397	488	4	f.2d	f.2d	NOUN
ftr-397	488	5	at	at	ADP
ftr-397	488	6	813	813	NUM
ftr-397	488	7	-	-	SYM
ftr-397	488	8	14	14	NUM
ftr-397	488	9	(	(	PUNCT
ftr-397	488	10	citing	cite	VERB
ftr-397	488	11	levin	levin	PROPN
ftr-397	488	12	v.	v.	ADP
ftr-397	488	13	comm’r	comm’r	PROPN
ftr-397	488	14	,	,	PUNCT
ftr-397	488	15	597	597	NUM
ftr-397	488	16	f.2d	f.2d	NOUN
ftr-397	488	17	760	760	NUM
ftr-397	488	18	,	,	PUNCT
ftr-397	488	19	765	765	NUM
ftr-397	488	20	(	(	PUNCT
ftr-397	488	21	ct	ct	PROPN
ftr-397	488	22	.	.	PUNCT
ftr-397	488	23	cl	cl	NOUN
ftr-397	488	24	.	.	PUNCT
ftr-397	488	25	1979	1979	NUM
ftr-397	488	26	)	)	PUNCT
ftr-397	488	27	;	;	PUNCT
ftr-397	488	28	fuld	fuld	PROPN
ftr-397	488	29	,	,	PUNCT
ftr-397	488	30	139	139	NUM
ftr-397	488	31	f.2d	f.2d	ADP
ftr-397	488	32	465	465	NUM
ftr-397	488	33	)	)	PUNCT
ftr-397	488	34	.	.	PUNCT
ftr-397	489	1	98	98	NUM
ftr-397	489	2	.	.	PUNCT
ftr-397	490	1	see	see	VERB
ftr-397	490	2	thomas	thomas	PROPN
ftr-397	490	3	,	,	PUNCT
ftr-397	490	4	supra	supra	PROPN
ftr-397	490	5	note	note	PROPN
ftr-397	490	6	5	5	NUM
ftr-397	490	7	,	,	PUNCT
ftr-397	490	8	at	at	ADP
ftr-397	490	9	275	275	NUM
ftr-397	490	10	-	-	SYM
ftr-397	490	11	76	76	NUM
ftr-397	490	12	(	(	PUNCT
ftr-397	490	13	“	"	PUNCT
ftr-397	490	14	the	the	DET
ftr-397	490	15	internal	internal	ADJ
ftr-397	490	16	revenue	revenue	NOUN
ftr-397	490	17	service	service	NOUN
ftr-397	490	18	has	have	AUX
ftr-397	490	19	sometimes	sometimes	ADV
ftr-397	490	20	suggested	suggest	VERB
ftr-397	490	21	that	that	SCONJ
ftr-397	490	22	a	a	DET
ftr-397	490	23	taxpayer	taxpayer	NOUN
ftr-397	490	24	should	should	AUX
ftr-397	490	25	not	not	PART
ftr-397	490	26	be	be	AUX
ftr-397	490	27	considered	consider	VERB
ftr-397	490	28	a	a	DET
ftr-397	490	29	trader	trader	NOUN
ftr-397	490	30	unless	unless	SCONJ
ftr-397	490	31	the	the	DET
ftr-397	490	32	activities	activity	NOUN
ftr-397	490	33	constitutes	constitute	VERB
ftr-397	490	34	his	his	PRON
ftr-397	490	35	sole	sole	ADJ
ftr-397	490	36	or	or	CCONJ
ftr-397	490	37	primary	primary	ADJ
ftr-397	490	38	income	income	NOUN
ftr-397	490	39	-	-	PUNCT
ftr-397	490	40	producing	produce	VERB
ftr-397	490	41	activity	activity	NOUN
ftr-397	490	42	.	.	PUNCT
ftr-397	491	1	…	…	PUNCT
ftr-397	491	2	to	to	PART
ftr-397	491	3	deny	deny	VERB
ftr-397	491	4	trader	trader	NOUN
ftr-397	491	5	status	status	NOUN
ftr-397	491	6	to	to	ADP
ftr-397	491	7	such	such	DET
ftr-397	491	8	a	a	DET
ftr-397	491	9	taxpayer	taxpayer	NOUN
ftr-397	491	10	because	because	SCONJ
ftr-397	491	11	he	he	PRON
ftr-397	491	12	maintains	maintain	VERB
ftr-397	491	13	other	other	ADJ
ftr-397	491	14	employment	employment	NOUN
ftr-397	491	15	would	would	AUX
ftr-397	491	16	be	be	AUX
ftr-397	491	17	arbitrary	arbitrary	ADJ
ftr-397	491	18	and	and	CCONJ
ftr-397	491	19	unfair	unfair	ADJ
ftr-397	491	20	,	,	PUNCT
ftr-397	491	21	and	and	CCONJ
ftr-397	491	22	contrary	contrary	ADJ
ftr-397	491	23	to	to	ADP
ftr-397	491	24	the	the	DET
ftr-397	491	25	body	body	NOUN
ftr-397	491	26	of	of	ADP
ftr-397	491	27	law	law	NOUN
ftr-397	491	28	on	on	ADP
ftr-397	491	29	this	this	DET
ftr-397	491	30	subject	subject	NOUN
ftr-397	491	31	”	"	PUNCT
ftr-397	491	32	)	)	PUNCT
ftr-397	491	33	.	.	PUNCT
ftr-397	492	1	99	99	NUM
ftr-397	492	2	.	.	PUNCT
ftr-397	493	1	see	see	VERB
ftr-397	493	2	,	,	PUNCT
ftr-397	493	3	e.g.	e.g.	ADV
ftr-397	493	4	,	,	PUNCT
ftr-397	493	5	schwartz	schwartz	PROPN
ftr-397	493	6	,	,	PUNCT
ftr-397	493	7	supra	supra	PROPN
ftr-397	493	8	note	note	PROPN
ftr-397	493	9	5	5	NUM
ftr-397	493	10	,	,	PUNCT
ftr-397	493	11	at	at	ADP
ftr-397	493	12	399	399	NUM
ftr-397	493	13	;	;	PUNCT
ftr-397	493	14	see	see	VERB
ftr-397	493	15	also	also	ADV
ftr-397	493	16	,	,	PUNCT
ftr-397	493	17	generally	generally	ADV
ftr-397	493	18	,	,	PUNCT
ftr-397	493	19	buagu	buagu	ADJ
ftr-397	493	20	,	,	PUNCT
ftr-397	493	21	musazi	musazi	ADJ
ftr-397	493	22	,	,	PUNCT
ftr-397	493	23	and	and	CCONJ
ftr-397	493	24	krishna	krishna	PROPN
ftr-397	493	25	rana	rana	PROPN
ftr-397	493	26	,	,	PUNCT
ftr-397	493	27	on	on	ADP
ftr-397	493	28	the	the	DET
ftr-397	493	29	tax	tax	NOUN
ftr-397	493	30	classification	classification	NOUN
ftr-397	493	31	of	of	ADP
ftr-397	493	32	day	day	NOUN
ftr-397	493	33	stock	stock	NOUN
ftr-397	493	34	traders	trader	NOUN
ftr-397	493	35	as	as	ADP
ftr-397	493	36	investors	investor	NOUN
ftr-397	493	37	or	or	CCONJ
ftr-397	493	38	traders	trader	NOUN
ftr-397	493	39	,	,	PUNCT
ftr-397	493	40	american	american	PROPN
ftr-397	493	41	accounting	accounting	PROPN
ftr-397	493	42	association	association	PROPN
ftr-397	493	43	2004	2004	NUM
ftr-397	493	44	mid	mid	ADJ
ftr-397	493	45	-	-	PROPN
ftr-397	493	46	atlantic	atlantic	ADJ
ftr-397	493	47	region	region	NOUN
ftr-397	493	48	meeting	meeting	NOUN
ftr-397	493	49	paper	paper	NOUN
ftr-397	493	50	(	(	PUNCT
ftr-397	493	51	jan	jan	PROPN
ftr-397	493	52	.	.	PROPN
ftr-397	493	53	7	7	NUM
ftr-397	493	54	,	,	PUNCT
ftr-397	493	55	2004	2004	NUM
ftr-397	493	56	)	)	PUNCT
ftr-397	493	57	(	(	PUNCT
ftr-397	493	58	presenting	present	VERB
ftr-397	493	59	analytical	analytical	ADJ
ftr-397	493	60	model	model	NOUN
ftr-397	493	61	to	to	PART
ftr-397	493	62	help	help	VERB
ftr-397	493	63	judges	judge	NOUN
ftr-397	493	64	distinguish	distinguish	VERB
ftr-397	493	65	between	between	ADP
ftr-397	493	66	investors	investor	NOUN
ftr-397	493	67	and	and	CCONJ
ftr-397	493	68	traders	trader	NOUN
ftr-397	493	69	without	without	ADP
ftr-397	493	70	arbitrariness	arbitrariness	NOUN
ftr-397	493	71	)	)	PUNCT
ftr-397	493	72	;	;	PUNCT
ftr-397	493	73	avi	avi	VERB
ftr-397	493	74	o.	o.	PROPN
ftr-397	493	75	liveson	liveson	PROPN
ftr-397	493	76	,	,	PUNCT
ftr-397	493	77	cases	case	NOUN
ftr-397	493	78	illustrate	illustrate	VERB
ftr-397	493	79	nature	nature	NOUN
ftr-397	493	80	and	and	CCONJ
ftr-397	493	81	level	level	NOUN
ftr-397	493	82	of	of	ADP
ftr-397	493	83	investment	investment	NOUN
ftr-397	493	84	activities	activity	NOUN
ftr-397	493	85	needed	need	VERB
ftr-397	493	86	to	to	PART
ftr-397	493	87	attain	attain	VERB
ftr-397	493	88	trader	trader	NOUN
ftr-397	493	89	status	status	NOUN
ftr-397	493	90	,	,	PUNCT
ftr-397	493	91	82	82	NUM
ftr-397	493	92	j.	j.	PROPN
ftr-397	493	93	tax’n	tax’n	PROPN
ftr-397	493	94	290	290	NUM
ftr-397	493	95	(	(	PUNCT
ftr-397	493	96	1995	1995	NUM
ftr-397	493	97	)	)	PUNCT
ftr-397	493	98	.	.	PUNCT
ftr-397	494	1	100	100	NUM
ftr-397	494	2	.	.	PUNCT
ftr-397	495	1	see	see	VERB
ftr-397	495	2	federal	federal	ADJ
ftr-397	495	3	tax	tax	NOUN
ftr-397	495	4	coordinator	coordinator	NOUN
ftr-397	495	5	(	(	PUNCT
ftr-397	495	6	ria	ria	PROPN
ftr-397	495	7	)	)	PUNCT
ftr-397	495	8	2d	2d	PROPN
ftr-397	495	9	at	at	ADP
ftr-397	495	10	¶	¶	PROPN
ftr-397	495	11	l-1112	l-1112	PROPN
ftr-397	495	12	(	(	PUNCT
ftr-397	495	13	“	"	PUNCT
ftr-397	495	14	[	[	X
ftr-397	495	15	p]roving	p]rove	VERB
ftr-397	495	16	that	that	PRON
ftr-397	495	17	one	one	NUM
ftr-397	495	18	’s	’s	PART
ftr-397	495	19	investment	investment	NOUN
ftr-397	495	20	activities	activity	NOUN
ftr-397	495	21	rise	rise	VERB
ftr-397	495	22	to	to	ADP
ftr-397	495	23	the	the	DET
ftr-397	495	24	level	level	NOUN
ftr-397	495	25	of	of	ADP
ftr-397	495	26	carrying	carry	VERB
ftr-397	495	27	on	on	ADP
ftr-397	495	28	a	a	DET
ftr-397	495	29	trade	trade	NOUN
ftr-397	495	30	or	or	CCONJ
ftr-397	495	31	business	business	NOUN
ftr-397	495	32	is	be	AUX
ftr-397	495	33	a	a	DET
ftr-397	495	34	difficult	difficult	ADJ
ftr-397	495	35	hill	hill	NOUN
ftr-397	495	36	to	to	PART
ftr-397	495	37	climb	climb	VERB
ftr-397	495	38	”	"	PUNCT
ftr-397	495	39	)	)	PUNCT
ftr-397	495	40	.	.	PUNCT
ftr-397	496	1	101	101	NUM
ftr-397	496	2	.	.	PUNCT
ftr-397	496	3	yaeger	yaeger	PROPN
ftr-397	496	4	,	,	PUNCT
ftr-397	496	5	889	889	NUM
ftr-397	496	6	f.2d	f.2d	X
ftr-397	496	7	at	at	ADP
ftr-397	496	8	33	33	NUM
ftr-397	496	9	.	.	PUNCT
ftr-397	496	10	102	102	NUM
ftr-397	496	11	.	.	PUNCT
ftr-397	497	1	i	i	PRON
ftr-397	497	2	d.	d.	PROPN
ftr-397	497	3	1136	1136	NUM
ftr-397	497	4	florida	florida	PROPN
ftr-397	497	5	tax	tax	NOUN
ftr-397	497	6	review	review	NOUN
ftr-397	498	1	[	[	X
ftr-397	498	2	vol	vol	NOUN
ftr-397	498	3	.	.	PUNCT
ftr-397	498	4	8:10	8:10	NUM
ftr-397	499	1	the	the	DET
ftr-397	499	2	securities	security	NOUN
ftr-397	499	3	and	and	CCONJ
ftr-397	499	4	the	the	DET
ftr-397	499	5	source	source	NOUN
ftr-397	499	6	of	of	ADP
ftr-397	499	7	the	the	DET
ftr-397	499	8	taxpayer	taxpayer	NOUN
ftr-397	499	9	’s	’s	PART
ftr-397	499	10	profit	profit	NOUN
ftr-397	499	11	are	be	AUX
ftr-397	499	12	significant	significant	ADJ
ftr-397	499	13	in	in	ADP
ftr-397	499	14	determining	determine	VERB
ftr-397	499	15	whether	whether	SCONJ
ftr-397	499	16	the	the	DET
ftr-397	499	17	taxpayer	taxpayer	NOUN
ftr-397	499	18	is	be	AUX
ftr-397	499	19	in	in	ADP
ftr-397	499	20	the	the	DET
ftr-397	499	21	trade	trade	NOUN
ftr-397	499	22	or	or	CCONJ
ftr-397	499	23	business	business	NOUN
ftr-397	499	24	of	of	ADP
ftr-397	499	25	“	"	PUNCT
ftr-397	499	26	trading	trading	NOUN
ftr-397	499	27	.	.	PUNCT
ftr-397	499	28	”	"	PUNCT
ftr-397	500	1	that	that	SCONJ
ftr-397	500	2	a	a	DET
ftr-397	500	3	distinction	distinction	NOUN
ftr-397	500	4	exists	exist	VERB
ftr-397	500	5	between	between	ADP
ftr-397	500	6	the	the	DET
ftr-397	500	7	nature	nature	NOUN
ftr-397	500	8	and	and	CCONJ
ftr-397	500	9	type	type	NOUN
ftr-397	500	10	of	of	ADP
ftr-397	500	11	income	income	NOUN
ftr-397	500	12	earned	earn	VERB
ftr-397	500	13	by	by	ADP
ftr-397	500	14	traders	trader	NOUN
ftr-397	500	15	and	and	CCONJ
ftr-397	500	16	that	that	SCONJ
ftr-397	500	17	earned	earn	VERB
ftr-397	500	18	by	by	ADP
ftr-397	500	19	mere	mere	ADJ
ftr-397	500	20	investors	investor	NOUN
ftr-397	500	21	was	be	AUX
ftr-397	500	22	recognized	recognize	VERB
ftr-397	500	23	by	by	ADP
ftr-397	500	24	the	the	DET
ftr-397	500	25	supreme	supreme	PROPN
ftr-397	500	26	court	court	PROPN
ftr-397	500	27	itself	itself	PRON
ftr-397	500	28	in	in	ADP
ftr-397	500	29	1941	1941	NUM
ftr-397	500	30	in	in	ADP
ftr-397	500	31	higgins	higgins	PROPN
ftr-397	500	32	v.	v.	ADP
ftr-397	500	33	comm’r	comm’r	NOUN
ftr-397	500	34	,	,	PUNCT
ftr-397	500	35	where	where	SCONJ
ftr-397	500	36	the	the	DET
ftr-397	500	37	court	court	NOUN
ftr-397	500	38	held	hold	VERB
ftr-397	500	39	that	that	SCONJ
ftr-397	500	40	“	"	PUNCT
ftr-397	500	41	[	[	X
ftr-397	500	42	n]o	n]o	NOUN
ftr-397	500	43	matter	matter	ADV
ftr-397	500	44	how	how	SCONJ
ftr-397	500	45	large	large	ADJ
ftr-397	500	46	the	the	DET
ftr-397	500	47	estate	estate	NOUN
ftr-397	500	48	or	or	CCONJ
ftr-397	500	49	how	how	SCONJ
ftr-397	500	50	continuous	continuous	ADJ
ftr-397	500	51	or	or	CCONJ
ftr-397	500	52	extended	extend	VERB
ftr-397	500	53	the	the	DET
ftr-397	500	54	work	work	NOUN
ftr-397	500	55	required	require	VERB
ftr-397	500	56	[	[	PUNCT
ftr-397	500	57	to	to	PART
ftr-397	500	58	oversee	oversee	VERB
ftr-397	500	59	taxpayer	taxpayer	NOUN
ftr-397	500	60	’s	’s	PART
ftr-397	500	61	estate	estate	NOUN
ftr-397	500	62	]	]	PUNCT
ftr-397	500	63	may	may	AUX
ftr-397	500	64	be	be	AUX
ftr-397	500	65	,	,	PUNCT
ftr-397	500	66	such	such	ADJ
ftr-397	500	67	facts	fact	NOUN
ftr-397	500	68	are	be	AUX
ftr-397	500	69	not	not	PART
ftr-397	500	70	sufficient	sufficient	ADJ
ftr-397	500	71	as	as	ADP
ftr-397	500	72	a	a	DET
ftr-397	500	73	matter	matter	NOUN
ftr-397	500	74	of	of	ADP
ftr-397	500	75	law	law	NOUN
ftr-397	500	76	to	to	PART
ftr-397	500	77	permit	permit	VERB
ftr-397	500	78	the	the	DET
ftr-397	500	79	courts	court	NOUN
ftr-397	500	80	to	to	PART
ftr-397	500	81	reverse	reverse	VERB
ftr-397	500	82	the	the	DET
ftr-397	500	83	decision	decision	NOUN
ftr-397	500	84	of	of	ADP
ftr-397	500	85	the	the	DET
ftr-397	500	86	board	board	NOUN
ftr-397	500	87	[	[	X
ftr-397	500	88	of	of	ADP
ftr-397	500	89	tax	tax	NOUN
ftr-397	500	90	appeals	appeal	NOUN
ftr-397	500	91	,	,	PUNCT
ftr-397	500	92	that	that	SCONJ
ftr-397	500	93	the	the	DET
ftr-397	500	94	taxpayer	taxpayer	NOUN
ftr-397	500	95	’s	’s	PART
ftr-397	500	96	activities	activity	NOUN
ftr-397	500	97	did	do	AUX
ftr-397	500	98	not	not	PART
ftr-397	500	99	amount	amount	VERB
ftr-397	500	100	to	to	ADP
ftr-397	500	101	the	the	DET
ftr-397	500	102	carrying	carrying	NOUN
ftr-397	500	103	on	on	ADP
ftr-397	500	104	of	of	ADP
ftr-397	500	105	a	a	DET
ftr-397	500	106	business	business	NOUN
ftr-397	500	107	]	]	PUNCT
ftr-397	500	108	”	"	PUNCT
ftr-397	500	109	and	and	CCONJ
ftr-397	500	110	that	that	SCONJ
ftr-397	500	111	“	"	PUNCT
ftr-397	500	112	no	no	DET
ftr-397	500	113	amount	amount	NOUN
ftr-397	500	114	of	of	ADP
ftr-397	500	115	personal	personal	ADJ
ftr-397	500	116	investment	investment	NOUN
ftr-397	500	117	management	management	NOUN
ftr-397	500	118	would	would	AUX
ftr-397	500	119	turn	turn	VERB
ftr-397	500	120	[	[	PUNCT
ftr-397	500	121	taxpayer	taxpayer	NOUN
ftr-397	500	122	’s	’s	PART
ftr-397	500	123	]	]	PUNCT
ftr-397	500	124	activities	activity	NOUN
ftr-397	500	125	into	into	ADP
ftr-397	500	126	a	a	DET
ftr-397	500	127	business	business	NOUN
ftr-397	500	128	.	.	PUNCT
ftr-397	500	129	”	"	PUNCT
ftr-397	501	1	103	103	NUM
ftr-397	501	2	the	the	DET
ftr-397	501	3	holding	holding	NOUN
ftr-397	501	4	in	in	ADP
ftr-397	501	5	higgins	higgins	PROPN
ftr-397	501	6	demonstrates	demonstrate	VERB
ftr-397	501	7	that	that	SCONJ
ftr-397	501	8	there	there	PRON
ftr-397	501	9	is	be	VERB
ftr-397	501	10	a	a	DET
ftr-397	501	11	difference	difference	NOUN
ftr-397	501	12	between	between	ADP
ftr-397	501	13	mere	mere	ADJ
ftr-397	501	14	management	management	NOUN
ftr-397	501	15	of	of	ADP
ftr-397	501	16	one	one	NUM
ftr-397	501	17	’s	’s	PART
ftr-397	501	18	own	own	ADJ
ftr-397	501	19	personal	personal	ADJ
ftr-397	501	20	investments	investment	NOUN
ftr-397	501	21	(	(	PUNCT
ftr-397	501	22	which	which	PRON
ftr-397	501	23	tend	tend	VERB
ftr-397	501	24	to	to	PART
ftr-397	501	25	be	be	AUX
ftr-397	501	26	held	hold	VERB
ftr-397	501	27	for	for	ADP
ftr-397	501	28	appreciation	appreciation	NOUN
ftr-397	501	29	over	over	ADP
ftr-397	501	30	the	the	DET
ftr-397	501	31	longer	long	ADJ
ftr-397	501	32	term	term	NOUN
ftr-397	501	33	)	)	PUNCT
ftr-397	501	34	,	,	PUNCT
ftr-397	501	35	and	and	CCONJ
ftr-397	501	36	the	the	DET
ftr-397	501	37	active	active	ADJ
ftr-397	501	38	trading	trading	NOUN
ftr-397	501	39	that	that	PRON
ftr-397	501	40	is	be	AUX
ftr-397	501	41	required	require	VERB
ftr-397	501	42	in	in	ADP
ftr-397	501	43	order	order	NOUN
ftr-397	501	44	to	to	PART
ftr-397	501	45	constitute	constitute	VERB
ftr-397	501	46	being	be	AUX
ftr-397	501	47	in	in	ADP
ftr-397	501	48	the	the	DET
ftr-397	501	49	trade	trade	NOUN
ftr-397	501	50	or	or	CCONJ
ftr-397	501	51	business	business	NOUN
ftr-397	501	52	of	of	ADP
ftr-397	501	53	securities	security	NOUN
ftr-397	501	54	trading	trading	NOUN
ftr-397	501	55	.	.	PUNCT
ftr-397	502	1	yaeger	yaeger	PROPN
ftr-397	502	2	v.	v.	ADP
ftr-397	502	3	comm’r	comm’r	NOUN
ftr-397	502	4	is	be	AUX
ftr-397	502	5	another	another	DET
ftr-397	502	6	good	good	ADJ
ftr-397	502	7	example	example	NOUN
ftr-397	502	8	of	of	ADP
ftr-397	502	9	this	this	DET
ftr-397	502	10	difference	difference	NOUN
ftr-397	502	11	.	.	PUNCT
ftr-397	503	1	in	in	ADP
ftr-397	503	2	yaeger	yaeger	PROPN
ftr-397	503	3	,	,	PUNCT
ftr-397	503	4	the	the	DET
ftr-397	503	5	court	court	NOUN
ftr-397	503	6	found	find	VERB
ftr-397	503	7	that	that	SCONJ
ftr-397	503	8	the	the	DET
ftr-397	503	9	taxpayer	taxpayer	NOUN
ftr-397	503	10	was	be	AUX
ftr-397	503	11	an	an	DET
ftr-397	503	12	investor	investor	NOUN
ftr-397	503	13	rather	rather	ADV
ftr-397	503	14	than	than	ADP
ftr-397	503	15	a	a	DET
ftr-397	503	16	trader	trader	NOUN
ftr-397	503	17	,	,	PUNCT
ftr-397	503	18	even	even	ADV
ftr-397	503	19	though	though	SCONJ
ftr-397	503	20	he	he	PRON
ftr-397	503	21	had	have	AUX
ftr-397	503	22	initiated	initiate	VERB
ftr-397	503	23	over	over	ADP
ftr-397	503	24	2000	2000	NUM
ftr-397	503	25	securities	security	NOUN
ftr-397	503	26	transactions	transaction	NOUN
ftr-397	503	27	in	in	ADP
ftr-397	503	28	1979	1979	NUM
ftr-397	503	29	and	and	CCONJ
ftr-397	503	30	1980	1980	NUM
ftr-397	503	31	,	,	PUNCT
ftr-397	503	32	and	and	CCONJ
ftr-397	503	33	had	have	AUX
ftr-397	503	34	“	"	PUNCT
ftr-397	503	35	pursued	pursue	VERB
ftr-397	503	36	his	his	PRON
ftr-397	503	37	security	security	NOUN
ftr-397	503	38	activities	activity	NOUN
ftr-397	503	39	vigorously	vigorously	ADV
ftr-397	503	40	and	and	CCONJ
ftr-397	503	41	extensively	extensively	ADV
ftr-397	503	42	.	.	PUNCT
ftr-397	503	43	”104	”104	PUNCT
ftr-397	504	1	the	the	DET
ftr-397	504	2	court	court	NOUN
ftr-397	504	3	pointed	point	VERB
ftr-397	504	4	to	to	ADP
ftr-397	504	5	the	the	DET
ftr-397	504	6	fact	fact	NOUN
ftr-397	504	7	that	that	SCONJ
ftr-397	504	8	most	most	ADJ
ftr-397	504	9	of	of	ADP
ftr-397	504	10	the	the	DET
ftr-397	504	11	taxpayer	taxpayer	NOUN
ftr-397	504	12	’s	’s	PART
ftr-397	504	13	securities	security	NOUN
ftr-397	504	14	were	be	AUX
ftr-397	504	15	held	hold	VERB
ftr-397	504	16	for	for	ADP
ftr-397	504	17	over	over	ADP
ftr-397	504	18	a	a	PRON
ftr-397	504	19	year	year	NOUN
ftr-397	504	20	,	,	PUNCT
ftr-397	504	21	and	and	CCONJ
ftr-397	504	22	he	he	PRON
ftr-397	504	23	did	do	AUX
ftr-397	504	24	not	not	PART
ftr-397	504	25	sell	sell	VERB
ftr-397	504	26	any	any	DET
ftr-397	504	27	securities	security	NOUN
ftr-397	504	28	held	hold	VERB
ftr-397	504	29	for	for	ADP
ftr-397	504	30	less	less	ADJ
ftr-397	504	31	than	than	ADP
ftr-397	504	32	three	three	NUM
ftr-397	504	33	months.105	months.105	NOUN
ftr-397	504	34	the	the	DET
ftr-397	504	35	court	court	NOUN
ftr-397	504	36	found	find	VERB
ftr-397	504	37	that	that	SCONJ
ftr-397	504	38	the	the	DET
ftr-397	504	39	taxpayer	taxpayer	NOUN
ftr-397	504	40	had	have	AUX
ftr-397	504	41	realized	realize	VERB
ftr-397	504	42	his	his	PRON
ftr-397	504	43	profits	profit	NOUN
ftr-397	504	44	from	from	ADP
ftr-397	504	45	both	both	DET
ftr-397	504	46	dividends	dividend	NOUN
ftr-397	504	47	and	and	CCONJ
ftr-397	504	48	interest	interest	NOUN
ftr-397	504	49	,	,	PUNCT
ftr-397	504	50	and	and	CCONJ
ftr-397	504	51	that	that	SCONJ
ftr-397	504	52	his	his	PRON
ftr-397	504	53	“	"	PUNCT
ftr-397	504	54	emphasis	emphasis	NOUN
ftr-397	504	55	on	on	ADP
ftr-397	504	56	capital	capital	NOUN
ftr-397	504	57	growth	growth	NOUN
ftr-397	504	58	and	and	CCONJ
ftr-397	504	59	profit	profit	NOUN
ftr-397	504	60	from	from	ADP
ftr-397	504	61	resale	resale	NOUN
ftr-397	504	62	indicate[d	indicate[d	PROPN
ftr-397	504	63	]	]	PUNCT
ftr-397	504	64	an	an	DET
ftr-397	504	65	investment	investment	NOUN
ftr-397	504	66	motivated	motivated	ADJ
ftr-397	504	67	activity	activity	NOUN
ftr-397	504	68	.	.	PUNCT
ftr-397	505	1	”106	”106	PUNCT
ftr-397	505	2	notably	notably	ADV
ftr-397	505	3	,	,	PUNCT
ftr-397	505	4	the	the	DET
ftr-397	505	5	court	court	NOUN
ftr-397	505	6	stated	state	VERB
ftr-397	505	7	that	that	SCONJ
ftr-397	505	8	“	"	PUNCT
ftr-397	505	9	no	no	ADV
ftr-397	505	10	matter	matter	ADV
ftr-397	505	11	how	how	SCONJ
ftr-397	505	12	large	large	ADJ
ftr-397	505	13	the	the	DET
ftr-397	505	14	estate	estate	NOUN
ftr-397	505	15	or	or	CCONJ
ftr-397	505	16	how	how	SCONJ
ftr-397	505	17	continuous	continuous	ADJ
ftr-397	505	18	or	or	CCONJ
ftr-397	505	19	extended	extend	VERB
ftr-397	505	20	the	the	DET
ftr-397	505	21	work	work	NOUN
ftr-397	505	22	required	require	VERB
ftr-397	505	23	may	may	AUX
ftr-397	505	24	be	be	AUX
ftr-397	505	25	,	,	PUNCT
ftr-397	505	26	the	the	DET
ftr-397	505	27	management	management	NOUN
ftr-397	505	28	of	of	ADP
ftr-397	505	29	securities	security	NOUN
ftr-397	505	30	investments	investment	NOUN
ftr-397	505	31	is	be	AUX
ftr-397	505	32	not	not	PART
ftr-397	505	33	the	the	DET
ftr-397	505	34	trade	trade	NOUN
ftr-397	505	35	or	or	CCONJ
ftr-397	505	36	business	business	NOUN
ftr-397	505	37	of	of	ADP
ftr-397	505	38	a	a	DET
ftr-397	505	39	trader	trader	NOUN
ftr-397	505	40	.	.	PUNCT
ftr-397	505	41	”107	”107	PUNCT
ftr-397	506	1	thus	thus	ADV
ftr-397	506	2	,	,	PUNCT
ftr-397	506	3	the	the	DET
ftr-397	506	4	unacceptably	unacceptably	ADV
ftr-397	506	5	long	long	ADJ
ftr-397	506	6	holding	holding	NOUN
ftr-397	506	7	period	period	NOUN
ftr-397	506	8	of	of	ADP
ftr-397	506	9	the	the	DET
ftr-397	506	10	taxpayer	taxpayer	NOUN
ftr-397	506	11	’s	’s	PART
ftr-397	506	12	securities	security	NOUN
ftr-397	506	13	betrayed	betray	VERB
ftr-397	506	14	the	the	DET
ftr-397	506	15	fact	fact	NOUN
ftr-397	506	16	that	that	SCONJ
ftr-397	506	17	the	the	DET
ftr-397	506	18	taxpayer	taxpayer	NOUN
ftr-397	506	19	was	be	AUX
ftr-397	506	20	not	not	PART
ftr-397	506	21	trying	try	VERB
ftr-397	506	22	to	to	PART
ftr-397	506	23	capture	capture	VERB
ftr-397	506	24	short	short	ADJ
ftr-397	506	25	-	-	PUNCT
ftr-397	506	26	term	term	NOUN
ftr-397	506	27	market	market	NOUN
ftr-397	506	28	swings	swing	NOUN
ftr-397	506	29	,	,	PUNCT
ftr-397	506	30	and	and	CCONJ
ftr-397	506	31	hence	hence	ADV
ftr-397	506	32	was	be	AUX
ftr-397	506	33	not	not	PART
ftr-397	506	34	a	a	DET
ftr-397	506	35	trader	trader	NOUN
ftr-397	506	36	.	.	PUNCT
ftr-397	507	1	the	the	DET
ftr-397	507	2	court	court	NOUN
ftr-397	507	3	of	of	ADP
ftr-397	507	4	appeals	appeal	NOUN
ftr-397	507	5	for	for	ADP
ftr-397	507	6	the	the	DET
ftr-397	507	7	federal	federal	ADJ
ftr-397	507	8	circuit	circuit	NOUN
ftr-397	507	9	also	also	ADV
ftr-397	507	10	addressed	address	VERB
ftr-397	507	11	the	the	DET
ftr-397	507	12	nature	nature	NOUN
ftr-397	507	13	of	of	ADP
ftr-397	507	14	the	the	DET
ftr-397	507	15	taxpayer	taxpayer	NOUN
ftr-397	507	16	’s	’s	PART
ftr-397	507	17	income	income	NOUN
ftr-397	507	18	and	and	CCONJ
ftr-397	507	19	the	the	DET
ftr-397	507	20	taxpayer	taxpayer	NOUN
ftr-397	507	21	’s	’s	PART
ftr-397	507	22	intent	intent	NOUN
ftr-397	507	23	in	in	ADP
ftr-397	507	24	moller	moller	PROPN
ftr-397	507	25	v.	v.	PROPN
ftr-397	507	26	comm’r.108	comm’r.108	SCONJ
ftr-397	507	27	the	the	DET
ftr-397	507	28	court	court	NOUN
ftr-397	507	29	noted	note	VERB
ftr-397	507	30	that	that	SCONJ
ftr-397	507	31	“	"	PUNCT
ftr-397	507	32	in	in	ADP
ftr-397	507	33	order	order	NOUN
ftr-397	507	34	to	to	PART
ftr-397	507	35	be	be	AUX
ftr-397	507	36	a	a	DET
ftr-397	507	37	trader	trader	NOUN
ftr-397	507	38	,	,	PUNCT
ftr-397	507	39	a	a	DET
ftr-397	507	40	taxpayer	taxpayer	NOUN
ftr-397	507	41	’s	’s	PART
ftr-397	507	42	activities	activity	NOUN
ftr-397	507	43	must	must	AUX
ftr-397	507	44	be	be	AUX
ftr-397	507	45	directed	direct	VERB
ftr-397	507	46	to	to	ADP
ftr-397	507	47	short	short	ADJ
ftr-397	507	48	-	-	PUNCT
ftr-397	507	49	term	term	NOUN
ftr-397	507	50	trading	trading	NOUN
ftr-397	507	51	,	,	PUNCT
ftr-397	507	52	not	not	PART
ftr-397	507	53	the	the	DET
ftr-397	507	54	long	long	ADJ
ftr-397	507	55	-	-	PUNCT
ftr-397	507	56	term	term	NOUN
ftr-397	507	57	holding	holding	NOUN
ftr-397	507	58	of	of	ADP
ftr-397	507	59	investments	investment	NOUN
ftr-397	507	60	,	,	PUNCT
ftr-397	507	61	and	and	CCONJ
ftr-397	507	62	income	income	NOUN
ftr-397	507	63	must	must	AUX
ftr-397	507	64	be	be	AUX
ftr-397	507	65	principally	principally	ADV
ftr-397	507	66	derived	derive	VERB
ftr-397	507	67	from	from	ADP
ftr-397	507	68	the	the	DET
ftr-397	507	69	sale	sale	NOUN
ftr-397	507	70	of	of	ADP
ftr-397	507	71	securities	security	NOUN
ftr-397	507	72	rather	rather	ADV
ftr-397	507	73	than	than	ADP
ftr-397	507	74	from	from	ADP
ftr-397	507	75	dividends	dividend	NOUN
ftr-397	507	76	and	and	CCONJ
ftr-397	507	77	interest	interest	NOUN
ftr-397	507	78	paid	pay	VERB
ftr-397	507	79	on	on	ADP
ftr-397	507	80	those	those	DET
ftr-397	507	81	securities	security	NOUN
ftr-397	507	82	.	.	PUNCT
ftr-397	508	1	”109	”109	VERB
ftr-397	508	2	103	103	NUM
ftr-397	508	3	.	.	PUNCT
ftr-397	509	1	higgins	higgins	PROPN
ftr-397	509	2	,	,	PUNCT
ftr-397	509	3	312	312	NUM
ftr-397	509	4	u.s	u.s	PROPN
ftr-397	509	5	.	.	PROPN
ftr-397	509	6	at	at	ADP
ftr-397	509	7	216	216	NUM
ftr-397	509	8	,	,	PUNCT
ftr-397	509	9	218	218	NUM
ftr-397	509	10	.	.	PUNCT
ftr-397	510	1	104	104	NUM
ftr-397	510	2	.	.	PUNCT
ftr-397	511	1	yaeger	yaeger	PROPN
ftr-397	511	2	,	,	PUNCT
ftr-397	511	3	889	889	NUM
ftr-397	511	4	f.2d	f.2d	X
ftr-397	511	5	at	at	ADP
ftr-397	511	6	33	33	NUM
ftr-397	511	7	.	.	PUNCT
ftr-397	511	8	105	105	NUM
ftr-397	511	9	.	.	PUNCT
ftr-397	512	1	i	i	PRON
ftr-397	512	2	d.	d.	PROPN
ftr-397	512	3	at	at	ADP
ftr-397	512	4	34	34	NUM
ftr-397	512	5	.	.	PUNCT
ftr-397	512	6	106	106	NUM
ftr-397	512	7	.	.	PUNCT
ftr-397	513	1	i	i	PRON
ftr-397	513	2	d.	d.	PROPN
ftr-397	513	3	at	at	ADP
ftr-397	513	4	34	34	NUM
ftr-397	513	5	(	(	PUNCT
ftr-397	513	6	citing	cite	VERB
ftr-397	513	7	miller	miller	PROPN
ftr-397	513	8	v.	v.	ADP
ftr-397	513	9	comm’r	comm’r	NOUN
ftr-397	513	10	,	,	PUNCT
ftr-397	513	11	70	70	NUM
ftr-397	513	12	t.c	t.c	PROPN
ftr-397	513	13	.	.	PROPN
ftr-397	513	14	448	448	NUM
ftr-397	513	15	,	,	PUNCT
ftr-397	513	16	457	457	NUM
ftr-397	513	17	(	(	PUNCT
ftr-397	513	18	1978	1978	NUM
ftr-397	513	19	)	)	PUNCT
ftr-397	513	20	)	)	PUNCT
ftr-397	513	21	.	.	PUNCT
ftr-397	514	1	107	107	NUM
ftr-397	514	2	.	.	PUNCT
ftr-397	515	1	i	i	PRON
ftr-397	515	2	d.	d.	PROPN
ftr-397	515	3	at	at	ADP
ftr-397	515	4	34	34	NUM
ftr-397	515	5	(	(	PUNCT
ftr-397	515	6	citing	cite	VERB
ftr-397	515	7	higgins	higgins	PROPN
ftr-397	515	8	,	,	PUNCT
ftr-397	515	9	312	312	NUM
ftr-397	515	10	u.s	u.s	PROPN
ftr-397	515	11	.	.	PROPN
ftr-397	515	12	at	at	ADP
ftr-397	515	13	218	218	NUM
ftr-397	515	14	)	)	PUNCT
ftr-397	515	15	.	.	PUNCT
ftr-397	516	1	108	108	NUM
ftr-397	516	2	.	.	PUNCT
ftr-397	517	1	moller	moller	PROPN
ftr-397	517	2	,	,	PUNCT
ftr-397	517	3	721	721	NUM
ftr-397	517	4	f.2d	f.2d	NOUN
ftr-397	517	5	810	810	NUM
ftr-397	517	6	.	.	PUNCT
ftr-397	517	7	109	109	NUM
ftr-397	517	8	.	.	PUNCT
ftr-397	518	1	i	i	PRON
ftr-397	518	2	d.	d.	PROPN
ftr-397	518	3	at	at	ADP
ftr-397	518	4	813	813	NUM
ftr-397	518	5	.	.	PUNCT
ftr-397	518	6	2008	2008	NUM
ftr-397	518	7	]	]	PUNCT
ftr-397	519	1	a	a	DET
ftr-397	519	2	structural	structural	ADJ
ftr-397	519	3	critique	critique	NOUN
ftr-397	519	4	of	of	ADP
ftr-397	519	5	trader	trader	NOUN
ftr-397	519	6	taxation	taxation	NOUN
ftr-397	519	7	1137	1137	NUM
ftr-397	519	8	the	the	DET
ftr-397	519	9	court	court	NOUN
ftr-397	519	10	concluded	conclude	VERB
ftr-397	519	11	that	that	SCONJ
ftr-397	519	12	the	the	DET
ftr-397	519	13	taxpayers	taxpayer	NOUN
ftr-397	519	14	were	be	AUX
ftr-397	519	15	investors	investor	NOUN
ftr-397	519	16	rather	rather	ADV
ftr-397	519	17	than	than	ADP
ftr-397	519	18	traders	trader	NOUN
ftr-397	519	19	because	because	SCONJ
ftr-397	519	20	they	they	PRON
ftr-397	519	21	were	be	AUX
ftr-397	519	22	“	"	PUNCT
ftr-397	519	23	primarily	primarily	ADV
ftr-397	519	24	interested	interested	ADJ
ftr-397	519	25	in	in	ADP
ftr-397	519	26	the	the	DET
ftr-397	519	27	long	long	ADJ
ftr-397	519	28	-	-	PUNCT
ftr-397	519	29	term	term	NOUN
ftr-397	519	30	growth	growth	NOUN
ftr-397	519	31	potential	potential	NOUN
ftr-397	519	32	of	of	ADP
ftr-397	519	33	their	their	PRON
ftr-397	519	34	stocks	stock	NOUN
ftr-397	519	35	”	"	PUNCT
ftr-397	519	36	and	and	CCONJ
ftr-397	519	37	“	"	PUNCT
ftr-397	519	38	did	do	AUX
ftr-397	519	39	not	not	PART
ftr-397	519	40	derive	derive	VERB
ftr-397	519	41	their	their	PRON
ftr-397	519	42	income	income	NOUN
ftr-397	519	43	from	from	ADP
ftr-397	519	44	the	the	DET
ftr-397	519	45	relatively	relatively	ADV
ftr-397	519	46	short	short	ADJ
ftr-397	519	47	-	-	PUNCT
ftr-397	519	48	term	term	NOUN
ftr-397	519	49	turnover	turnover	NOUN
ftr-397	519	50	of	of	ADP
ftr-397	519	51	stocks	stock	NOUN
ftr-397	519	52	,	,	PUNCT
ftr-397	519	53	nor	nor	CCONJ
ftr-397	519	54	did	do	AUX
ftr-397	519	55	they	they	PRON
ftr-397	519	56	derive	derive	VERB
ftr-397	519	57	any	any	DET
ftr-397	519	58	significant	significant	ADJ
ftr-397	519	59	profits	profit	NOUN
ftr-397	519	60	through	through	ADP
ftr-397	519	61	the	the	DET
ftr-397	519	62	act	act	NOUN
ftr-397	519	63	of	of	ADP
ftr-397	519	64	trading	trading	NOUN
ftr-397	519	65	.	.	PUNCT
ftr-397	519	66	”110	”110	PUNCT
ftr-397	520	1	the	the	DET
ftr-397	520	2	court	court	NOUN
ftr-397	520	3	noted	note	VERB
ftr-397	520	4	that	that	SCONJ
ftr-397	520	5	interest	interest	NOUN
ftr-397	520	6	and	and	CCONJ
ftr-397	520	7	dividend	dividend	NOUN
ftr-397	520	8	payments	payment	NOUN
ftr-397	520	9	constituted	constitute	VERB
ftr-397	520	10	over	over	ADP
ftr-397	520	11	98	98	NUM
ftr-397	520	12	%	%	NOUN
ftr-397	520	13	of	of	ADP
ftr-397	520	14	taxpayers	taxpayer	NOUN
ftr-397	520	15	’	'	PUNCT
ftr-397	520	16	gross	gross	ADJ
ftr-397	520	17	income	income	NOUN
ftr-397	520	18	for	for	ADP
ftr-397	520	19	1976	1976	NUM
ftr-397	520	20	and	and	CCONJ
ftr-397	520	21	1977	1977	NUM
ftr-397	520	22	,	,	PUNCT
ftr-397	520	23	and	and	CCONJ
ftr-397	520	24	in	in	ADP
ftr-397	520	25	1976	1976	NUM
ftr-397	520	26	their	their	PRON
ftr-397	520	27	profit	profit	NOUN
ftr-397	520	28	from	from	ADP
ftr-397	520	29	the	the	DET
ftr-397	520	30	sale	sale	NOUN
ftr-397	520	31	of	of	ADP
ftr-397	520	32	securities	security	NOUN
ftr-397	520	33	was	be	AUX
ftr-397	520	34	only	only	ADV
ftr-397	520	35	$	$	SYM
ftr-397	520	36	612	612	NUM
ftr-397	520	37	,	,	PUNCT
ftr-397	520	38	while	while	SCONJ
ftr-397	520	39	in	in	ADP
ftr-397	520	40	1977	1977	NUM
ftr-397	520	41	their	their	PRON
ftr-397	520	42	sales	sale	NOUN
ftr-397	520	43	resulted	result	VERB
ftr-397	520	44	in	in	ADP
ftr-397	520	45	a	a	DET
ftr-397	520	46	loss	loss	NOUN
ftr-397	520	47	of	of	ADP
ftr-397	520	48	$	$	SYM
ftr-397	520	49	223.111	223.111	NUM
ftr-397	520	50	hence	hence	ADV
ftr-397	520	51	,	,	PUNCT
ftr-397	520	52	in	in	ADP
ftr-397	520	53	order	order	NOUN
ftr-397	520	54	to	to	PART
ftr-397	520	55	show	show	VERB
ftr-397	520	56	“	"	PUNCT
ftr-397	520	57	engagement	engagement	NOUN
ftr-397	520	58	in	in	ADP
ftr-397	520	59	a	a	DET
ftr-397	520	60	trade	trade	NOUN
ftr-397	520	61	or	or	CCONJ
ftr-397	520	62	business	business	NOUN
ftr-397	520	63	,	,	PUNCT
ftr-397	520	64	”	"	PUNCT
ftr-397	520	65	which	which	PRON
ftr-397	520	66	is	be	AUX
ftr-397	520	67	required	require	VERB
ftr-397	520	68	in	in	ADP
ftr-397	520	69	order	order	NOUN
ftr-397	520	70	to	to	PART
ftr-397	520	71	qualify	qualify	VERB
ftr-397	520	72	for	for	ADP
ftr-397	520	73	trader	trader	NOUN
ftr-397	520	74	classification	classification	NOUN
ftr-397	520	75	,	,	PUNCT
ftr-397	520	76	a	a	DET
ftr-397	520	77	taxpayer	taxpayer	NOUN
ftr-397	520	78	must	must	AUX
ftr-397	520	79	not	not	PART
ftr-397	520	80	only	only	ADV
ftr-397	520	81	demonstrate	demonstrate	VERB
ftr-397	520	82	that	that	SCONJ
ftr-397	520	83	his	his	PRON
ftr-397	520	84	securities	security	NOUN
ftr-397	520	85	activities	activity	NOUN
ftr-397	520	86	are	be	AUX
ftr-397	520	87	continuous	continuous	ADJ
ftr-397	520	88	,	,	PUNCT
ftr-397	520	89	substantial	substantial	ADJ
ftr-397	520	90	,	,	PUNCT
ftr-397	520	91	and	and	CCONJ
ftr-397	520	92	frequent	frequent	ADJ
ftr-397	520	93	(	(	PUNCT
ftr-397	520	94	rather	rather	ADV
ftr-397	520	95	than	than	ADP
ftr-397	520	96	sporadic	sporadic	ADJ
ftr-397	520	97	)	)	PUNCT
ftr-397	520	98	,	,	PUNCT
ftr-397	520	99	but	but	CCONJ
ftr-397	520	100	he	he	PRON
ftr-397	520	101	must	must	AUX
ftr-397	520	102	also	also	ADV
ftr-397	520	103	show	show	VERB
ftr-397	520	104	an	an	DET
ftr-397	520	105	intent	intent	NOUN
ftr-397	520	106	to	to	PART
ftr-397	520	107	profit	profit	VERB
ftr-397	520	108	from	from	ADP
ftr-397	520	109	short	short	ADJ
ftr-397	520	110	swings	swing	NOUN
ftr-397	520	111	in	in	ADP
ftr-397	520	112	the	the	DET
ftr-397	520	113	market	market	NOUN
ftr-397	520	114	,	,	PUNCT
ftr-397	520	115	rather	rather	ADV
ftr-397	520	116	than	than	ADP
ftr-397	520	117	from	from	ADP
ftr-397	520	118	interest	interest	NOUN
ftr-397	520	119	,	,	PUNCT
ftr-397	520	120	dividends	dividend	NOUN
ftr-397	520	121	,	,	PUNCT
ftr-397	520	122	or	or	CCONJ
ftr-397	520	123	long	long	ADJ
ftr-397	520	124	-	-	PUNCT
ftr-397	520	125	term	term	NOUN
ftr-397	520	126	appreciation	appreciation	NOUN
ftr-397	520	127	.	.	PUNCT
ftr-397	521	1	once	once	SCONJ
ftr-397	521	2	the	the	DET
ftr-397	521	3	taxpayer	taxpayer	NOUN
ftr-397	521	4	meets	meet	VERB
ftr-397	521	5	these	these	DET
ftr-397	521	6	dual	dual	ADJ
ftr-397	521	7	requirements	requirement	NOUN
ftr-397	521	8	to	to	PART
ftr-397	521	9	be	be	AUX
ftr-397	521	10	considered	consider	VERB
ftr-397	521	11	a	a	DET
ftr-397	521	12	trader	trader	NOUN
ftr-397	521	13	engaged	engage	VERB
ftr-397	521	14	in	in	ADP
ftr-397	521	15	the	the	DET
ftr-397	521	16	“	"	PUNCT
ftr-397	521	17	trade	trade	NOUN
ftr-397	521	18	or	or	CCONJ
ftr-397	521	19	business	business	NOUN
ftr-397	521	20	”	"	PUNCT
ftr-397	521	21	of	of	ADP
ftr-397	521	22	securities	security	NOUN
ftr-397	521	23	trading	trading	NOUN
ftr-397	521	24	,	,	PUNCT
ftr-397	521	25	then	then	ADV
ftr-397	521	26	,	,	PUNCT
ftr-397	521	27	as	as	SCONJ
ftr-397	521	28	discussed	discuss	VERB
ftr-397	521	29	above	above	ADV
ftr-397	521	30	,	,	PUNCT
ftr-397	521	31	the	the	DET
ftr-397	521	32	taxpayer	taxpayer	NOUN
ftr-397	521	33	has	have	VERB
ftr-397	521	34	the	the	DET
ftr-397	521	35	potential	potential	NOUN
ftr-397	521	36	to	to	PART
ftr-397	521	37	be	be	AUX
ftr-397	521	38	eligible	eligible	ADJ
ftr-397	521	39	for	for	ADP
ftr-397	521	40	certain	certain	ADJ
ftr-397	521	41	tax	tax	NOUN
ftr-397	521	42	deductions	deduction	NOUN
ftr-397	521	43	and	and	CCONJ
ftr-397	521	44	elections	election	NOUN
ftr-397	521	45	,	,	PUNCT
ftr-397	521	46	such	such	ADJ
ftr-397	521	47	as	as	ADP
ftr-397	521	48	irc	irc	PROPN
ftr-397	521	49	section	section	NOUN
ftr-397	521	50	162	162	NUM
ftr-397	521	51	trade	trade	NOUN
ftr-397	521	52	or	or	CCONJ
ftr-397	521	53	business	business	NOUN
ftr-397	521	54	deductions	deduction	NOUN
ftr-397	521	55	,	,	PUNCT
ftr-397	521	56	irc	irc	ADP
ftr-397	521	57	section	section	NOUN
ftr-397	521	58	280a	280a	NOUN
ftr-397	521	59	home	home	NOUN
ftr-397	521	60	office	office	NOUN
ftr-397	521	61	deductions	deduction	NOUN
ftr-397	521	62	,	,	PUNCT
ftr-397	521	63	unlimited	unlimited	ADJ
ftr-397	521	64	interest	interest	NOUN
ftr-397	521	65	deductions	deduction	NOUN
ftr-397	521	66	under	under	ADP
ftr-397	521	67	irc	irc	PROPN
ftr-397	521	68	section	section	NOUN
ftr-397	521	69	163	163	NUM
ftr-397	521	70	,	,	PUNCT
ftr-397	521	71	the	the	DET
ftr-397	521	72	election	election	NOUN
ftr-397	521	73	to	to	PART
ftr-397	521	74	deduct	deduct	VERB
ftr-397	521	75	“	"	PUNCT
ftr-397	521	76	section	section	NOUN
ftr-397	521	77	179	179	NUM
ftr-397	521	78	property	property	NOUN
ftr-397	521	79	,	,	PUNCT
ftr-397	521	80	”	"	PUNCT
ftr-397	521	81	the	the	DET
ftr-397	521	82	election	election	NOUN
ftr-397	521	83	to	to	PART
ftr-397	521	84	deduct	deduct	VERB
ftr-397	521	85	start	start	VERB
ftr-397	521	86	-	-	PUNCT
ftr-397	521	87	up	up	ADP
ftr-397	521	88	expenses	expense	NOUN
ftr-397	521	89	under	under	ADP
ftr-397	521	90	irc	irc	PROPN
ftr-397	521	91	section	section	NOUN
ftr-397	521	92	195	195	NUM
ftr-397	521	93	,	,	PUNCT
ftr-397	521	94	and	and	CCONJ
ftr-397	521	95	the	the	DET
ftr-397	521	96	mark	mark	NOUN
ftr-397	521	97	-	-	PUNCT
ftr-397	521	98	to	to	ADP
ftr-397	521	99	-	-	PUNCT
ftr-397	521	100	market	market	NOUN
ftr-397	521	101	election	election	NOUN
ftr-397	521	102	under	under	ADP
ftr-397	521	103	irc	irc	PROPN
ftr-397	521	104	section	section	NOUN
ftr-397	521	105	475(f).112	475(f).112	NUM
ftr-397	521	106	this	this	DET
ftr-397	521	107	result	result	NOUN
ftr-397	521	108	stems	stem	VERB
ftr-397	521	109	from	from	ADP
ftr-397	521	110	the	the	DET
ftr-397	521	111	fact	fact	NOUN
ftr-397	521	112	that	that	SCONJ
ftr-397	521	113	the	the	DET
ftr-397	521	114	“	"	PUNCT
ftr-397	521	115	trade	trade	NOUN
ftr-397	521	116	or	or	CCONJ
ftr-397	521	117	business	business	NOUN
ftr-397	521	118	”	"	PUNCT
ftr-397	521	119	test	test	NOUN
ftr-397	521	120	underpins	underpin	VERB
ftr-397	521	121	the	the	DET
ftr-397	521	122	statutory	statutory	ADJ
ftr-397	521	123	language	language	NOUN
ftr-397	521	124	of	of	ADP
ftr-397	521	125	each	each	PRON
ftr-397	521	126	of	of	ADP
ftr-397	521	127	these	these	DET
ftr-397	521	128	deductions	deduction	NOUN
ftr-397	521	129	.	.	PUNCT
ftr-397	522	1	as	as	ADV
ftr-397	522	2	further	far	ADV
ftr-397	522	3	discussed	discuss	VERB
ftr-397	522	4	in	in	ADP
ftr-397	522	5	section	section	NOUN
ftr-397	522	6	iii.b	iii.b	PROPN
ftr-397	522	7	.	.	PUNCT
ftr-397	523	1	below	below	ADV
ftr-397	523	2	,	,	PUNCT
ftr-397	523	3	the	the	DET
ftr-397	523	4	same	same	ADJ
ftr-397	523	5	“	"	PUNCT
ftr-397	523	6	trade	trade	NOUN
ftr-397	523	7	or	or	CCONJ
ftr-397	523	8	business	business	NOUN
ftr-397	523	9	”	"	PUNCT
ftr-397	523	10	test	test	NOUN
ftr-397	523	11	is	be	AUX
ftr-397	523	12	also	also	ADV
ftr-397	523	13	used	use	VERB
ftr-397	523	14	to	to	PART
ftr-397	523	15	underpin	underpin	VERB
ftr-397	523	16	the	the	DET
ftr-397	523	17	analysis	analysis	NOUN
ftr-397	523	18	in	in	ADP
ftr-397	523	19	determining	determine	VERB
ftr-397	523	20	the	the	DET
ftr-397	523	21	character	character	NOUN
ftr-397	523	22	of	of	ADP
ftr-397	523	23	a	a	DET
ftr-397	523	24	trader	trader	NOUN
ftr-397	523	25	’s	’s	PART
ftr-397	523	26	income	income	NOUN
ftr-397	523	27	.	.	PUNCT
ftr-397	524	1	however	however	ADV
ftr-397	524	2	,	,	PUNCT
ftr-397	524	3	since	since	SCONJ
ftr-397	524	4	1934	1934	NUM
ftr-397	524	5	,	,	PUNCT
ftr-397	524	6	another	another	DET
ftr-397	524	7	standard	standard	NOUN
ftr-397	524	8	(	(	PUNCT
ftr-397	524	9	discussed	discuss	VERB
ftr-397	524	10	below	below	ADV
ftr-397	524	11	)	)	PUNCT
ftr-397	524	12	has	have	AUX
ftr-397	524	13	also	also	ADV
ftr-397	524	14	been	be	AUX
ftr-397	524	15	applied	apply	VERB
ftr-397	524	16	to	to	ADP
ftr-397	524	17	making	make	VERB
ftr-397	524	18	this	this	DET
ftr-397	524	19	determination	determination	NOUN
ftr-397	524	20	.	.	PUNCT
ftr-397	525	1	110	110	NUM
ftr-397	525	2	.	.	PUNCT
ftr-397	526	1	moller	moller	PROPN
ftr-397	526	2	,	,	PUNCT
ftr-397	526	3	721	721	NUM
ftr-397	526	4	f.2d	f.2d	NOUN
ftr-397	526	5	at	at	ADP
ftr-397	526	6	813	813	NUM
ftr-397	526	7	.	.	PUNCT
ftr-397	526	8	111	111	NUM
ftr-397	526	9	.	.	PUNCT
ftr-397	527	1	i	i	PRON
ftr-397	527	2	d.	d.	PROPN
ftr-397	527	3	at	at	ADP
ftr-397	527	4	812	812	NUM
ftr-397	527	5	.	.	PUNCT
ftr-397	528	1	112	112	NUM
ftr-397	528	2	.	.	PUNCT
ftr-397	529	1	see	see	VERB
ftr-397	529	2	,	,	PUNCT
ftr-397	529	3	e.g.	e.g.	ADV
ftr-397	529	4	,	,	PUNCT
ftr-397	529	5	yaeger	yaeger	PROPN
ftr-397	529	6	,	,	PUNCT
ftr-397	529	7	889	889	NUM
ftr-397	529	8	f.2d	f.2d	NOUN
ftr-397	529	9	at	at	ADP
ftr-397	529	10	29	29	NUM
ftr-397	529	11	(	(	PUNCT
ftr-397	529	12	finding	find	VERB
ftr-397	529	13	that	that	SCONJ
ftr-397	529	14	taxpayer	taxpayer	NOUN
ftr-397	529	15	was	be	AUX
ftr-397	529	16	an	an	DET
ftr-397	529	17	investor	investor	NOUN
ftr-397	529	18	not	not	PART
ftr-397	529	19	engaged	engage	VERB
ftr-397	529	20	in	in	ADP
ftr-397	529	21	a	a	DET
ftr-397	529	22	trade	trade	NOUN
ftr-397	529	23	or	or	CCONJ
ftr-397	529	24	business	business	NOUN
ftr-397	529	25	meant	mean	VERB
ftr-397	529	26	that	that	SCONJ
ftr-397	529	27	he	he	PRON
ftr-397	529	28	was	be	AUX
ftr-397	529	29	subject	subject	ADJ
ftr-397	529	30	to	to	ADP
ftr-397	529	31	the	the	DET
ftr-397	529	32	irc	irc	PROPN
ftr-397	529	33	§	§	PROPN
ftr-397	529	34	163(d	163(d	PROPN
ftr-397	529	35	)	)	PUNCT
ftr-397	529	36	investment	investment	NOUN
ftr-397	529	37	interest	interest	NOUN
ftr-397	529	38	limitation	limitation	NOUN
ftr-397	529	39	)	)	PUNCT
ftr-397	529	40	;	;	PUNCT
ftr-397	530	1	paoli	paoli	PROPN
ftr-397	530	2	,	,	PUNCT
ftr-397	530	3	62	62	NUM
ftr-397	530	4	t.c.m	t.c.m	NOUN
ftr-397	530	5	.	.	PUNCT
ftr-397	531	1	(	(	PUNCT
ftr-397	531	2	cch	cch	NOUN
ftr-397	531	3	)	)	PUNCT
ftr-397	531	4	275	275	NUM
ftr-397	531	5	(	(	PUNCT
ftr-397	531	6	same	same	ADJ
ftr-397	531	7	)	)	PUNCT
ftr-397	531	8	;	;	PUNCT
ftr-397	532	1	hart	hart	PROPN
ftr-397	532	2	,	,	PUNCT
ftr-397	532	3	73	73	NUM
ftr-397	532	4	t.c.m	t.c.m	NOUN
ftr-397	532	5	.	.	PUNCT
ftr-397	533	1	(	(	PUNCT
ftr-397	533	2	cch	cch	NOUN
ftr-397	533	3	)	)	PUNCT
ftr-397	533	4	1684	1684	NUM
ftr-397	533	5	(	(	PUNCT
ftr-397	533	6	same	same	ADJ
ftr-397	533	7	)	)	PUNCT
ftr-397	533	8	;	;	PUNCT
ftr-397	533	9	boatner	boatner	NOUN
ftr-397	533	10	,	,	PUNCT
ftr-397	533	11	74	74	NUM
ftr-397	533	12	t.c.m	t.c.m	NOUN
ftr-397	533	13	.	.	PUNCT
ftr-397	534	1	(	(	PUNCT
ftr-397	534	2	cch	cch	NOUN
ftr-397	534	3	)	)	PUNCT
ftr-397	534	4	at	at	ADP
ftr-397	534	5	345	345	NUM
ftr-397	534	6	(	(	PUNCT
ftr-397	534	7	determination	determination	NOUN
ftr-397	534	8	that	that	PRON
ftr-397	534	9	taxpayer	taxpayer	NOUN
ftr-397	534	10	was	be	AUX
ftr-397	534	11	not	not	PART
ftr-397	534	12	engaged	engage	VERB
ftr-397	534	13	in	in	ADP
ftr-397	534	14	the	the	DET
ftr-397	534	15	trade	trade	NOUN
ftr-397	534	16	or	or	CCONJ
ftr-397	534	17	business	business	NOUN
ftr-397	534	18	of	of	ADP
ftr-397	534	19	buying	buy	VERB
ftr-397	534	20	and	and	CCONJ
ftr-397	534	21	selling	sell	VERB
ftr-397	534	22	stock	stock	NOUN
ftr-397	534	23	meant	mean	VERB
ftr-397	534	24	that	that	SCONJ
ftr-397	534	25	he	he	PRON
ftr-397	534	26	was	be	AUX
ftr-397	534	27	not	not	PART
ftr-397	534	28	eligible	eligible	ADJ
ftr-397	534	29	for	for	ADP
ftr-397	534	30	business	business	NOUN
ftr-397	534	31	deductions	deduction	NOUN
ftr-397	534	32	but	but	CCONJ
ftr-397	534	33	rather	rather	ADV
ftr-397	534	34	had	have	VERB
ftr-397	534	35	to	to	PART
ftr-397	534	36	itemize	itemize	VERB
ftr-397	534	37	deductions	deduction	NOUN
ftr-397	534	38	)	)	PUNCT
ftr-397	534	39	;	;	PUNCT
ftr-397	534	40	moller	moller	PROPN
ftr-397	534	41	,	,	PUNCT
ftr-397	534	42	721	721	NUM
ftr-397	534	43	f.2d	f.2d	SYM
ftr-397	534	44	810	810	NUM
ftr-397	534	45	(	(	PUNCT
ftr-397	534	46	finding	find	VERB
ftr-397	534	47	that	that	SCONJ
ftr-397	534	48	taxpayer	taxpayer	NOUN
ftr-397	534	49	was	be	AUX
ftr-397	534	50	an	an	DET
ftr-397	534	51	investor	investor	NOUN
ftr-397	534	52	and	and	CCONJ
ftr-397	534	53	not	not	PART
ftr-397	534	54	in	in	ADP
ftr-397	534	55	the	the	DET
ftr-397	534	56	“	"	PUNCT
ftr-397	534	57	trade	trade	NOUN
ftr-397	534	58	or	or	CCONJ
ftr-397	534	59	business	business	NOUN
ftr-397	534	60	”	"	PUNCT
ftr-397	534	61	resulted	result	VERB
ftr-397	534	62	in	in	ADP
ftr-397	534	63	disallowance	disallowance	NOUN
ftr-397	534	64	of	of	ADP
ftr-397	534	65	irc	irc	PROPN
ftr-397	534	66	§	§	PROPN
ftr-397	534	67	280a	280a	PROPN
ftr-397	534	68	home	home	NOUN
ftr-397	534	69	office	office	NOUN
ftr-397	534	70	expense	expense	NOUN
ftr-397	534	71	deductions	deduction	NOUN
ftr-397	534	72	)	)	PUNCT
ftr-397	534	73	;	;	PUNCT
ftr-397	534	74	cameron	cameron	PROPN
ftr-397	534	75	,	,	PUNCT
ftr-397	534	76	2007	2007	NUM
ftr-397	534	77	t.c.m	t.c.m	NOUN
ftr-397	534	78	.	.	PUNCT
ftr-397	535	1	(	(	PUNCT
ftr-397	535	2	ria	ria	PROPN
ftr-397	535	3	)	)	PUNCT
ftr-397	535	4	¶	¶	NOUN
ftr-397	535	5	2007	2007	NUM
ftr-397	535	6	-	-	SYM
ftr-397	535	7	260	260	NUM
ftr-397	535	8	,	,	PUNCT
ftr-397	535	9	94	94	NUM
ftr-397	535	10	t.c.m	t.c.m	NOUN
ftr-397	535	11	.	.	PUNCT
ftr-397	536	1	(	(	PUNCT
ftr-397	536	2	cch	cch	NOUN
ftr-397	536	3	)	)	PUNCT
ftr-397	536	4	245	245	NUM
ftr-397	536	5	(	(	PUNCT
ftr-397	536	6	taxpayer	taxpayer	NOUN
ftr-397	536	7	who	who	PRON
ftr-397	536	8	was	be	AUX
ftr-397	536	9	an	an	DET
ftr-397	536	10	investor	investor	NOUN
ftr-397	536	11	,	,	PUNCT
ftr-397	536	12	not	not	PART
ftr-397	536	13	a	a	DET
ftr-397	536	14	trader	trader	NOUN
ftr-397	536	15	,	,	PUNCT
ftr-397	536	16	was	be	AUX
ftr-397	536	17	disallowed	disallow	VERB
ftr-397	536	18	irc	irc	PROPN
ftr-397	536	19	§	§	PROPN
ftr-397	536	20	162	162	NUM
ftr-397	536	21	trade	trade	NOUN
ftr-397	536	22	or	or	CCONJ
ftr-397	536	23	business	business	NOUN
ftr-397	536	24	deduction	deduction	NOUN
ftr-397	536	25	)	)	PUNCT
ftr-397	536	26	;	;	PUNCT
ftr-397	536	27	mayer	mayer	PROPN
ftr-397	536	28	,	,	PUNCT
ftr-397	536	29	67	67	NUM
ftr-397	536	30	t.c.m	t.c.m	NOUN
ftr-397	536	31	.	.	PUNCT
ftr-397	537	1	(	(	PUNCT
ftr-397	537	2	cch	cch	NOUN
ftr-397	537	3	)	)	PUNCT
ftr-397	537	4	2949	2949	NUM
ftr-397	537	5	(	(	PUNCT
ftr-397	537	6	same	same	ADJ
ftr-397	537	7	)	)	PUNCT
ftr-397	537	8	.	.	PUNCT
ftr-397	538	1	1138	1138	NUM
ftr-397	538	2	florida	florida	PROPN
ftr-397	538	3	tax	tax	PROPN
ftr-397	538	4	review	review	NOUN
ftr-397	538	5	[	[	X
ftr-397	538	6	vol	vol	NOUN
ftr-397	538	7	.	.	PUNCT
ftr-397	539	1	8:10	8:10	NUM
ftr-397	539	2	b.	b.	NOUN
ftr-397	539	3	the	the	DET
ftr-397	539	4	“	"	PUNCT
ftr-397	539	5	to	to	ADP
ftr-397	539	6	customers	customer	NOUN
ftr-397	539	7	”	"	PUNCT
ftr-397	539	8	requirement	requirement	NOUN
ftr-397	539	9	and	and	CCONJ
ftr-397	539	10	the	the	DET
ftr-397	539	11	character	character	NOUN
ftr-397	539	12	of	of	ADP
ftr-397	539	13	income	income	NOUN
ftr-397	539	14	while	while	SCONJ
ftr-397	539	15	most	most	ADJ
ftr-397	539	16	of	of	ADP
ftr-397	539	17	the	the	DET
ftr-397	539	18	important	important	ADJ
ftr-397	539	19	tax	tax	NOUN
ftr-397	539	20	consequences	consequence	NOUN
ftr-397	539	21	(	(	PUNCT
ftr-397	539	22	on	on	ADP
ftr-397	539	23	the	the	DET
ftr-397	539	24	deductions	deduction	NOUN
ftr-397	539	25	side	side	NOUN
ftr-397	539	26	)	)	PUNCT
ftr-397	539	27	to	to	ADP
ftr-397	539	28	a	a	DET
ftr-397	539	29	taxpayer	taxpayer	NOUN
ftr-397	539	30	who	who	PRON
ftr-397	539	31	buys	buy	VERB
ftr-397	539	32	,	,	PUNCT
ftr-397	539	33	sells	sell	VERB
ftr-397	539	34	,	,	PUNCT
ftr-397	539	35	and	and	CCONJ
ftr-397	539	36	holds	hold	VERB
ftr-397	539	37	securities	security	NOUN
ftr-397	539	38	depend	depend	VERB
ftr-397	539	39	,	,	PUNCT
ftr-397	539	40	at	at	ADP
ftr-397	539	41	a	a	DET
ftr-397	539	42	threshold	threshold	NOUN
ftr-397	539	43	level	level	NOUN
ftr-397	539	44	,	,	PUNCT
ftr-397	539	45	on	on	ADP
ftr-397	539	46	whether	whether	SCONJ
ftr-397	539	47	the	the	DET
ftr-397	539	48	taxpayer	taxpayer	NOUN
ftr-397	539	49	is	be	AUX
ftr-397	539	50	engaged	engage	VERB
ftr-397	539	51	in	in	ADP
ftr-397	539	52	or	or	CCONJ
ftr-397	539	53	conducting	conduct	VERB
ftr-397	539	54	a	a	DET
ftr-397	539	55	“	"	PUNCT
ftr-397	539	56	trade	trade	NOUN
ftr-397	539	57	or	or	CCONJ
ftr-397	539	58	business	business	NOUN
ftr-397	539	59	,	,	PUNCT
ftr-397	539	60	”	"	PUNCT
ftr-397	539	61	a	a	DET
ftr-397	539	62	trader	trader	NOUN
ftr-397	539	63	’s	’s	PART
ftr-397	539	64	gain	gain	NOUN
ftr-397	539	65	and	and	CCONJ
ftr-397	539	66	loss	loss	NOUN
ftr-397	539	67	from	from	ADP
ftr-397	539	68	his	his	PRON
ftr-397	539	69	securities	security	NOUN
ftr-397	539	70	-	-	PUNCT
ftr-397	539	71	trading	trading	NOUN
ftr-397	539	72	activities	activity	NOUN
ftr-397	539	73	are	be	AUX
ftr-397	539	74	treated	treat	VERB
ftr-397	539	75	as	as	ADP
ftr-397	539	76	capital	capital	NOUN
ftr-397	539	77	gain	gain	NOUN
ftr-397	539	78	or	or	CCONJ
ftr-397	539	79	loss	loss	NOUN
ftr-397	539	80	despite	despite	SCONJ
ftr-397	539	81	the	the	DET
ftr-397	539	82	fact	fact	NOUN
ftr-397	539	83	that	that	SCONJ
ftr-397	539	84	the	the	DET
ftr-397	539	85	trader	trader	NOUN
ftr-397	539	86	may	may	AUX
ftr-397	539	87	be	be	AUX
ftr-397	539	88	engaged	engage	VERB
ftr-397	539	89	in	in	ADP
ftr-397	539	90	a	a	DET
ftr-397	539	91	trade	trade	NOUN
ftr-397	539	92	or	or	CCONJ
ftr-397	539	93	business	business	NOUN
ftr-397	539	94	.	.	PUNCT
ftr-397	540	1	this	this	DET
ftr-397	540	2	“	"	PUNCT
ftr-397	540	3	character	character	NOUN
ftr-397	540	4	of	of	ADP
ftr-397	540	5	income	income	NOUN
ftr-397	540	6	”	"	PUNCT
ftr-397	540	7	issue	issue	NOUN
ftr-397	540	8	is	be	AUX
ftr-397	540	9	not	not	PART
ftr-397	540	10	determined	determine	VERB
ftr-397	540	11	based	base	VERB
ftr-397	540	12	on	on	ADP
ftr-397	540	13	whether	whether	SCONJ
ftr-397	540	14	a	a	DET
ftr-397	540	15	trade	trade	NOUN
ftr-397	540	16	or	or	CCONJ
ftr-397	540	17	business	business	NOUN
ftr-397	540	18	is	be	AUX
ftr-397	540	19	being	be	AUX
ftr-397	540	20	conducted	conduct	VERB
ftr-397	540	21	,	,	PUNCT
ftr-397	540	22	but	but	CCONJ
ftr-397	540	23	instead	instead	ADV
ftr-397	540	24	depends	depend	VERB
ftr-397	540	25	on	on	ADP
ftr-397	540	26	whether	whether	SCONJ
ftr-397	540	27	the	the	DET
ftr-397	540	28	securities	security	NOUN
ftr-397	540	29	held	hold	VERB
ftr-397	540	30	by	by	ADP
ftr-397	540	31	such	such	ADJ
ftr-397	540	32	trader	trader	NOUN
ftr-397	540	33	are	be	AUX
ftr-397	540	34	“	"	PUNCT
ftr-397	540	35	capital	capital	NOUN
ftr-397	540	36	assets	asset	NOUN
ftr-397	540	37	”	"	PUNCT
ftr-397	540	38	within	within	ADP
ftr-397	540	39	the	the	DET
ftr-397	540	40	meaning	meaning	NOUN
ftr-397	540	41	of	of	ADP
ftr-397	540	42	irc	irc	PROPN
ftr-397	540	43	section	section	NOUN
ftr-397	540	44	1221.113	1221.113	NUM
ftr-397	540	45	conceptually	conceptually	ADV
ftr-397	540	46	,	,	PUNCT
ftr-397	540	47	a	a	DET
ftr-397	540	48	trader	trader	NOUN
ftr-397	540	49	’s	’s	PART
ftr-397	540	50	gains	gain	NOUN
ftr-397	540	51	and	and	CCONJ
ftr-397	540	52	losses	loss	NOUN
ftr-397	540	53	are	be	AUX
ftr-397	540	54	treated	treat	VERB
ftr-397	540	55	as	as	ADP
ftr-397	540	56	capital	capital	NOUN
ftr-397	540	57	gains	gain	NOUN
ftr-397	540	58	and	and	CCONJ
ftr-397	540	59	losses	loss	NOUN
ftr-397	540	60	because	because	SCONJ
ftr-397	540	61	courts	court	NOUN
ftr-397	540	62	have	have	AUX
ftr-397	540	63	held	hold	VERB
ftr-397	540	64	that	that	SCONJ
ftr-397	540	65	the	the	DET
ftr-397	540	66	securities	security	NOUN
ftr-397	540	67	in	in	ADP
ftr-397	540	68	which	which	PRON
ftr-397	540	69	a	a	DET
ftr-397	540	70	trader	trader	NOUN
ftr-397	540	71	trades	trade	NOUN
ftr-397	540	72	are	be	AUX
ftr-397	540	73	“	"	PUNCT
ftr-397	540	74	capital	capital	NOUN
ftr-397	540	75	assets	asset	NOUN
ftr-397	540	76	”	"	PUNCT
ftr-397	540	77	within	within	ADP
ftr-397	540	78	the	the	DET
ftr-397	540	79	meaning	meaning	NOUN
ftr-397	540	80	of	of	ADP
ftr-397	540	81	the	the	DET
ftr-397	540	82	statute	statute	NOUN
ftr-397	540	83	,	,	PUNCT
ftr-397	540	84	and	and	CCONJ
ftr-397	540	85	do	do	AUX
ftr-397	540	86	not	not	PART
ftr-397	540	87	fall	fall	VERB
ftr-397	540	88	within	within	ADP
ftr-397	540	89	any	any	PRON
ftr-397	540	90	of	of	ADP
ftr-397	540	91	the	the	DET
ftr-397	540	92	exceptions	exception	NOUN
ftr-397	540	93	to	to	ADP
ftr-397	540	94	capital	capital	NOUN
ftr-397	540	95	asset	asset	NOUN
ftr-397	540	96	treatment	treatment	NOUN
ftr-397	540	97	.	.	PUNCT
ftr-397	541	1	by	by	ADP
ftr-397	541	2	way	way	NOUN
ftr-397	541	3	of	of	ADP
ftr-397	541	4	background	background	NOUN
ftr-397	541	5	,	,	PUNCT
ftr-397	541	6	the	the	DET
ftr-397	541	7	term	term	NOUN
ftr-397	541	8	“	"	PUNCT
ftr-397	541	9	capital	capital	NOUN
ftr-397	541	10	asset	asset	NOUN
ftr-397	541	11	”	"	PUNCT
ftr-397	541	12	is	be	AUX
ftr-397	541	13	defined	define	VERB
ftr-397	541	14	in	in	ADP
ftr-397	541	15	irc	irc	PROPN
ftr-397	541	16	section	section	NOUN
ftr-397	541	17	1221	1221	NUM
ftr-397	541	18	not	not	PART
ftr-397	541	19	in	in	ADP
ftr-397	541	20	positive	positive	ADJ
ftr-397	541	21	terms	term	NOUN
ftr-397	541	22	,	,	PUNCT
ftr-397	541	23	but	but	CCONJ
ftr-397	541	24	rather	rather	ADV
ftr-397	541	25	by	by	ADP
ftr-397	541	26	carving	carve	VERB
ftr-397	541	27	out	out	ADP
ftr-397	541	28	certain	certain	ADJ
ftr-397	541	29	types	type	NOUN
ftr-397	541	30	of	of	ADP
ftr-397	541	31	property	property	NOUN
ftr-397	541	32	that	that	PRON
ftr-397	541	33	are	be	AUX
ftr-397	541	34	not	not	PART
ftr-397	541	35	“	"	PUNCT
ftr-397	541	36	capital	capital	NOUN
ftr-397	541	37	assets	asset	NOUN
ftr-397	541	38	.	.	PUNCT
ftr-397	541	39	”114	”114	PUNCT
ftr-397	542	1	the	the	DET
ftr-397	542	2	code	code	NOUN
ftr-397	542	3	states	state	VERB
ftr-397	542	4	that	that	SCONJ
ftr-397	542	5	the	the	DET
ftr-397	542	6	term	term	NOUN
ftr-397	542	7	includes	include	VERB
ftr-397	542	8	any	any	DET
ftr-397	542	9	“	"	PUNCT
ftr-397	542	10	property	property	NOUN
ftr-397	542	11	held	hold	VERB
ftr-397	542	12	by	by	ADP
ftr-397	542	13	the	the	DET
ftr-397	542	14	taxpayer	taxpayer	NOUN
ftr-397	542	15	(	(	PUNCT
ftr-397	542	16	whether	whether	SCONJ
ftr-397	542	17	or	or	CCONJ
ftr-397	542	18	not	not	PART
ftr-397	542	19	connected	connect	VERB
ftr-397	542	20	with	with	ADP
ftr-397	542	21	his	his	PRON
ftr-397	542	22	trade	trade	NOUN
ftr-397	542	23	or	or	CCONJ
ftr-397	542	24	business	business	NOUN
ftr-397	542	25	)	)	PUNCT
ftr-397	542	26	”	"	PUNCT
ftr-397	542	27	other	other	ADJ
ftr-397	542	28	than	than	ADP
ftr-397	542	29	certain	certain	ADJ
ftr-397	542	30	enumerated	enumerate	VERB
ftr-397	542	31	assets.115	assets.115	PROPN
ftr-397	542	32	over	over	ADP
ftr-397	542	33	time	time	NOUN
ftr-397	542	34	,	,	PUNCT
ftr-397	542	35	many	many	ADJ
ftr-397	542	36	exceptions	exception	NOUN
ftr-397	542	37	to	to	ADP
ftr-397	542	38	the	the	DET
ftr-397	542	39	term	term	NOUN
ftr-397	542	40	“	"	PUNCT
ftr-397	542	41	capital	capital	NOUN
ftr-397	542	42	asset	asset	NOUN
ftr-397	542	43	”	"	PUNCT
ftr-397	542	44	have	have	AUX
ftr-397	542	45	entered	enter	VERB
ftr-397	542	46	the	the	DET
ftr-397	542	47	statute	statute	NOUN
ftr-397	542	48	,	,	PUNCT
ftr-397	542	49	which	which	PRON
ftr-397	542	50	now	now	ADV
ftr-397	542	51	includes	include	VERB
ftr-397	542	52	exceptions	exception	NOUN
ftr-397	542	53	for	for	ADP
ftr-397	542	54	“	"	PUNCT
ftr-397	542	55	stock	stock	NOUN
ftr-397	542	56	in	in	ADP
ftr-397	542	57	trade	trade	NOUN
ftr-397	542	58	of	of	ADP
ftr-397	542	59	the	the	DET
ftr-397	542	60	taxpayer	taxpayer	NOUN
ftr-397	542	61	,	,	PUNCT
ftr-397	542	62	”	"	PUNCT
ftr-397	542	63	property	property	NOUN
ftr-397	542	64	properly	properly	ADV
ftr-397	542	65	included	include	VERB
ftr-397	542	66	in	in	ADP
ftr-397	542	67	“	"	PUNCT
ftr-397	542	68	inventory	inventory	NOUN
ftr-397	542	69	,	,	PUNCT
ftr-397	542	70	”	"	PUNCT
ftr-397	542	71	property	property	NOUN
ftr-397	542	72	that	that	PRON
ftr-397	542	73	is	be	AUX
ftr-397	542	74	“	"	PUNCT
ftr-397	542	75	held	hold	VERB
ftr-397	542	76	by	by	ADP
ftr-397	542	77	the	the	DET
ftr-397	542	78	taxpayer	taxpayer	NOUN
ftr-397	542	79	primarily	primarily	ADV
ftr-397	542	80	for	for	ADP
ftr-397	542	81	sale	sale	NOUN
ftr-397	542	82	to	to	ADP
ftr-397	542	83	customers	customer	NOUN
ftr-397	542	84	in	in	ADP
ftr-397	542	85	the	the	DET
ftr-397	542	86	ordinary	ordinary	ADJ
ftr-397	542	87	course	course	NOUN
ftr-397	542	88	of	of	ADP
ftr-397	542	89	his	his	PRON
ftr-397	542	90	trade	trade	NOUN
ftr-397	542	91	or	or	CCONJ
ftr-397	542	92	business	business	NOUN
ftr-397	542	93	,	,	PUNCT
ftr-397	542	94	”	"	PUNCT
ftr-397	542	95	real	real	ADJ
ftr-397	542	96	or	or	CCONJ
ftr-397	542	97	depreciable	depreciable	ADJ
ftr-397	542	98	personal	personal	ADJ
ftr-397	542	99	property	property	NOUN
ftr-397	542	100	used	use	VERB
ftr-397	542	101	in	in	ADP
ftr-397	542	102	a	a	DET
ftr-397	542	103	taxpayer	taxpayer	NOUN
ftr-397	542	104	’s	’s	PART
ftr-397	542	105	trade	trade	NOUN
ftr-397	542	106	or	or	CCONJ
ftr-397	542	107	business	business	NOUN
ftr-397	542	108	,	,	PUNCT
ftr-397	542	109	certain	certain	ADJ
ftr-397	542	110	intellectual	intellectual	ADJ
ftr-397	542	111	property	property	NOUN
ftr-397	542	112	,	,	PUNCT
ftr-397	542	113	accounts	account	NOUN
ftr-397	542	114	or	or	CCONJ
ftr-397	542	115	notes	note	NOUN
ftr-397	542	116	receivable	receivable	ADJ
ftr-397	542	117	acquired	acquire	VERB
ftr-397	542	118	in	in	ADP
ftr-397	542	119	the	the	DET
ftr-397	542	120	ordinary	ordinary	ADJ
ftr-397	542	121	course	course	NOUN
ftr-397	542	122	of	of	ADP
ftr-397	542	123	trade	trade	NOUN
ftr-397	542	124	or	or	CCONJ
ftr-397	542	125	business	business	NOUN
ftr-397	542	126	in	in	ADP
ftr-397	542	127	exchange	exchange	NOUN
ftr-397	542	128	for	for	ADP
ftr-397	542	129	services	service	NOUN
ftr-397	542	130	or	or	CCONJ
ftr-397	542	131	from	from	ADP
ftr-397	542	132	the	the	DET
ftr-397	542	133	sale	sale	NOUN
ftr-397	542	134	of	of	ADP
ftr-397	542	135	stock	stock	NOUN
ftr-397	542	136	in	in	ADP
ftr-397	542	137	trade	trade	NOUN
ftr-397	542	138	,	,	PUNCT
ftr-397	542	139	certain	certain	ADJ
ftr-397	542	140	commodities	commodity	NOUN
ftr-397	542	141	–	–	PUNCT
ftr-397	542	142	derivative	derivative	ADJ
ftr-397	542	143	financial	financial	ADJ
ftr-397	542	144	instruments	instrument	NOUN
ftr-397	542	145	held	hold	VERB
ftr-397	542	146	by	by	ADP
ftr-397	542	147	commodities	commodity	NOUN
ftr-397	542	148	–	–	PUNCT
ftr-397	542	149	derivatives	derivative	NOUN
ftr-397	542	150	dealers	dealer	NOUN
ftr-397	542	151	,	,	PUNCT
ftr-397	542	152	certain	certain	ADJ
ftr-397	542	153	hedging	hedging	NOUN
ftr-397	542	154	transactions	transaction	NOUN
ftr-397	542	155	,	,	PUNCT
ftr-397	542	156	and	and	CCONJ
ftr-397	542	157	supplies	supply	NOUN
ftr-397	542	158	regularly	regularly	ADV
ftr-397	542	159	used	use	VERB
ftr-397	542	160	or	or	CCONJ
ftr-397	542	161	consumed	consume	VERB
ftr-397	542	162	by	by	ADP
ftr-397	542	163	a	a	DET
ftr-397	542	164	taxpayer	taxpayer	NOUN
ftr-397	542	165	in	in	ADP
ftr-397	542	166	the	the	DET
ftr-397	542	167	ordinary	ordinary	ADJ
ftr-397	542	168	course	course	NOUN
ftr-397	542	169	of	of	ADP
ftr-397	542	170	his	his	PRON
ftr-397	542	171	trade	trade	NOUN
ftr-397	542	172	or	or	CCONJ
ftr-397	542	173	business.116	business.116	ADV
ftr-397	542	174	these	these	DET
ftr-397	542	175	exceptions	exception	NOUN
ftr-397	542	176	appear	appear	VERB
ftr-397	542	177	to	to	PART
ftr-397	542	178	generally	generally	ADV
ftr-397	542	179	concern	concern	VERB
ftr-397	542	180	property	property	NOUN
ftr-397	542	181	held	hold	VERB
ftr-397	542	182	by	by	ADP
ftr-397	542	183	a	a	DET
ftr-397	542	184	taxpayer	taxpayer	NOUN
ftr-397	542	185	in	in	ADP
ftr-397	542	186	a	a	DET
ftr-397	542	187	trade	trade	NOUN
ftr-397	542	188	or	or	CCONJ
ftr-397	542	189	business	business	NOUN
ftr-397	542	190	,	,	PUNCT
ftr-397	542	191	rather	rather	ADV
ftr-397	542	192	than	than	ADP
ftr-397	542	193	for	for	ADP
ftr-397	542	194	long	long	ADJ
ftr-397	542	195	-	-	PUNCT
ftr-397	542	196	term	term	NOUN
ftr-397	542	197	investment.117	investment.117	NOUN
ftr-397	542	198	however	however	ADV
ftr-397	542	199	,	,	PUNCT
ftr-397	542	200	the	the	DET
ftr-397	542	201	exceptions	exception	NOUN
ftr-397	542	202	are	be	AUX
ftr-397	542	203	interpreted	interpret	VERB
ftr-397	542	204	quite	quite	ADV
ftr-397	542	205	narrowly	narrowly	ADV
ftr-397	542	206	,	,	PUNCT
ftr-397	542	207	and	and	CCONJ
ftr-397	542	208	,	,	PUNCT
ftr-397	542	209	particularly	particularly	ADV
ftr-397	542	210	since	since	SCONJ
ftr-397	542	211	the	the	DET
ftr-397	542	212	demise	demise	NOUN
ftr-397	542	213	of	of	ADP
ftr-397	542	214	the	the	DET
ftr-397	542	215	corn	corn	NOUN
ftr-397	542	216	products	product	NOUN
ftr-397	542	217	doctrine	doctrine	NOUN
ftr-397	542	218	,	,	PUNCT
ftr-397	542	219	an	an	DET
ftr-397	542	220	asset	asset	NOUN
ftr-397	542	221	must	must	AUX
ftr-397	542	222	usually	usually	ADV
ftr-397	542	223	fall	fall	VERB
ftr-397	542	224	within	within	ADP
ftr-397	542	225	one	one	NUM
ftr-397	542	226	of	of	ADP
ftr-397	542	227	the	the	DET
ftr-397	542	228	exceptions	exception	NOUN
ftr-397	542	229	explicitly	explicitly	ADV
ftr-397	542	230	set	set	VERB
ftr-397	542	231	out	out	ADP
ftr-397	542	232	in	in	ADP
ftr-397	542	233	the	the	DET
ftr-397	542	234	code	code	NOUN
ftr-397	542	235	in	in	ADP
ftr-397	542	236	order	order	NOUN
ftr-397	542	237	to	to	PART
ftr-397	542	238	be	be	AUX
ftr-397	542	239	exempt	exempt	ADJ
ftr-397	542	240	from	from	ADP
ftr-397	542	241	capital	capital	NOUN
ftr-397	542	242	asset	asset	NOUN
ftr-397	542	243	treatment.118	treatment.118	NUM
ftr-397	542	244	113	113	NUM
ftr-397	542	245	.	.	PUNCT
ftr-397	543	1	irc	irc	PROPN
ftr-397	543	2	§	§	PROPN
ftr-397	543	3	1221	1221	NUM
ftr-397	543	4	.	.	PUNCT
ftr-397	544	1	114	114	NUM
ftr-397	544	2	.	.	PUNCT
ftr-397	544	3	irc	irc	PROPN
ftr-397	544	4	§	§	PROPN
ftr-397	544	5	1221(a	1221(a	NUM
ftr-397	544	6	)	)	PUNCT
ftr-397	544	7	.	.	PUNCT
ftr-397	545	1	115	115	NUM
ftr-397	545	2	.	.	PUNCT
ftr-397	546	1	irc	irc	PROPN
ftr-397	546	2	§	§	PROPN
ftr-397	546	3	1221(a	1221(a	NUM
ftr-397	546	4	)	)	PUNCT
ftr-397	546	5	.	.	PUNCT
ftr-397	547	1	116	116	NUM
ftr-397	547	2	.	.	PUNCT
ftr-397	548	1	irc	irc	PROPN
ftr-397	548	2	§	§	PROPN
ftr-397	548	3	1221(a	1221(a	NUM
ftr-397	548	4	)	)	PUNCT
ftr-397	548	5	.	.	PUNCT
ftr-397	549	1	117	117	NUM
ftr-397	549	2	.	.	PUNCT
ftr-397	550	1	see	see	AUX
ftr-397	550	2	generally	generally	ADV
ftr-397	550	3	note	note	VERB
ftr-397	550	4	,	,	PUNCT
ftr-397	550	5	judicial	judicial	ADJ
ftr-397	550	6	treatment	treatment	NOUN
ftr-397	550	7	of	of	ADP
ftr-397	550	8	“	"	PUNCT
ftr-397	550	9	capital	capital	NOUN
ftr-397	550	10	assets	asset	NOUN
ftr-397	550	11	”	"	PUNCT
ftr-397	550	12	acquired	acquire	VERB
ftr-397	550	13	for	for	ADP
ftr-397	550	14	business	business	NOUN
ftr-397	550	15	:	:	PUNCT
ftr-397	550	16	the	the	DET
ftr-397	550	17	new	new	ADJ
ftr-397	550	18	criterion	criterion	NOUN
ftr-397	550	19	,	,	PUNCT
ftr-397	550	20	65	65	NUM
ftr-397	550	21	yale	yale	PROPN
ftr-397	550	22	l.j	l.j	PROPN
ftr-397	550	23	.	.	PROPN
ftr-397	550	24	401	401	NUM
ftr-397	550	25	(	(	PUNCT
ftr-397	550	26	1995	1995	NUM
ftr-397	550	27	)	)	PUNCT
ftr-397	550	28	;	;	PUNCT
ftr-397	550	29	see	see	VERB
ftr-397	550	30	also	also	ADV
ftr-397	550	31	corn	corn	NOUN
ftr-397	550	32	products	product	NOUN
ftr-397	550	33	refining	refining	PROPN
ftr-397	550	34	co.	co.	PROPN
ftr-397	551	1	v	v	ADP
ftr-397	551	2	comm’r	comm’r	NOUN
ftr-397	551	3	,	,	PUNCT
ftr-397	551	4	350	350	NUM
ftr-397	551	5	u.s	u.s	PROPN
ftr-397	551	6	.	.	PROPN
ftr-397	551	7	46	46	NUM
ftr-397	551	8	(	(	PUNCT
ftr-397	551	9	1955	1955	NUM
ftr-397	551	10	)	)	PUNCT
ftr-397	551	11	,	,	PUNCT
ftr-397	551	12	discussed	discuss	VERB
ftr-397	551	13	at	at	ADP
ftr-397	551	14	infra	infra	NOUN
ftr-397	551	15	note	note	NOUN
ftr-397	551	16	118	118	NUM
ftr-397	551	17	.	.	PUNCT
ftr-397	552	1	118	118	NUM
ftr-397	552	2	.	.	PUNCT
ftr-397	553	1	in	in	ADP
ftr-397	553	2	corn	corn	NOUN
ftr-397	553	3	products	product	NOUN
ftr-397	553	4	refining	refining	PROPN
ftr-397	553	5	co.	co.	PROPN
ftr-397	554	1	v	v	ADP
ftr-397	554	2	comm’r	comm’r	NOUN
ftr-397	554	3	,	,	PUNCT
ftr-397	554	4	350	350	NUM
ftr-397	554	5	u.s	u.s	PROPN
ftr-397	554	6	.	.	PROPN
ftr-397	554	7	46	46	NUM
ftr-397	554	8	(	(	PUNCT
ftr-397	554	9	1955	1955	NUM
ftr-397	554	10	)	)	PUNCT
ftr-397	554	11	,	,	PUNCT
ftr-397	554	12	the	the	DET
ftr-397	554	13	united	united	PROPN
ftr-397	554	14	states	states	PROPN
ftr-397	554	15	supreme	supreme	PROPN
ftr-397	554	16	court	court	PROPN
ftr-397	554	17	held	hold	VERB
ftr-397	554	18	that	that	SCONJ
ftr-397	554	19	purchases	purchase	NOUN
ftr-397	554	20	and	and	CCONJ
ftr-397	554	21	sales	sale	NOUN
ftr-397	554	22	of	of	ADP
ftr-397	554	23	corn	corn	NOUN
ftr-397	554	24	futures	future	NOUN
ftr-397	554	25	were	be	AUX
ftr-397	554	26	not	not	PART
ftr-397	554	27	2008	2008	NUM
ftr-397	554	28	]	]	PUNCT
ftr-397	554	29	a	a	DET
ftr-397	554	30	structural	structural	ADJ
ftr-397	554	31	critique	critique	NOUN
ftr-397	554	32	of	of	ADP
ftr-397	554	33	trader	trader	NOUN
ftr-397	554	34	taxation	taxation	NOUN
ftr-397	554	35	1139	1139	NUM
ftr-397	554	36	with	with	ADP
ftr-397	554	37	respect	respect	NOUN
ftr-397	554	38	to	to	ADP
ftr-397	554	39	traders	trader	NOUN
ftr-397	554	40	,	,	PUNCT
ftr-397	554	41	the	the	DET
ftr-397	554	42	courts	court	NOUN
ftr-397	554	43	have	have	AUX
ftr-397	554	44	historically	historically	ADV
ftr-397	554	45	analyzed	analyze	VERB
ftr-397	554	46	whether	whether	SCONJ
ftr-397	554	47	such	such	ADJ
ftr-397	554	48	trader	trader	NOUN
ftr-397	554	49	’s	’s	PART
ftr-397	554	50	stocks	stock	NOUN
ftr-397	554	51	and	and	CCONJ
ftr-397	554	52	securities	security	NOUN
ftr-397	554	53	may	may	AUX
ftr-397	554	54	be	be	AUX
ftr-397	554	55	excepted	except	VERB
ftr-397	554	56	from	from	ADP
ftr-397	554	57	capital	capital	NOUN
ftr-397	554	58	asset	asset	NOUN
ftr-397	554	59	treatment	treatment	NOUN
ftr-397	554	60	as	as	ADP
ftr-397	554	61	property	property	NOUN
ftr-397	554	62	“	"	PUNCT
ftr-397	554	63	held	hold	VERB
ftr-397	554	64	by	by	ADP
ftr-397	554	65	the	the	DET
ftr-397	554	66	taxpayer	taxpayer	NOUN
ftr-397	554	67	primarily	primarily	ADV
ftr-397	554	68	for	for	ADP
ftr-397	554	69	sale	sale	NOUN
ftr-397	554	70	to	to	ADP
ftr-397	554	71	customers	customer	NOUN
ftr-397	554	72	in	in	ADP
ftr-397	554	73	the	the	DET
ftr-397	554	74	ordinary	ordinary	ADJ
ftr-397	554	75	course	course	NOUN
ftr-397	554	76	of	of	ADP
ftr-397	554	77	his	his	PRON
ftr-397	554	78	trade	trade	NOUN
ftr-397	554	79	or	or	CCONJ
ftr-397	554	80	business	business	NOUN
ftr-397	554	81	.	.	PUNCT
ftr-397	555	1	”119	”119	PROPN
ftr-397	555	2	in	in	ADP
ftr-397	555	3	this	this	DET
ftr-397	555	4	regard	regard	NOUN
ftr-397	555	5	,	,	PUNCT
ftr-397	555	6	courts	court	NOUN
ftr-397	555	7	have	have	AUX
ftr-397	555	8	universally	universally	ADV
ftr-397	555	9	found	find	VERB
ftr-397	555	10	that	that	SCONJ
ftr-397	555	11	,	,	PUNCT
ftr-397	555	12	unlike	unlike	ADP
ftr-397	555	13	dealers	dealer	NOUN
ftr-397	555	14	,	,	PUNCT
ftr-397	555	15	traders	trader	NOUN
ftr-397	555	16	do	do	AUX
ftr-397	555	17	not	not	PART
ftr-397	555	18	have	have	VERB
ftr-397	555	19	customers	customer	NOUN
ftr-397	555	20	(	(	PUNCT
ftr-397	555	21	despite	despite	SCONJ
ftr-397	555	22	the	the	DET
ftr-397	555	23	fact	fact	NOUN
ftr-397	555	24	that	that	SCONJ
ftr-397	555	25	some	some	DET
ftr-397	555	26	party	party	NOUN
ftr-397	555	27	is	be	AUX
ftr-397	555	28	obviously	obviously	ADV
ftr-397	555	29	buying	buy	VERB
ftr-397	555	30	the	the	DET
ftr-397	555	31	securities	security	NOUN
ftr-397	555	32	sold	sell	VERB
ftr-397	555	33	by	by	ADP
ftr-397	555	34	such	such	ADJ
ftr-397	555	35	trader	trader	NOUN
ftr-397	555	36	)	)	PUNCT
ftr-397	555	37	,	,	PUNCT
ftr-397	555	38	and	and	CCONJ
ftr-397	555	39	therefore	therefore	ADV
ftr-397	555	40	their	their	PRON
ftr-397	555	41	securities	security	NOUN
ftr-397	555	42	do	do	AUX
ftr-397	555	43	not	not	PART
ftr-397	555	44	fall	fall	VERB
ftr-397	555	45	within	within	ADP
ftr-397	555	46	this	this	DET
ftr-397	555	47	exception	exception	NOUN
ftr-397	555	48	.	.	PUNCT
ftr-397	556	1	these	these	DET
ftr-397	556	2	court	court	NOUN
ftr-397	556	3	holdings	holding	NOUN
ftr-397	556	4	therefore	therefore	ADV
ftr-397	556	5	result	result	VERB
ftr-397	556	6	in	in	ADP
ftr-397	556	7	capital	capital	NOUN
ftr-397	556	8	asset	asset	NOUN
ftr-397	556	9	treatment	treatment	NOUN
ftr-397	556	10	for	for	ADP
ftr-397	556	11	trader	trader	NOUN
ftr-397	556	12	sales	sale	NOUN
ftr-397	556	13	of	of	ADP
ftr-397	556	14	securities	security	NOUN
ftr-397	556	15	.	.	PUNCT
ftr-397	557	1	the	the	DET
ftr-397	557	2	findings	finding	NOUN
ftr-397	557	3	of	of	ADP
ftr-397	557	4	the	the	DET
ftr-397	557	5	courts	court	NOUN
ftr-397	557	6	that	that	PRON
ftr-397	557	7	traders	trader	NOUN
ftr-397	557	8	do	do	AUX
ftr-397	557	9	not	not	PART
ftr-397	557	10	sell	sell	VERB
ftr-397	557	11	“	"	PUNCT
ftr-397	557	12	to	to	ADP
ftr-397	557	13	customers	customer	NOUN
ftr-397	557	14	”	"	PUNCT
ftr-397	557	15	appear	appear	VERB
ftr-397	557	16	to	to	PART
ftr-397	557	17	fall	fall	VERB
ftr-397	557	18	in	in	ADP
ftr-397	557	19	line	line	NOUN
ftr-397	557	20	with	with	ADP
ftr-397	557	21	the	the	DET
ftr-397	557	22	intent	intent	NOUN
ftr-397	557	23	of	of	ADP
ftr-397	557	24	the	the	DET
ftr-397	557	25	legislature	legislature	NOUN
ftr-397	557	26	in	in	ADP
ftr-397	557	27	adding	add	VERB
ftr-397	557	28	the	the	DET
ftr-397	557	29	“	"	PUNCT
ftr-397	557	30	for	for	ADP
ftr-397	557	31	sale	sale	NOUN
ftr-397	557	32	to	to	ADP
ftr-397	557	33	customers	customer	NOUN
ftr-397	557	34	”	"	PUNCT
ftr-397	557	35	exception	exception	NOUN
ftr-397	557	36	to	to	ADP
ftr-397	557	37	“	"	PUNCT
ftr-397	557	38	capital	capital	NOUN
ftr-397	557	39	asset	asset	NOUN
ftr-397	557	40	”	"	PUNCT
ftr-397	557	41	treatment	treatment	NOUN
ftr-397	557	42	.	.	PUNCT
ftr-397	558	1	prior	prior	ADV
ftr-397	558	2	to	to	ADP
ftr-397	558	3	1934	1934	NUM
ftr-397	558	4	,	,	PUNCT
ftr-397	558	5	the	the	DET
ftr-397	558	6	statute	statute	NOUN
ftr-397	558	7	merely	merely	ADV
ftr-397	558	8	carved	carve	VERB
ftr-397	558	9	out	out	ADP
ftr-397	558	10	from	from	ADP
ftr-397	558	11	“	"	PUNCT
ftr-397	558	12	capital	capital	NOUN
ftr-397	558	13	asset	asset	NOUN
ftr-397	558	14	”	"	PUNCT
ftr-397	558	15	treatment	treatment	NOUN
ftr-397	558	16	“	"	PUNCT
ftr-397	558	17	property	property	NOUN
ftr-397	558	18	held	hold	VERB
ftr-397	558	19	by	by	ADP
ftr-397	558	20	the	the	DET
ftr-397	558	21	taxpayer	taxpayer	NOUN
ftr-397	558	22	primarily	primarily	ADV
ftr-397	558	23	for	for	ADP
ftr-397	558	24	sale	sale	NOUN
ftr-397	558	25	in	in	ADP
ftr-397	558	26	the	the	DET
ftr-397	558	27	course	course	NOUN
ftr-397	558	28	of	of	ADP
ftr-397	558	29	his	his	PRON
ftr-397	558	30	trade	trade	NOUN
ftr-397	558	31	or	or	CCONJ
ftr-397	558	32	business	business	NOUN
ftr-397	558	33	.	.	PUNCT
ftr-397	559	1	”120	”120	PUNCT
ftr-397	559	2	there	there	PRON
ftr-397	559	3	was	be	VERB
ftr-397	559	4	no	no	DET
ftr-397	559	5	additional	additional	ADJ
ftr-397	559	6	requirement	requirement	NOUN
ftr-397	559	7	that	that	SCONJ
ftr-397	559	8	the	the	DET
ftr-397	559	9	property	property	NOUN
ftr-397	559	10	be	be	AUX
ftr-397	559	11	held	hold	VERB
ftr-397	559	12	for	for	ADP
ftr-397	559	13	sale	sale	NOUN
ftr-397	559	14	“	"	PUNCT
ftr-397	559	15	to	to	ADP
ftr-397	559	16	customers	customer	NOUN
ftr-397	559	17	,	,	PUNCT
ftr-397	559	18	”	"	PUNCT
ftr-397	559	19	and	and	CCONJ
ftr-397	559	20	a	a	DET
ftr-397	559	21	taxpayer	taxpayer	NOUN
ftr-397	559	22	determined	determine	VERB
ftr-397	559	23	to	to	PART
ftr-397	559	24	be	be	AUX
ftr-397	559	25	in	in	ADP
ftr-397	559	26	the	the	DET
ftr-397	559	27	trade	trade	NOUN
ftr-397	559	28	or	or	CCONJ
ftr-397	559	29	business	business	NOUN
ftr-397	559	30	of	of	ADP
ftr-397	559	31	trading	trading	NOUN
ftr-397	559	32	was	be	AUX
ftr-397	559	33	automatically	automatically	ADV
ftr-397	559	34	entitled	entitle	VERB
ftr-397	559	35	to	to	ADP
ftr-397	559	36	ordinary	ordinary	ADJ
ftr-397	559	37	gain	gain	NOUN
ftr-397	559	38	and	and	CCONJ
ftr-397	559	39	loss	loss	NOUN
ftr-397	559	40	treatment	treatment	NOUN
ftr-397	559	41	on	on	ADP
ftr-397	559	42	the	the	DET
ftr-397	559	43	sale	sale	NOUN
ftr-397	559	44	of	of	ADP
ftr-397	559	45	those	those	PRON
ftr-397	559	46	securities.121	securities.121	VERB
ftr-397	559	47	the	the	DET
ftr-397	559	48	requirement	requirement	NOUN
ftr-397	559	49	that	that	SCONJ
ftr-397	559	50	the	the	DET
ftr-397	559	51	property	property	NOUN
ftr-397	559	52	had	have	AUX
ftr-397	559	53	to	to	PART
ftr-397	559	54	be	be	AUX
ftr-397	559	55	held	hold	VERB
ftr-397	559	56	primarily	primarily	ADV
ftr-397	559	57	for	for	ADP
ftr-397	559	58	sale	sale	NOUN
ftr-397	559	59	“	"	PUNCT
ftr-397	559	60	to	to	ADP
ftr-397	559	61	customers	customer	NOUN
ftr-397	559	62	”	"	PUNCT
ftr-397	559	63	to	to	PART
ftr-397	559	64	qualify	qualify	VERB
ftr-397	559	65	for	for	ADP
ftr-397	559	66	exception	exception	NOUN
ftr-397	559	67	from	from	ADP
ftr-397	559	68	capital	capital	NOUN
ftr-397	559	69	asset	asset	NOUN
ftr-397	559	70	purchases	purchase	NOUN
ftr-397	559	71	and	and	CCONJ
ftr-397	559	72	sales	sale	NOUN
ftr-397	559	73	of	of	ADP
ftr-397	559	74	capital	capital	NOUN
ftr-397	559	75	assets	asset	NOUN
ftr-397	559	76	,	,	PUNCT
ftr-397	559	77	even	even	ADV
ftr-397	559	78	though	though	SCONJ
ftr-397	559	79	the	the	DET
ftr-397	559	80	futures	future	NOUN
ftr-397	559	81	did	do	AUX
ftr-397	559	82	not	not	PART
ftr-397	559	83	come	come	VERB
ftr-397	559	84	within	within	ADP
ftr-397	559	85	the	the	DET
ftr-397	559	86	literal	literal	ADJ
ftr-397	559	87	language	language	NOUN
ftr-397	559	88	of	of	ADP
ftr-397	559	89	any	any	PRON
ftr-397	559	90	of	of	ADP
ftr-397	559	91	the	the	DET
ftr-397	559	92	exclusions	exclusion	NOUN
ftr-397	559	93	from	from	ADP
ftr-397	559	94	capital	capital	NOUN
ftr-397	559	95	asset	asset	NOUN
ftr-397	559	96	classification	classification	NOUN
ftr-397	559	97	.	.	PUNCT
ftr-397	560	1	the	the	DET
ftr-397	560	2	court	court	NOUN
ftr-397	560	3	stated	state	VERB
ftr-397	560	4	that	that	SCONJ
ftr-397	560	5	“	"	PUNCT
ftr-397	560	6	the	the	DET
ftr-397	560	7	transactions	transaction	NOUN
ftr-397	560	8	were	be	AUX
ftr-397	560	9	vitally	vitally	ADV
ftr-397	560	10	important	important	ADJ
ftr-397	560	11	to	to	ADP
ftr-397	560	12	the	the	DET
ftr-397	560	13	company	company	NOUN
ftr-397	560	14	’s	’s	PART
ftr-397	560	15	business	business	NOUN
ftr-397	560	16	as	as	ADP
ftr-397	560	17	a	a	DET
ftr-397	560	18	form	form	NOUN
ftr-397	560	19	of	of	ADP
ftr-397	560	20	insurance	insurance	NOUN
ftr-397	560	21	”	"	PUNCT
ftr-397	560	22	and	and	CCONJ
ftr-397	560	23	that	that	SCONJ
ftr-397	560	24	“	"	PUNCT
ftr-397	560	25	the	the	DET
ftr-397	560	26	capital	capital	NOUN
ftr-397	560	27	asset	asset	NOUN
ftr-397	560	28	provision	provision	NOUN
ftr-397	560	29	of	of	ADP
ftr-397	560	30	§	§	PROPN
ftr-397	560	31	117	117	NUM
ftr-397	560	32	must	must	AUX
ftr-397	560	33	not	not	PART
ftr-397	560	34	be	be	AUX
ftr-397	560	35	so	so	ADV
ftr-397	560	36	broadly	broadly	ADV
ftr-397	560	37	applied	apply	VERB
ftr-397	560	38	as	as	SCONJ
ftr-397	560	39	to	to	PART
ftr-397	560	40	defeat	defeat	VERB
ftr-397	560	41	rather	rather	ADV
ftr-397	560	42	than	than	ADP
ftr-397	560	43	further	further	ADJ
ftr-397	560	44	the	the	DET
ftr-397	560	45	purpose	purpose	NOUN
ftr-397	560	46	of	of	ADP
ftr-397	560	47	congress	congress	PROPN
ftr-397	560	48	”	"	PUNCT
ftr-397	560	49	and	and	CCONJ
ftr-397	560	50	concluded	conclude	VERB
ftr-397	560	51	that	that	SCONJ
ftr-397	560	52	“	"	PUNCT
ftr-397	560	53	the	the	DET
ftr-397	560	54	definition	definition	NOUN
ftr-397	560	55	of	of	ADP
ftr-397	560	56	a	a	DET
ftr-397	560	57	capital	capital	NOUN
ftr-397	560	58	asset	asset	NOUN
ftr-397	560	59	must	must	AUX
ftr-397	560	60	be	be	AUX
ftr-397	560	61	narrowly	narrowly	ADV
ftr-397	560	62	applied	apply	VERB
ftr-397	560	63	and	and	CCONJ
ftr-397	560	64	its	its	PRON
ftr-397	560	65	exclusions	exclusion	NOUN
ftr-397	560	66	interpreted	interpret	VERB
ftr-397	560	67	broadly	broadly	ADV
ftr-397	560	68	.	.	PUNCT
ftr-397	560	69	”	"	PUNCT
ftr-397	561	1	i	i	PRON
ftr-397	561	2	d.	d.	VERB
ftr-397	561	3	at	at	ADP
ftr-397	561	4	50	50	NUM
ftr-397	561	5	,	,	PUNCT
ftr-397	561	6	52	52	NUM
ftr-397	561	7	.	.	PUNCT
ftr-397	562	1	however	however	ADV
ftr-397	562	2	,	,	PUNCT
ftr-397	562	3	the	the	DET
ftr-397	562	4	court	court	NOUN
ftr-397	562	5	subsequently	subsequently	ADV
ftr-397	562	6	held	hold	VERB
ftr-397	562	7	in	in	ADP
ftr-397	562	8	arkansas	arkansas	PROPN
ftr-397	562	9	best	best	PROPN
ftr-397	562	10	corp	corp	PROPN
ftr-397	562	11	.	.	PROPN
ftr-397	563	1	v.	v.	ADP
ftr-397	563	2	comm’r	comm’r	NOUN
ftr-397	563	3	,	,	PUNCT
ftr-397	563	4	485	485	NUM
ftr-397	563	5	u.s	u.s	PROPN
ftr-397	563	6	.	.	PROPN
ftr-397	563	7	212	212	NUM
ftr-397	563	8	(	(	PUNCT
ftr-397	563	9	1988	1988	NUM
ftr-397	563	10	)	)	PUNCT
ftr-397	563	11	that	that	SCONJ
ftr-397	563	12	the	the	DET
ftr-397	563	13	disposition	disposition	NOUN
ftr-397	563	14	of	of	ADP
ftr-397	563	15	bank	bank	NOUN
ftr-397	563	16	stock	stock	NOUN
ftr-397	563	17	was	be	AUX
ftr-397	563	18	a	a	DET
ftr-397	563	19	disposition	disposition	NOUN
ftr-397	563	20	of	of	ADP
ftr-397	563	21	a	a	DET
ftr-397	563	22	capital	capital	NOUN
ftr-397	563	23	asset	asset	NOUN
ftr-397	563	24	,	,	PUNCT
ftr-397	563	25	even	even	ADV
ftr-397	563	26	though	though	SCONJ
ftr-397	563	27	such	such	ADJ
ftr-397	563	28	bank	bank	NOUN
ftr-397	563	29	stock	stock	NOUN
ftr-397	563	30	was	be	AUX
ftr-397	563	31	acquired	acquire	VERB
ftr-397	563	32	for	for	ADP
ftr-397	563	33	a	a	DET
ftr-397	563	34	business	business	NOUN
ftr-397	563	35	purposes	purpose	NOUN
ftr-397	563	36	,	,	PUNCT
ftr-397	563	37	where	where	SCONJ
ftr-397	563	38	the	the	DET
ftr-397	563	39	stock	stock	NOUN
ftr-397	563	40	did	do	AUX
ftr-397	563	41	not	not	PART
ftr-397	563	42	fall	fall	VERB
ftr-397	563	43	within	within	ADP
ftr-397	563	44	any	any	PRON
ftr-397	563	45	of	of	ADP
ftr-397	563	46	the	the	DET
ftr-397	563	47	exceptions	exception	NOUN
ftr-397	563	48	listed	list	VERB
ftr-397	563	49	in	in	ADP
ftr-397	563	50	the	the	DET
ftr-397	563	51	capital	capital	NOUN
ftr-397	563	52	assets	asset	NOUN
ftr-397	563	53	statute	statute	NOUN
ftr-397	563	54	,	,	PUNCT
ftr-397	563	55	and	and	CCONJ
ftr-397	563	56	noted	note	VERB
ftr-397	563	57	that	that	SCONJ
ftr-397	563	58	the	the	DET
ftr-397	563	59	taxpayer	taxpayer	NOUN
ftr-397	563	60	’s	’s	PART
ftr-397	563	61	tax	tax	NOUN
ftr-397	563	62	motivation	motivation	NOUN
ftr-397	563	63	is	be	AUX
ftr-397	563	64	irrelevant	irrelevant	ADJ
ftr-397	563	65	.	.	PUNCT
ftr-397	564	1	the	the	DET
ftr-397	564	2	court	court	NOUN
ftr-397	564	3	clarified	clarify	VERB
ftr-397	564	4	in	in	ADP
ftr-397	564	5	arkansas	arkansas	PROPN
ftr-397	564	6	best	good	ADJ
ftr-397	564	7	that	that	SCONJ
ftr-397	564	8	corn	corn	NOUN
ftr-397	564	9	products	product	NOUN
ftr-397	564	10	does	do	AUX
ftr-397	564	11	not	not	PART
ftr-397	564	12	create	create	VERB
ftr-397	564	13	a	a	DET
ftr-397	564	14	general	general	ADJ
ftr-397	564	15	exemption	exemption	NOUN
ftr-397	564	16	from	from	ADP
ftr-397	564	17	capital	capital	NOUN
ftr-397	564	18	asset	asset	NOUN
ftr-397	564	19	status	status	NOUN
ftr-397	564	20	for	for	ADP
ftr-397	564	21	any	any	DET
ftr-397	564	22	assets	asset	NOUN
ftr-397	564	23	acquired	acquire	VERB
ftr-397	564	24	for	for	ADP
ftr-397	564	25	a	a	DET
ftr-397	564	26	business	business	NOUN
ftr-397	564	27	(	(	PUNCT
ftr-397	564	28	rather	rather	ADV
ftr-397	564	29	than	than	ADP
ftr-397	564	30	an	an	DET
ftr-397	564	31	investment	investment	NOUN
ftr-397	564	32	)	)	PUNCT
ftr-397	564	33	purpose	purpose	NOUN
ftr-397	564	34	.	.	PUNCT
ftr-397	565	1	i	i	PRON
ftr-397	565	2	d.	d.	PROPN
ftr-397	565	3	at	at	ADP
ftr-397	565	4	221	221	NUM
ftr-397	565	5	.	.	PUNCT
ftr-397	566	1	119	119	NUM
ftr-397	566	2	.	.	PUNCT
ftr-397	566	3	irc	irc	AUX
ftr-397	566	4	§	§	PROPN
ftr-397	566	5	1221(a)(1)(emphasis	1221(a)(1)(emphasis	PROPN
ftr-397	566	6	added	add	VERB
ftr-397	566	7	)	)	PUNCT
ftr-397	566	8	;	;	PUNCT
ftr-397	566	9	see	see	VERB
ftr-397	566	10	king	king	NOUN
ftr-397	566	11	v.	v.	ADP
ftr-397	566	12	comm’r	comm’r	NOUN
ftr-397	566	13	,	,	PUNCT
ftr-397	566	14	89	89	NUM
ftr-397	566	15	t.c	t.c	PROPN
ftr-397	566	16	.	.	PROPN
ftr-397	566	17	445	445	NUM
ftr-397	566	18	(	(	PUNCT
ftr-397	566	19	1987	1987	NUM
ftr-397	566	20	)	)	PUNCT
ftr-397	566	21	,	,	PUNCT
ftr-397	566	22	kemon	kemon	PROPN
ftr-397	566	23	,	,	PUNCT
ftr-397	566	24	16	16	NUM
ftr-397	566	25	t.c	t.c	PROPN
ftr-397	566	26	.	.	PROPN
ftr-397	566	27	1026	1026	NUM
ftr-397	566	28	;	;	PUNCT
ftr-397	567	1	marrin	marrin	PROPN
ftr-397	567	2	v.	v.	ADP
ftr-397	567	3	comm’r	comm’r	NOUN
ftr-397	567	4	,	,	PUNCT
ftr-397	567	5	73	73	NUM
ftr-397	567	6	t.c.m	t.c.m	NOUN
ftr-397	567	7	.	.	PUNCT
ftr-397	568	1	(	(	PUNCT
ftr-397	568	2	cch	cch	NOUN
ftr-397	568	3	)	)	PUNCT
ftr-397	568	4	1748	1748	NUM
ftr-397	568	5	(	(	PUNCT
ftr-397	568	6	1997	1997	NUM
ftr-397	568	7	)	)	PUNCT
ftr-397	568	8	,	,	PUNCT
ftr-397	568	9	aff’d	aff’d	VERB
ftr-397	568	10	,	,	PUNCT
ftr-397	568	11	147	147	NUM
ftr-397	568	12	f.3d	f.3d	NUM
ftr-397	568	13	147	147	NUM
ftr-397	568	14	(	(	PUNCT
ftr-397	568	15	1998	1998	NUM
ftr-397	568	16	)	)	PUNCT
ftr-397	568	17	.	.	PUNCT
ftr-397	569	1	120	120	NUM
ftr-397	569	2	.	.	PUNCT
ftr-397	570	1	revenue	revenue	NOUN
ftr-397	570	2	act	act	NOUN
ftr-397	570	3	of	of	ADP
ftr-397	570	4	1924	1924	NUM
ftr-397	570	5	,	,	PUNCT
ftr-397	570	6	ch	ch	NOUN
ftr-397	570	7	.	.	PROPN
ftr-397	570	8	234	234	NUM
ftr-397	570	9	,	,	PUNCT
ftr-397	570	10	§	§	PROPN
ftr-397	570	11	208(a)(8	208(a)(8	NUM
ftr-397	570	12	)	)	PUNCT
ftr-397	570	13	,	,	PUNCT
ftr-397	570	14	43	43	NUM
ftr-397	570	15	stat	stat	NOUN
ftr-397	570	16	.	.	PUNCT
ftr-397	571	1	253	253	NUM
ftr-397	571	2	,	,	PUNCT
ftr-397	571	3	263	263	NUM
ftr-397	571	4	.	.	PUNCT
ftr-397	572	1	the	the	DET
ftr-397	572	2	statute	statute	NOUN
ftr-397	572	3	,	,	PUNCT
ftr-397	572	4	as	as	SCONJ
ftr-397	572	5	amended	amend	VERB
ftr-397	572	6	in	in	ADP
ftr-397	572	7	1924	1924	NUM
ftr-397	572	8	,	,	PUNCT
ftr-397	572	9	defined	define	VERB
ftr-397	572	10	“	"	PUNCT
ftr-397	572	11	capital	capital	NOUN
ftr-397	572	12	asset	asset	NOUN
ftr-397	572	13	”	"	PUNCT
ftr-397	572	14	as	as	ADP
ftr-397	572	15	“	"	PUNCT
ftr-397	572	16	property	property	NOUN
ftr-397	572	17	held	hold	VERB
ftr-397	572	18	by	by	ADP
ftr-397	572	19	the	the	DET
ftr-397	572	20	taxpayer	taxpayer	NOUN
ftr-397	572	21	for	for	ADP
ftr-397	572	22	more	more	ADJ
ftr-397	572	23	than	than	ADP
ftr-397	572	24	two	two	NUM
ftr-397	572	25	years	year	NOUN
ftr-397	572	26	(	(	PUNCT
ftr-397	572	27	whether	whether	SCONJ
ftr-397	572	28	or	or	CCONJ
ftr-397	572	29	not	not	PART
ftr-397	572	30	connected	connect	VERB
ftr-397	572	31	with	with	ADP
ftr-397	572	32	this	this	DET
ftr-397	572	33	trade	trade	NOUN
ftr-397	572	34	or	or	CCONJ
ftr-397	572	35	business	business	NOUN
ftr-397	572	36	)	)	PUNCT
ftr-397	572	37	,	,	PUNCT
ftr-397	572	38	but	but	CCONJ
ftr-397	572	39	does	do	AUX
ftr-397	572	40	not	not	PART
ftr-397	572	41	include	include	VERB
ftr-397	572	42	stock	stock	NOUN
ftr-397	572	43	in	in	ADP
ftr-397	572	44	trade	trade	NOUN
ftr-397	572	45	of	of	ADP
ftr-397	572	46	the	the	DET
ftr-397	572	47	taxpayer	taxpayer	NOUN
ftr-397	572	48	or	or	CCONJ
ftr-397	572	49	other	other	ADJ
ftr-397	572	50	property	property	NOUN
ftr-397	572	51	of	of	ADP
ftr-397	572	52	a	a	DET
ftr-397	572	53	kind	kind	NOUN
ftr-397	572	54	which	which	PRON
ftr-397	572	55	would	would	AUX
ftr-397	572	56	properly	properly	ADV
ftr-397	572	57	be	be	AUX
ftr-397	572	58	included	include	VERB
ftr-397	572	59	in	in	ADP
ftr-397	572	60	the	the	DET
ftr-397	572	61	inventory	inventory	NOUN
ftr-397	572	62	of	of	ADP
ftr-397	572	63	the	the	DET
ftr-397	572	64	taxpayer	taxpayer	NOUN
ftr-397	572	65	if	if	SCONJ
ftr-397	572	66	on	on	ADP
ftr-397	572	67	hand	hand	NOUN
ftr-397	572	68	at	at	ADP
ftr-397	572	69	the	the	DET
ftr-397	572	70	close	close	NOUN
ftr-397	572	71	of	of	ADP
ftr-397	572	72	the	the	DET
ftr-397	572	73	taxable	taxable	ADJ
ftr-397	572	74	year	year	NOUN
ftr-397	572	75	,	,	PUNCT
ftr-397	572	76	or	or	CCONJ
ftr-397	572	77	property	property	NOUN
ftr-397	572	78	held	hold	VERB
ftr-397	572	79	by	by	ADP
ftr-397	572	80	the	the	DET
ftr-397	572	81	taxpayer	taxpayer	NOUN
ftr-397	572	82	primarily	primarily	ADV
ftr-397	572	83	for	for	ADP
ftr-397	572	84	sale	sale	NOUN
ftr-397	572	85	in	in	ADP
ftr-397	572	86	the	the	DET
ftr-397	572	87	course	course	NOUN
ftr-397	572	88	of	of	ADP
ftr-397	572	89	his	his	PRON
ftr-397	572	90	trade	trade	NOUN
ftr-397	572	91	or	or	CCONJ
ftr-397	572	92	business	business	NOUN
ftr-397	572	93	.	.	PUNCT
ftr-397	572	94	”	"	PUNCT
ftr-397	573	1	see	see	VERB
ftr-397	573	2	also	also	ADV
ftr-397	573	3	,	,	PUNCT
ftr-397	573	4	generally	generally	ADV
ftr-397	573	5	,	,	PUNCT
ftr-397	573	6	fuld	fuld	PROPN
ftr-397	573	7	,	,	PUNCT
ftr-397	573	8	139	139	NUM
ftr-397	573	9	f.2d	f.2d	ADP
ftr-397	573	10	465	465	NUM
ftr-397	573	11	.	.	PUNCT
ftr-397	574	1	121	121	NUM
ftr-397	574	2	.	.	PUNCT
ftr-397	575	1	see	see	VERB
ftr-397	575	2	schwinn	schwinn	PROPN
ftr-397	575	3	,	,	PUNCT
ftr-397	575	4	9	9	NUM
ftr-397	575	5	b.t.a	b.t.a	NOUN
ftr-397	575	6	.	.	PROPN
ftr-397	575	7	1304	1304	NUM
ftr-397	575	8	,	,	PUNCT
ftr-397	575	9	see	see	VERB
ftr-397	575	10	also	also	ADV
ftr-397	575	11	fuld	fuld	PROPN
ftr-397	575	12	,	,	PUNCT
ftr-397	575	13	139	139	NUM
ftr-397	575	14	f.2d	f.2d	NOUN
ftr-397	575	15	at	at	ADP
ftr-397	575	16	469	469	NUM
ftr-397	575	17	(	(	PUNCT
ftr-397	575	18	discussing	discuss	VERB
ftr-397	575	19	law	law	NOUN
ftr-397	575	20	change	change	NOUN
ftr-397	575	21	)	)	PUNCT
ftr-397	575	22	.	.	PUNCT
ftr-397	576	1	1140	1140	NUM
ftr-397	576	2	florida	florida	PROPN
ftr-397	576	3	tax	tax	NOUN
ftr-397	576	4	review	review	NOUN
ftr-397	577	1	[	[	X
ftr-397	577	2	vol	vol	NOUN
ftr-397	577	3	.	.	PUNCT
ftr-397	578	1	8:10	8:10	NUM
ftr-397	578	2	treatment	treatment	NOUN
ftr-397	578	3	was	be	AUX
ftr-397	578	4	introduced	introduce	VERB
ftr-397	578	5	into	into	ADP
ftr-397	578	6	the	the	DET
ftr-397	578	7	statute	statute	NOUN
ftr-397	578	8	by	by	ADP
ftr-397	578	9	section	section	NOUN
ftr-397	578	10	117(b	117(b	PROPN
ftr-397	578	11	)	)	PUNCT
ftr-397	578	12	the	the	DET
ftr-397	578	13	revenue	revenue	NOUN
ftr-397	578	14	act	act	NOUN
ftr-397	578	15	of	of	ADP
ftr-397	578	16	1934.122	1934.122	NUM
ftr-397	578	17	the	the	DET
ftr-397	578	18	report	report	NOUN
ftr-397	578	19	of	of	ADP
ftr-397	578	20	the	the	DET
ftr-397	578	21	senate	senate	PROPN
ftr-397	578	22	finance	finance	PROPN
ftr-397	578	23	committee	committee	PROPN
ftr-397	578	24	stated	state	VERB
ftr-397	578	25	that	that	SCONJ
ftr-397	578	26	the	the	DET
ftr-397	578	27	policy	policy	NOUN
ftr-397	578	28	reason	reason	NOUN
ftr-397	578	29	behind	behind	ADP
ftr-397	578	30	this	this	DET
ftr-397	578	31	change	change	NOUN
ftr-397	578	32	was	be	AUX
ftr-397	578	33	“	"	PUNCT
ftr-397	578	34	to	to	PART
ftr-397	578	35	prevent	prevent	VERB
ftr-397	578	36	tax	tax	NOUN
ftr-397	578	37	avoidance	avoidance	NOUN
ftr-397	578	38	by	by	ADP
ftr-397	578	39	excluding	exclude	VERB
ftr-397	578	40	from	from	ADP
ftr-397	578	41	the	the	DET
ftr-397	578	42	category	category	NOUN
ftr-397	578	43	of	of	ADP
ftr-397	578	44	a	a	DET
ftr-397	578	45	‘	'	PUNCT
ftr-397	578	46	capital	capital	NOUN
ftr-397	578	47	asset	asset	NOUN
ftr-397	578	48	’	'	PUNCT
ftr-397	578	49	property	property	NOUN
ftr-397	578	50	held	hold	VERB
ftr-397	578	51	by	by	ADP
ftr-397	578	52	the	the	DET
ftr-397	578	53	taxpayer	taxpayer	NOUN
ftr-397	578	54	primarily	primarily	ADV
ftr-397	578	55	for	for	ADP
ftr-397	578	56	sale	sale	NOUN
ftr-397	578	57	‘	'	PUNCT
ftr-397	578	58	to	to	ADP
ftr-397	578	59	customers	customer	NOUN
ftr-397	578	60	’	'	PUNCT
ftr-397	578	61	in	in	ADP
ftr-397	578	62	the	the	DET
ftr-397	578	63	ordinary	ordinary	ADJ
ftr-397	578	64	course	course	NOUN
ftr-397	578	65	of	of	ADP
ftr-397	578	66	his	his	PRON
ftr-397	578	67	trade	trade	NOUN
ftr-397	578	68	or	or	CCONJ
ftr-397	578	69	business	business	NOUN
ftr-397	578	70	,	,	PUNCT
ftr-397	578	71	instead	instead	ADV
ftr-397	578	72	of	of	ADP
ftr-397	578	73	merely	merely	ADV
ftr-397	578	74	property	property	NOUN
ftr-397	578	75	held	hold	VERB
ftr-397	578	76	by	by	ADP
ftr-397	578	77	the	the	DET
ftr-397	578	78	taxpayer	taxpayer	NOUN
ftr-397	578	79	primarily	primarily	ADV
ftr-397	578	80	for	for	ADP
ftr-397	578	81	sale	sale	NOUN
ftr-397	578	82	in	in	ADP
ftr-397	578	83	the	the	DET
ftr-397	578	84	course	course	NOUN
ftr-397	578	85	of	of	ADP
ftr-397	578	86	his	his	PRON
ftr-397	578	87	trade	trade	NOUN
ftr-397	578	88	or	or	CCONJ
ftr-397	578	89	business	business	NOUN
ftr-397	578	90	.	.	PUNCT
ftr-397	578	91	”123	”123	VERB
ftr-397	579	1	the	the	DET
ftr-397	579	2	conference	conference	NOUN
ftr-397	579	3	report	report	NOUN
ftr-397	579	4	on	on	ADP
ftr-397	579	5	this	this	DET
ftr-397	579	6	provision	provision	NOUN
ftr-397	579	7	was	be	AUX
ftr-397	579	8	even	even	ADV
ftr-397	579	9	more	more	ADV
ftr-397	579	10	explicit	explicit	ADJ
ftr-397	579	11	,	,	PUNCT
ftr-397	579	12	stating	state	VERB
ftr-397	579	13	that	that	SCONJ
ftr-397	579	14	“	"	PUNCT
ftr-397	579	15	[	[	X
ftr-397	579	16	t]he	t]he	ADJ
ftr-397	579	17	senate	senate	PROPN
ftr-397	579	18	amendment	amendment	NOUN
ftr-397	579	19	confines	confine	NOUN
ftr-397	579	20	the	the	DET
ftr-397	579	21	exclusion	exclusion	NOUN
ftr-397	579	22	to	to	ADP
ftr-397	579	23	property	property	NOUN
ftr-397	579	24	held	hold	VERB
ftr-397	579	25	primarily	primarily	ADV
ftr-397	579	26	for	for	ADP
ftr-397	579	27	sale	sale	NOUN
ftr-397	579	28	to	to	ADP
ftr-397	579	29	customers	customer	NOUN
ftr-397	579	30	in	in	ADP
ftr-397	579	31	the	the	DET
ftr-397	579	32	ordinary	ordinary	ADJ
ftr-397	579	33	course	course	NOUN
ftr-397	579	34	of	of	ADP
ftr-397	579	35	the	the	DET
ftr-397	579	36	taxpayer	taxpayer	NOUN
ftr-397	579	37	’s	’s	PART
ftr-397	579	38	trade	trade	NOUN
ftr-397	579	39	or	or	CCONJ
ftr-397	579	40	business	business	NOUN
ftr-397	579	41	,	,	PUNCT
ftr-397	579	42	thus	thus	ADV
ftr-397	579	43	making	make	VERB
ftr-397	579	44	it	it	PRON
ftr-397	579	45	impossible	impossible	ADJ
ftr-397	579	46	to	to	PART
ftr-397	579	47	contend	contend	VERB
ftr-397	579	48	that	that	SCONJ
ftr-397	579	49	a	a	DET
ftr-397	579	50	stock	stock	NOUN
ftr-397	579	51	speculator	speculator	NOUN
ftr-397	579	52	trading	trading	NOUN
ftr-397	579	53	on	on	ADP
ftr-397	579	54	his	his	PRON
ftr-397	579	55	own	own	ADJ
ftr-397	579	56	account	account	NOUN
ftr-397	579	57	is	be	AUX
ftr-397	579	58	not	not	PART
ftr-397	579	59	subject	subject	ADJ
ftr-397	579	60	to	to	ADP
ftr-397	579	61	the	the	DET
ftr-397	579	62	provisions	provision	NOUN
ftr-397	579	63	of	of	ADP
ftr-397	579	64	section	section	NOUN
ftr-397	579	65	117.”124	117.”124	PROPN
ftr-397	579	66	the	the	DET
ftr-397	579	67	enactment	enactment	NOUN
ftr-397	579	68	of	of	ADP
ftr-397	579	69	this	this	DET
ftr-397	579	70	provision	provision	NOUN
ftr-397	579	71	was	be	AUX
ftr-397	579	72	apparently	apparently	ADV
ftr-397	579	73	undertaken	undertake	VERB
ftr-397	579	74	in	in	ADP
ftr-397	579	75	part	part	NOUN
ftr-397	579	76	because	because	SCONJ
ftr-397	579	77	some	some	DET
ftr-397	579	78	taxpayers	taxpayer	NOUN
ftr-397	579	79	had	have	AUX
ftr-397	579	80	paid	pay	VERB
ftr-397	579	81	no	no	DET
ftr-397	579	82	federal	federal	ADJ
ftr-397	579	83	income	income	NOUN
ftr-397	579	84	tax	tax	NOUN
ftr-397	579	85	in	in	ADP
ftr-397	579	86	the	the	DET
ftr-397	579	87	preceding	precede	VERB
ftr-397	579	88	tax	tax	NOUN
ftr-397	579	89	years	year	NOUN
ftr-397	579	90	because	because	SCONJ
ftr-397	579	91	they	they	PRON
ftr-397	579	92	had	have	AUX
ftr-397	579	93	used	use	VERB
ftr-397	579	94	their	their	PRON
ftr-397	579	95	(	(	PUNCT
ftr-397	579	96	then	then	ADV
ftr-397	579	97	ordinary	ordinary	ADJ
ftr-397	579	98	)	)	PUNCT
ftr-397	579	99	losses	loss	NOUN
ftr-397	579	100	on	on	ADP
ftr-397	579	101	securities	security	NOUN
ftr-397	579	102	sales	sale	NOUN
ftr-397	579	103	to	to	PART
ftr-397	579	104	offset	offset	VERB
ftr-397	579	105	vast	vast	ADJ
ftr-397	579	106	amounts	amount	NOUN
ftr-397	579	107	of	of	ADP
ftr-397	579	108	income	income	NOUN
ftr-397	579	109	from	from	ADP
ftr-397	579	110	other	other	ADJ
ftr-397	579	111	sources	source	NOUN
ftr-397	579	112	,	,	PUNCT
ftr-397	579	113	and	and	CCONJ
ftr-397	579	114	because	because	SCONJ
ftr-397	579	115	of	of	ADP
ftr-397	579	116	congressional	congressional	ADJ
ftr-397	579	117	concerns	concern	NOUN
ftr-397	579	118	about	about	ADP
ftr-397	579	119	protecting	protect	VERB
ftr-397	579	120	national	national	ADJ
ftr-397	579	121	revenue	revenue	NOUN
ftr-397	579	122	during	during	ADP
ftr-397	579	123	a	a	DET
ftr-397	579	124	depressed	depressed	ADJ
ftr-397	579	125	period.125	period.125	NOUN
ftr-397	579	126	therefore	therefore	ADV
ftr-397	579	127	,	,	PUNCT
ftr-397	579	128	it	it	PRON
ftr-397	579	129	is	be	AUX
ftr-397	579	130	clear	clear	ADJ
ftr-397	579	131	that	that	SCONJ
ftr-397	579	132	the	the	DET
ftr-397	579	133	addition	addition	NOUN
ftr-397	579	134	of	of	ADP
ftr-397	579	135	the	the	DET
ftr-397	579	136	“	"	PUNCT
ftr-397	579	137	to	to	ADP
ftr-397	579	138	customers	customer	NOUN
ftr-397	579	139	”	"	PUNCT
ftr-397	579	140	requirement	requirement	NOUN
ftr-397	579	141	to	to	ADP
ftr-397	579	142	the	the	DET
ftr-397	579	143	statute	statute	NOUN
ftr-397	579	144	was	be	AUX
ftr-397	579	145	squarely	squarely	ADV
ftr-397	579	146	aimed	aim	VERB
ftr-397	579	147	at	at	ADP
ftr-397	579	148	preventing	prevent	VERB
ftr-397	579	149	stock	stock	NOUN
ftr-397	579	150	traders	trader	NOUN
ftr-397	579	151	(	(	PUNCT
ftr-397	579	152	or	or	CCONJ
ftr-397	579	153	“	"	PUNCT
ftr-397	579	154	speculators	speculator	NOUN
ftr-397	579	155	”	"	PUNCT
ftr-397	579	156	as	as	SCONJ
ftr-397	579	157	they	they	PRON
ftr-397	579	158	were	be	AUX
ftr-397	579	159	then	then	ADV
ftr-397	579	160	called	call	VERB
ftr-397	579	161	)	)	PUNCT
ftr-397	579	162	from	from	ADP
ftr-397	579	163	contending	contend	VERB
ftr-397	579	164	that	that	SCONJ
ftr-397	579	165	they	they	PRON
ftr-397	579	166	were	be	AUX
ftr-397	579	167	eligible	eligible	ADJ
ftr-397	579	168	for	for	ADP
ftr-397	579	169	ordinary	ordinary	ADJ
ftr-397	579	170	gain	gain	NOUN
ftr-397	579	171	and	and	CCONJ
ftr-397	579	172	(	(	PUNCT
ftr-397	579	173	more	more	ADV
ftr-397	579	174	pertinently	pertinently	ADV
ftr-397	579	175	)	)	PUNCT
ftr-397	579	176	ordinary	ordinary	ADJ
ftr-397	579	177	losses	loss	NOUN
ftr-397	579	178	from	from	ADP
ftr-397	579	179	their	their	PRON
ftr-397	579	180	trading	trading	NOUN
ftr-397	579	181	activities	activity	NOUN
ftr-397	579	182	.	.	PUNCT
ftr-397	580	1	in	in	ADP
ftr-397	580	2	the	the	DET
ftr-397	580	3	light	light	NOUN
ftr-397	580	4	of	of	ADP
ftr-397	580	5	this	this	DET
ftr-397	580	6	statutory	statutory	ADJ
ftr-397	580	7	change	change	NOUN
ftr-397	580	8	and	and	CCONJ
ftr-397	580	9	the	the	DET
ftr-397	580	10	legislative	legislative	ADJ
ftr-397	580	11	commentary	commentary	NOUN
ftr-397	580	12	accompanying	accompany	VERB
ftr-397	580	13	that	that	DET
ftr-397	580	14	change	change	NOUN
ftr-397	580	15	,	,	PUNCT
ftr-397	580	16	courts	court	NOUN
ftr-397	580	17	began	begin	VERB
ftr-397	580	18	to	to	PART
ftr-397	580	19	decide	decide	VERB
ftr-397	580	20	that	that	PRON
ftr-397	580	21	,	,	PUNCT
ftr-397	580	22	even	even	ADV
ftr-397	580	23	if	if	SCONJ
ftr-397	580	24	a	a	DET
ftr-397	580	25	taxpayer	taxpayer	NOUN
ftr-397	580	26	were	be	AUX
ftr-397	580	27	a	a	DET
ftr-397	580	28	trader	trader	NOUN
ftr-397	580	29	found	find	VERB
ftr-397	580	30	to	to	PART
ftr-397	580	31	be	be	AUX
ftr-397	580	32	engaged	engage	VERB
ftr-397	580	33	in	in	ADP
ftr-397	580	34	the	the	DET
ftr-397	580	35	trade	trade	NOUN
ftr-397	580	36	or	or	CCONJ
ftr-397	580	37	business	business	NOUN
ftr-397	580	38	of	of	ADP
ftr-397	580	39	securities	security	NOUN
ftr-397	580	40	trading	trading	NOUN
ftr-397	580	41	,	,	PUNCT
ftr-397	580	42	and	and	CCONJ
ftr-397	580	43	entitled	entitle	VERB
ftr-397	580	44	to	to	ADP
ftr-397	580	45	all	all	PRON
ftr-397	580	46	of	of	ADP
ftr-397	580	47	the	the	DET
ftr-397	580	48	tax	tax	NOUN
ftr-397	580	49	treatments	treatment	NOUN
ftr-397	580	50	accorded	accord	VERB
ftr-397	580	51	to	to	ADP
ftr-397	580	52	a	a	DET
ftr-397	580	53	taxpayer	taxpayer	NOUN
ftr-397	580	54	engaged	engage	VERB
ftr-397	580	55	in	in	ADP
ftr-397	580	56	a	a	DET
ftr-397	580	57	trade	trade	NOUN
ftr-397	580	58	or	or	CCONJ
ftr-397	580	59	business	business	NOUN
ftr-397	580	60	,	,	PUNCT
ftr-397	580	61	his	his	PRON
ftr-397	580	62	gain	gain	NOUN
ftr-397	580	63	and	and	CCONJ
ftr-397	580	64	loss	loss	NOUN
ftr-397	580	65	from	from	ADP
ftr-397	580	66	the	the	DET
ftr-397	580	67	sale	sale	NOUN
ftr-397	580	68	of	of	ADP
ftr-397	580	69	securities	security	NOUN
ftr-397	580	70	were	be	AUX
ftr-397	580	71	capital	capital	NOUN
ftr-397	580	72	gain	gain	NOUN
ftr-397	580	73	and	and	CCONJ
ftr-397	580	74	loss	loss	NOUN
ftr-397	580	75	for	for	ADP
ftr-397	580	76	the	the	DET
ftr-397	580	77	simple	simple	ADJ
ftr-397	580	78	reason	reason	NOUN
ftr-397	580	79	that	that	SCONJ
ftr-397	580	80	a	a	DET
ftr-397	580	81	trader	trader	NOUN
ftr-397	580	82	,	,	PUNCT
ftr-397	580	83	unlike	unlike	ADP
ftr-397	580	84	a	a	DET
ftr-397	580	85	dealer	dealer	NOUN
ftr-397	580	86	,	,	PUNCT
ftr-397	580	87	has	have	VERB
ftr-397	580	88	no	no	DET
ftr-397	580	89	customers	customer	NOUN
ftr-397	580	90	.	.	PUNCT
ftr-397	581	1	one	one	NUM
ftr-397	581	2	of	of	ADP
ftr-397	581	3	the	the	DET
ftr-397	581	4	early	early	ADJ
ftr-397	581	5	cases	case	NOUN
ftr-397	581	6	addressing	address	VERB
ftr-397	581	7	the	the	DET
ftr-397	581	8	issue	issue	NOUN
ftr-397	581	9	was	be	AUX
ftr-397	581	10	kemon	kemon	VERB
ftr-397	581	11	v.	v.	ADP
ftr-397	581	12	122	122	NUM
ftr-397	581	13	.	.	PUNCT
ftr-397	582	1	revenue	revenue	NOUN
ftr-397	582	2	act	act	NOUN
ftr-397	582	3	of	of	ADP
ftr-397	582	4	1934	1934	NUM
ftr-397	582	5	,	,	PUNCT
ftr-397	583	1	pub	pub	NOUN
ftr-397	583	2	l.	l.	NOUN
ftr-397	583	3	no	no	INTJ
ftr-397	583	4	.	.	PUNCT
ftr-397	584	1	73	73	NUM
ftr-397	584	2	-	-	SYM
ftr-397	584	3	216	216	NUM
ftr-397	584	4	,	,	PUNCT
ftr-397	584	5	§	§	PROPN
ftr-397	584	6	117(b	117(b	PROPN
ftr-397	584	7	)	)	PUNCT
ftr-397	584	8	,	,	PUNCT
ftr-397	584	9	48	48	NUM
ftr-397	584	10	stat	stat	NOUN
ftr-397	584	11	.	.	PUNCT
ftr-397	585	1	680	680	NUM
ftr-397	585	2	,	,	PUNCT
ftr-397	585	3	714	714	NUM
ftr-397	585	4	(	(	PUNCT
ftr-397	585	5	1934	1934	NUM
ftr-397	585	6	)	)	PUNCT
ftr-397	585	7	.	.	PUNCT
ftr-397	586	1	with	with	ADP
ftr-397	586	2	respect	respect	NOUN
ftr-397	586	3	to	to	ADP
ftr-397	586	4	the	the	DET
ftr-397	586	5	“	"	PUNCT
ftr-397	586	6	to	to	ADP
ftr-397	586	7	customers	customer	NOUN
ftr-397	586	8	”	"	PUNCT
ftr-397	586	9	provision	provision	NOUN
ftr-397	586	10	,	,	PUNCT
ftr-397	586	11	§	§	PROPN
ftr-397	586	12	117(b	117(b	PROPN
ftr-397	586	13	)	)	PUNCT
ftr-397	586	14	was	be	AUX
ftr-397	586	15	substantially	substantially	ADV
ftr-397	586	16	identical	identical	ADJ
ftr-397	586	17	in	in	ADP
ftr-397	586	18	form	form	NOUN
ftr-397	586	19	to	to	ADP
ftr-397	586	20	what	what	PRON
ftr-397	586	21	is	be	AUX
ftr-397	586	22	currently	currently	ADV
ftr-397	586	23	irc	irc	ADP
ftr-397	586	24	§	§	PROPN
ftr-397	586	25	1221(a)(1	1221(a)(1	NUM
ftr-397	586	26	)	)	PUNCT
ftr-397	586	27	.	.	PUNCT
ftr-397	587	1	123	123	NUM
ftr-397	587	2	.	.	PUNCT
ftr-397	588	1	burnett	burnett	PROPN
ftr-397	588	2	v.	v.	CCONJ
ftr-397	588	3	comm’r	comm’r	PROPN
ftr-397	588	4	,	,	PUNCT
ftr-397	588	5	40	40	NUM
ftr-397	588	6	b.t.a	b.t.a	NOUN
ftr-397	588	7	.	.	PROPN
ftr-397	588	8	605	605	NUM
ftr-397	588	9	,	,	PUNCT
ftr-397	588	10	608	608	NUM
ftr-397	588	11	(	(	PUNCT
ftr-397	588	12	1939	1939	NUM
ftr-397	588	13	)	)	PUNCT
ftr-397	588	14	,	,	PUNCT
ftr-397	588	15	aff’d	aff’d	VERB
ftr-397	588	16	by	by	ADP
ftr-397	588	17	comm’r	comm’r	NOUN
ftr-397	588	18	v.	v.	ADP
ftr-397	588	19	burnett	burnett	PROPN
ftr-397	588	20	,	,	PUNCT
ftr-397	588	21	118	118	NUM
ftr-397	588	22	f.2d	f.2d	NOUN
ftr-397	588	23	659	659	NUM
ftr-397	588	24	(	(	PUNCT
ftr-397	588	25	5th	5th	ADJ
ftr-397	588	26	cir	cir	NOUN
ftr-397	588	27	.	.	PROPN
ftr-397	588	28	1941	1941	NUM
ftr-397	588	29	)	)	PUNCT
ftr-397	588	30	(	(	PUNCT
ftr-397	588	31	quoting	quote	VERB
ftr-397	588	32	senate	senate	PROPN
ftr-397	588	33	finance	finance	PROPN
ftr-397	588	34	committee	committee	PROPN
ftr-397	588	35	report	report	NOUN
ftr-397	588	36	to	to	ADP
ftr-397	588	37	1934	1934	NUM
ftr-397	588	38	revenue	revenue	NOUN
ftr-397	588	39	act	act	NOUN
ftr-397	588	40	at	at	ADP
ftr-397	588	41	12	12	NUM
ftr-397	588	42	)	)	PUNCT
ftr-397	588	43	.	.	PUNCT
ftr-397	589	1	124	124	NUM
ftr-397	589	2	.	.	PUNCT
ftr-397	590	1	h.	h.	PROPN
ftr-397	590	2	rep	rep	PROPN
ftr-397	590	3	.	.	PROPN
ftr-397	591	1	no	no	PROPN
ftr-397	591	2	.	.	NOUN
ftr-397	591	3	1385	1385	NUM
ftr-397	591	4	,	,	PUNCT
ftr-397	591	5	73rd	73rd	ADJ
ftr-397	591	6	cong	cong	NOUN
ftr-397	591	7	.	.	PUNCT
ftr-397	592	1	2d	2d	PROPN
ftr-397	592	2	sess	sess	PROPN
ftr-397	592	3	.	.	PUNCT
ftr-397	593	1	at	at	ADP
ftr-397	593	2	22	22	NUM
ftr-397	593	3	.	.	PUNCT
ftr-397	594	1	125	125	NUM
ftr-397	594	2	.	.	PUNCT
ftr-397	595	1	peter	peter	PROPN
ftr-397	595	2	miller	miller	PROPN
ftr-397	595	3	,	,	PUNCT
ftr-397	595	4	the	the	DET
ftr-397	595	5	“	"	PUNCT
ftr-397	595	6	capital	capital	NOUN
ftr-397	595	7	asset	asset	NOUN
ftr-397	595	8	”	"	PUNCT
ftr-397	595	9	concept	concept	NOUN
ftr-397	595	10	:	:	PUNCT
ftr-397	595	11	a	a	DET
ftr-397	595	12	critique	critique	NOUN
ftr-397	595	13	of	of	ADP
ftr-397	595	14	capital	capital	NOUN
ftr-397	595	15	gains	gain	NOUN
ftr-397	595	16	taxation	taxation	NOUN
ftr-397	595	17	,	,	PUNCT
ftr-397	595	18	59	59	NUM
ftr-397	595	19	yale	yale	PROPN
ftr-397	595	20	l.j	l.j	PROPN
ftr-397	595	21	.	.	PROPN
ftr-397	595	22	837	837	NUM
ftr-397	595	23	,	,	PUNCT
ftr-397	595	24	844	844	NUM
ftr-397	595	25	(	(	PUNCT
ftr-397	595	26	1950	1950	NUM
ftr-397	595	27	)	)	PUNCT
ftr-397	595	28	(	(	PUNCT
ftr-397	595	29	citing	cite	VERB
ftr-397	595	30	latham	latham	PROPN
ftr-397	595	31	,	,	PUNCT
ftr-397	595	32	taxation	taxation	NOUN
ftr-397	595	33	of	of	ADP
ftr-397	595	34	capital	capital	NOUN
ftr-397	595	35	gains	gain	NOUN
ftr-397	595	36	,	,	PUNCT
ftr-397	595	37	23	23	NUM
ftr-397	595	38	calif	calif	PROPN
ftr-397	595	39	.	.	PUNCT
ftr-397	596	1	l.	l.	PROPN
ftr-397	596	2	rev	rev	PROPN
ftr-397	596	3	.	.	PROPN
ftr-397	596	4	30	30	NUM
ftr-397	596	5	,	,	PUNCT
ftr-397	596	6	34	34	NUM
ftr-397	596	7	n.13	n.13	SYM
ftr-397	596	8	(	(	PUNCT
ftr-397	596	9	1935	1935	NUM
ftr-397	596	10	)	)	PUNCT
ftr-397	596	11	)	)	PUNCT
ftr-397	597	1	;	;	PUNCT
ftr-397	597	2	see	see	VERB
ftr-397	597	3	also	also	ADV
ftr-397	597	4	joseph	joseph	PROPN
ftr-397	597	5	byron	byron	PROPN
ftr-397	597	6	cartee	cartee	PROPN
ftr-397	597	7	,	,	PUNCT
ftr-397	597	8	note	note	VERB
ftr-397	597	9	,	,	PUNCT
ftr-397	597	10	a	a	DET
ftr-397	597	11	historical	historical	ADJ
ftr-397	597	12	essay	essay	NOUN
ftr-397	597	13	and	and	CCONJ
ftr-397	597	14	economic	economic	ADJ
ftr-397	597	15	assay	assay	NOUN
ftr-397	597	16	of	of	ADP
ftr-397	597	17	the	the	DET
ftr-397	597	18	capital	capital	NOUN
ftr-397	597	19	asset	asset	NOUN
ftr-397	597	20	definition	definition	NOUN
ftr-397	597	21	:	:	PUNCT
ftr-397	597	22	the	the	DET
ftr-397	597	23	taxpayer	taxpayer	NOUN
ftr-397	597	24	and	and	CCONJ
ftr-397	597	25	courts	court	NOUN
ftr-397	597	26	are	be	AUX
ftr-397	597	27	still	still	ADV
ftr-397	597	28	mindfully	mindfully	ADV
ftr-397	597	29	guessing	guess	VERB
ftr-397	597	30	while	while	SCONJ
ftr-397	597	31	congress	congress	PROPN
ftr-397	597	32	does	do	AUX
ftr-397	597	33	n’t	not	PART
ftr-397	597	34	seem	seem	VERB
ftr-397	597	35	to	to	PART
ftr-397	597	36	(	(	PUNCT
ftr-397	597	37	have	have	VERB
ftr-397	597	38	a	a	DET
ftr-397	597	39	)	)	PUNCT
ftr-397	597	40	mind	mind	NOUN
ftr-397	597	41	,	,	PUNCT
ftr-397	597	42	34	34	NUM
ftr-397	597	43	wm	wm	PROPN
ftr-397	597	44	.	.	PROPN
ftr-397	597	45	&	&	CCONJ
ftr-397	597	46	mary	mary	PROPN
ftr-397	597	47	l.	l.	PROPN
ftr-397	597	48	rev	rev	PROPN
ftr-397	597	49	.	.	PROPN
ftr-397	597	50	885	885	NUM
ftr-397	597	51	,	,	PUNCT
ftr-397	597	52	909	909	NUM
ftr-397	597	53	(	(	PUNCT
ftr-397	597	54	1993	1993	NUM
ftr-397	597	55	)	)	PUNCT
ftr-397	597	56	(	(	PUNCT
ftr-397	597	57	noting	note	VERB
ftr-397	597	58	that	that	SCONJ
ftr-397	597	59	the	the	PRON
ftr-397	597	60	“	"	PUNCT
ftr-397	597	61	to	to	ADP
ftr-397	597	62	customers	customer	NOUN
ftr-397	597	63	”	"	PUNCT
ftr-397	597	64	addition	addition	NOUN
ftr-397	597	65	was	be	AUX
ftr-397	597	66	made	make	VERB
ftr-397	597	67	to	to	PART
ftr-397	597	68	prevent	prevent	VERB
ftr-397	597	69	professional	professional	ADJ
ftr-397	597	70	traders	trader	NOUN
ftr-397	597	71	in	in	ADP
ftr-397	597	72	securities	security	NOUN
ftr-397	597	73	from	from	ADP
ftr-397	597	74	taking	take	VERB
ftr-397	597	75	ordinary	ordinary	ADJ
ftr-397	597	76	loss	loss	NOUN
ftr-397	597	77	deductions	deduction	NOUN
ftr-397	597	78	)	)	PUNCT
ftr-397	597	79	.	.	PUNCT
ftr-397	598	1	2008	2008	NUM
ftr-397	598	2	]	]	PUNCT
ftr-397	599	1	a	a	DET
ftr-397	599	2	structural	structural	ADJ
ftr-397	599	3	critique	critique	NOUN
ftr-397	599	4	of	of	ADP
ftr-397	599	5	trader	trader	NOUN
ftr-397	599	6	taxation	taxation	NOUN
ftr-397	599	7	1141	1141	NUM
ftr-397	599	8	comm’r.126	comm’r.126	NOUN
ftr-397	599	9	in	in	ADP
ftr-397	599	10	kemon	kemon	PROPN
ftr-397	599	11	,	,	PUNCT
ftr-397	599	12	decided	decide	VERB
ftr-397	599	13	in	in	ADP
ftr-397	599	14	1951	1951	NUM
ftr-397	599	15	,	,	PUNCT
ftr-397	599	16	the	the	DET
ftr-397	599	17	tax	tax	NOUN
ftr-397	599	18	court	court	NOUN
ftr-397	599	19	had	have	VERB
ftr-397	599	20	to	to	PART
ftr-397	599	21	decide	decide	VERB
ftr-397	599	22	whether	whether	SCONJ
ftr-397	599	23	the	the	DET
ftr-397	599	24	taxpayer	taxpayer	NOUN
ftr-397	599	25	,	,	PUNCT
ftr-397	599	26	a	a	DET
ftr-397	599	27	partnership	partnership	NOUN
ftr-397	599	28	whose	whose	DET
ftr-397	599	29	principal	principal	ADJ
ftr-397	599	30	activity	activity	NOUN
ftr-397	599	31	was	be	AUX
ftr-397	599	32	the	the	DET
ftr-397	599	33	buying	buying	NOUN
ftr-397	599	34	and	and	CCONJ
ftr-397	599	35	selling	selling	NOUN
ftr-397	599	36	of	of	ADP
ftr-397	599	37	unlisted	unlisted	ADJ
ftr-397	599	38	securities	security	NOUN
ftr-397	599	39	for	for	ADP
ftr-397	599	40	its	its	PRON
ftr-397	599	41	own	own	ADJ
ftr-397	599	42	account	account	NOUN
ftr-397	599	43	,	,	PUNCT
ftr-397	599	44	was	be	AUX
ftr-397	599	45	a	a	DET
ftr-397	599	46	trader	trader	NOUN
ftr-397	599	47	taxed	tax	VERB
ftr-397	599	48	at	at	ADP
ftr-397	599	49	capital	capital	NOUN
ftr-397	599	50	gains	gain	NOUN
ftr-397	599	51	rates	rate	NOUN
ftr-397	599	52	or	or	CCONJ
ftr-397	599	53	a	a	DET
ftr-397	599	54	dealer	dealer	NOUN
ftr-397	599	55	taxed	tax	VERB
ftr-397	599	56	at	at	ADP
ftr-397	599	57	ordinary	ordinary	ADJ
ftr-397	599	58	income	income	NOUN
ftr-397	599	59	rates	rate	NOUN
ftr-397	599	60	.	.	PUNCT
ftr-397	600	1	the	the	DET
ftr-397	600	2	court	court	NOUN
ftr-397	600	3	held	hold	VERB
ftr-397	600	4	that	that	SCONJ
ftr-397	600	5	the	the	DET
ftr-397	600	6	taxpayer	taxpayer	NOUN
ftr-397	600	7	was	be	AUX
ftr-397	600	8	a	a	DET
ftr-397	600	9	securities	security	NOUN
ftr-397	600	10	trader	trader	NOUN
ftr-397	600	11	,	,	PUNCT
ftr-397	600	12	rather	rather	ADV
ftr-397	600	13	than	than	ADP
ftr-397	600	14	a	a	DET
ftr-397	600	15	dealer	dealer	NOUN
ftr-397	600	16	,	,	PUNCT
ftr-397	600	17	and	and	CCONJ
ftr-397	600	18	was	be	AUX
ftr-397	600	19	entitled	entitle	VERB
ftr-397	600	20	to	to	ADP
ftr-397	600	21	capital	capital	NOUN
ftr-397	600	22	gain	gain	VERB
ftr-397	600	23	treatment	treatment	NOUN
ftr-397	600	24	on	on	ADP
ftr-397	600	25	its	its	PRON
ftr-397	600	26	sales	sale	NOUN
ftr-397	600	27	of	of	ADP
ftr-397	600	28	securities.127	securities.127	NOUN
ftr-397	600	29	in	in	ADP
ftr-397	600	30	so	so	ADV
ftr-397	600	31	holding	holding	NOUN
ftr-397	600	32	,	,	PUNCT
ftr-397	600	33	the	the	DET
ftr-397	600	34	court	court	NOUN
ftr-397	600	35	discussed	discuss	VERB
ftr-397	600	36	the	the	DET
ftr-397	600	37	legislative	legislative	ADJ
ftr-397	600	38	history	history	NOUN
ftr-397	600	39	of	of	ADP
ftr-397	600	40	section	section	NOUN
ftr-397	600	41	117(a)(1	117(a)(1	NUM
ftr-397	600	42	)	)	PUNCT
ftr-397	600	43	in	in	ADP
ftr-397	600	44	some	some	DET
ftr-397	600	45	detail	detail	NOUN
ftr-397	600	46	,	,	PUNCT
ftr-397	600	47	noting	note	VERB
ftr-397	600	48	that	that	SCONJ
ftr-397	600	49	the	the	DET
ftr-397	600	50	“	"	PUNCT
ftr-397	600	51	crucial	crucial	ADJ
ftr-397	600	52	phrase	phrase	NOUN
ftr-397	600	53	”	"	PUNCT
ftr-397	600	54	“	"	PUNCT
ftr-397	600	55	to	to	ADP
ftr-397	600	56	customers	customer	NOUN
ftr-397	600	57	”	"	PUNCT
ftr-397	600	58	had	have	AUX
ftr-397	600	59	been	be	AUX
ftr-397	600	60	added	add	VERB
ftr-397	600	61	to	to	ADP
ftr-397	600	62	the	the	DET
ftr-397	600	63	statute	statute	NOUN
ftr-397	600	64	specifically	specifically	ADV
ftr-397	600	65	so	so	SCONJ
ftr-397	600	66	that	that	SCONJ
ftr-397	600	67	a	a	DET
ftr-397	600	68	speculator	speculator	NOUN
ftr-397	600	69	trading	trading	NOUN
ftr-397	600	70	on	on	ADP
ftr-397	600	71	an	an	DET
ftr-397	600	72	exchange	exchange	NOUN
ftr-397	600	73	on	on	ADP
ftr-397	600	74	his	his	PRON
ftr-397	600	75	own	own	ADJ
ftr-397	600	76	account	account	NOUN
ftr-397	600	77	could	could	AUX
ftr-397	600	78	not	not	PART
ftr-397	600	79	claim	claim	VERB
ftr-397	600	80	that	that	SCONJ
ftr-397	600	81	the	the	DET
ftr-397	600	82	securities	security	NOUN
ftr-397	600	83	that	that	PRON
ftr-397	600	84	he	he	PRON
ftr-397	600	85	sold	sell	VERB
ftr-397	600	86	were	be	AUX
ftr-397	600	87	other	other	ADJ
ftr-397	600	88	than	than	ADP
ftr-397	600	89	capital	capital	NOUN
ftr-397	600	90	assets	asset	NOUN
ftr-397	600	91	,	,	PUNCT
ftr-397	600	92	and	and	CCONJ
ftr-397	600	93	that	that	SCONJ
ftr-397	600	94	“	"	PUNCT
ftr-397	600	95	[	[	X
ftr-397	600	96	t]he	t]he	X
ftr-397	600	97	theory	theory	NOUN
ftr-397	600	98	of	of	ADP
ftr-397	600	99	the	the	DET
ftr-397	600	100	amendment	amendment	NOUN
ftr-397	600	101	was	be	AUX
ftr-397	600	102	that	that	SCONJ
ftr-397	600	103	those	those	PRON
ftr-397	600	104	who	who	PRON
ftr-397	600	105	sell	sell	VERB
ftr-397	600	106	securities	security	NOUN
ftr-397	600	107	on	on	ADP
ftr-397	600	108	an	an	DET
ftr-397	600	109	exchange	exchange	NOUN
ftr-397	600	110	have	have	VERB
ftr-397	600	111	no	no	DET
ftr-397	600	112	customers	customer	NOUN
ftr-397	600	113	.	.	PUNCT
ftr-397	601	1	”128	”128	PUNCT
ftr-397	602	1	the	the	DET
ftr-397	602	2	court	court	NOUN
ftr-397	602	3	then	then	ADV
ftr-397	602	4	famously	famously	ADV
ftr-397	602	5	explained	explain	VERB
ftr-397	602	6	:	:	PUNCT
ftr-397	602	7	in	in	ADP
ftr-397	602	8	determining	determine	VERB
ftr-397	602	9	whether	whether	SCONJ
ftr-397	602	10	a	a	DET
ftr-397	602	11	seller	seller	NOUN
ftr-397	602	12	of	of	ADP
ftr-397	602	13	securities	security	NOUN
ftr-397	602	14	sells	sell	VERB
ftr-397	602	15	to	to	ADP
ftr-397	602	16	“	"	PUNCT
ftr-397	602	17	customers	customer	NOUN
ftr-397	602	18	,	,	PUNCT
ftr-397	602	19	”	"	PUNCT
ftr-397	602	20	the	the	DET
ftr-397	602	21	merchant	merchant	NOUN
ftr-397	602	22	analogy	analogy	NOUN
ftr-397	602	23	has	have	AUX
ftr-397	602	24	been	be	AUX
ftr-397	602	25	employed	employ	VERB
ftr-397	602	26	…	…	PUNCT
ftr-397	602	27	those	those	PRON
ftr-397	602	28	who	who	PRON
ftr-397	602	29	sell	sell	VERB
ftr-397	602	30	“	"	PUNCT
ftr-397	602	31	to	to	ADP
ftr-397	602	32	customers	customer	NOUN
ftr-397	602	33	”	"	PUNCT
ftr-397	602	34	are	be	AUX
ftr-397	602	35	comparable	comparable	ADJ
ftr-397	602	36	to	to	ADP
ftr-397	602	37	a	a	DET
ftr-397	602	38	merchant	merchant	NOUN
ftr-397	602	39	in	in	ADP
ftr-397	602	40	that	that	SCONJ
ftr-397	602	41	they	they	PRON
ftr-397	602	42	purchase	purchase	VERB
ftr-397	602	43	their	their	PRON
ftr-397	602	44	stock	stock	NOUN
ftr-397	602	45	in	in	ADP
ftr-397	602	46	trade	trade	NOUN
ftr-397	602	47	,	,	PUNCT
ftr-397	602	48	in	in	ADP
ftr-397	602	49	this	this	DET
ftr-397	602	50	case	case	NOUN
ftr-397	602	51	securities	security	NOUN
ftr-397	602	52	,	,	PUNCT
ftr-397	602	53	with	with	ADP
ftr-397	602	54	the	the	DET
ftr-397	602	55	expectation	expectation	NOUN
ftr-397	602	56	of	of	ADP
ftr-397	602	57	reselling	resell	VERB
ftr-397	602	58	at	at	ADP
ftr-397	602	59	a	a	DET
ftr-397	602	60	profit	profit	NOUN
ftr-397	602	61	,	,	PUNCT
ftr-397	602	62	not	not	PART
ftr-397	602	63	because	because	SCONJ
ftr-397	602	64	of	of	ADP
ftr-397	602	65	a	a	DET
ftr-397	602	66	rise	rise	NOUN
ftr-397	602	67	in	in	ADP
ftr-397	602	68	value	value	NOUN
ftr-397	602	69	during	during	ADP
ftr-397	602	70	the	the	DET
ftr-397	602	71	interval	interval	NOUN
ftr-397	602	72	of	of	ADP
ftr-397	602	73	time	time	NOUN
ftr-397	602	74	between	between	ADP
ftr-397	602	75	purchase	purchase	NOUN
ftr-397	602	76	and	and	CCONJ
ftr-397	602	77	resale	resale	NOUN
ftr-397	602	78	,	,	PUNCT
ftr-397	602	79	but	but	CCONJ
ftr-397	602	80	merely	merely	ADV
ftr-397	602	81	because	because	SCONJ
ftr-397	602	82	they	they	PRON
ftr-397	602	83	have	have	VERB
ftr-397	602	84	or	or	CCONJ
ftr-397	602	85	hope	hope	VERB
ftr-397	602	86	to	to	PART
ftr-397	602	87	find	find	VERB
ftr-397	602	88	a	a	DET
ftr-397	602	89	market	market	NOUN
ftr-397	602	90	of	of	ADP
ftr-397	602	91	buyers	buyer	NOUN
ftr-397	602	92	who	who	PRON
ftr-397	602	93	will	will	AUX
ftr-397	602	94	purchase	purchase	VERB
ftr-397	602	95	from	from	ADP
ftr-397	602	96	them	they	PRON
ftr-397	602	97	at	at	ADP
ftr-397	602	98	a	a	DET
ftr-397	602	99	price	price	NOUN
ftr-397	602	100	in	in	ADP
ftr-397	602	101	excess	excess	NOUN
ftr-397	602	102	of	of	ADP
ftr-397	602	103	their	their	PRON
ftr-397	602	104	cost	cost	NOUN
ftr-397	602	105	.	.	PUNCT
ftr-397	603	1	this	this	DET
ftr-397	603	2	excess	excess	ADJ
ftr-397	603	3	or	or	CCONJ
ftr-397	603	4	mark	mark	NOUN
ftr-397	603	5	-	-	PUNCT
ftr-397	603	6	up	up	NOUN
ftr-397	603	7	represents	represent	VERB
ftr-397	603	8	remuneration	remuneration	NOUN
ftr-397	603	9	for	for	ADP
ftr-397	603	10	their	their	PRON
ftr-397	603	11	labors	labor	NOUN
ftr-397	603	12	as	as	ADP
ftr-397	603	13	a	a	DET
ftr-397	603	14	middle	middle	ADJ
ftr-397	603	15	man	man	NOUN
ftr-397	603	16	bringing	bring	VERB
ftr-397	603	17	together	together	ADV
ftr-397	603	18	buyer	buyer	NOUN
ftr-397	603	19	and	and	CCONJ
ftr-397	603	20	seller	seller	NOUN
ftr-397	603	21	,	,	PUNCT
ftr-397	603	22	and	and	CCONJ
ftr-397	603	23	performing	perform	VERB
ftr-397	603	24	the	the	DET
ftr-397	603	25	usual	usual	ADJ
ftr-397	603	26	services	service	NOUN
ftr-397	603	27	of	of	ADP
ftr-397	603	28	retailer	retailer	NOUN
ftr-397	603	29	or	or	CCONJ
ftr-397	603	30	wholesaler	wholesaler	NOUN
ftr-397	603	31	of	of	ADP
ftr-397	603	32	goods	good	NOUN
ftr-397	603	33	.	.	PUNCT
ftr-397	604	1	…	…	PUNCT
ftr-397	604	2	contrasted	contrast	VERB
ftr-397	604	3	to	to	ADP
ftr-397	604	4	“	"	PUNCT
ftr-397	604	5	dealers	dealer	NOUN
ftr-397	604	6	”	"	PUNCT
ftr-397	604	7	are	be	AUX
ftr-397	604	8	those	those	DET
ftr-397	604	9	sellers	seller	NOUN
ftr-397	604	10	of	of	ADP
ftr-397	604	11	securities	security	NOUN
ftr-397	604	12	who	who	PRON
ftr-397	604	13	perform	perform	VERB
ftr-397	604	14	no	no	DET
ftr-397	604	15	such	such	ADJ
ftr-397	604	16	merchandising	merchandising	NOUN
ftr-397	604	17	functions	function	NOUN
ftr-397	604	18	and	and	CCONJ
ftr-397	604	19	whose	whose	DET
ftr-397	604	20	status	status	NOUN
ftr-397	604	21	as	as	ADP
ftr-397	604	22	to	to	ADP
ftr-397	604	23	the	the	DET
ftr-397	604	24	source	source	NOUN
ftr-397	604	25	of	of	ADP
ftr-397	604	26	supply	supply	NOUN
ftr-397	604	27	is	be	AUX
ftr-397	604	28	not	not	PART
ftr-397	604	29	significantly	significantly	ADV
ftr-397	604	30	different	different	ADJ
ftr-397	604	31	from	from	ADP
ftr-397	604	32	that	that	PRON
ftr-397	604	33	of	of	ADP
ftr-397	604	34	those	those	PRON
ftr-397	604	35	to	to	PART
ftr-397	604	36	whom	whom	PRON
ftr-397	604	37	they	they	PRON
ftr-397	604	38	sell	sell	VERB
ftr-397	604	39	.	.	PUNCT
ftr-397	605	1	that	that	PRON
ftr-397	605	2	is	is	ADV
ftr-397	605	3	,	,	PUNCT
ftr-397	605	4	the	the	DET
ftr-397	605	5	securities	security	NOUN
ftr-397	605	6	are	be	AUX
ftr-397	605	7	as	as	ADV
ftr-397	605	8	easily	easily	ADV
ftr-397	605	9	accessible	accessible	ADJ
ftr-397	605	10	to	to	ADP
ftr-397	605	11	one	one	NUM
ftr-397	605	12	as	as	ADP
ftr-397	605	13	the	the	DET
ftr-397	605	14	other	other	ADJ
ftr-397	605	15	and	and	CCONJ
ftr-397	605	16	the	the	DET
ftr-397	605	17	seller	seller	NOUN
ftr-397	605	18	performs	perform	VERB
ftr-397	605	19	no	no	DET
ftr-397	605	20	services	service	NOUN
ftr-397	605	21	that	that	PRON
ftr-397	605	22	need	need	VERB
ftr-397	605	23	be	be	AUX
ftr-397	605	24	compensated	compensate	VERB
ftr-397	605	25	for	for	ADP
ftr-397	605	26	by	by	ADP
ftr-397	605	27	a	a	DET
ftr-397	605	28	mark	mark	NOUN
ftr-397	605	29	-	-	PUNCT
ftr-397	605	30	up	up	NOUN
ftr-397	605	31	of	of	ADP
ftr-397	605	32	the	the	DET
ftr-397	605	33	price	price	NOUN
ftr-397	605	34	of	of	ADP
ftr-397	605	35	the	the	DET
ftr-397	605	36	securities	security	NOUN
ftr-397	605	37	he	he	PRON
ftr-397	605	38	sells	sell	VERB
ftr-397	605	39	.	.	PUNCT
ftr-397	606	1	the	the	DET
ftr-397	606	2	sellers	seller	NOUN
ftr-397	606	3	depend	depend	VERB
ftr-397	606	4	upon	upon	SCONJ
ftr-397	606	5	such	such	ADJ
ftr-397	606	6	circumstances	circumstance	NOUN
ftr-397	606	7	as	as	ADP
ftr-397	606	8	a	a	DET
ftr-397	606	9	rise	rise	NOUN
ftr-397	606	10	in	in	ADP
ftr-397	606	11	value	value	NOUN
ftr-397	606	12	or	or	CCONJ
ftr-397	606	13	an	an	DET
ftr-397	606	14	advantageous	advantageous	ADJ
ftr-397	606	15	purchase	purchase	NOUN
ftr-397	606	16	to	to	PART
ftr-397	606	17	enable	enable	VERB
ftr-397	606	18	them	they	PRON
ftr-397	606	19	to	to	PART
ftr-397	606	20	sell	sell	VERB
ftr-397	606	21	at	at	ADP
ftr-397	606	22	a	a	DET
ftr-397	606	23	price	price	NOUN
ftr-397	606	24	in	in	ADP
ftr-397	606	25	excess	excess	NOUN
ftr-397	606	26	of	of	ADP
ftr-397	606	27	cost	cost	NOUN
ftr-397	606	28	.	.	PUNCT
ftr-397	607	1	such	such	ADJ
ftr-397	607	2	sellers	seller	NOUN
ftr-397	607	3	are	be	AUX
ftr-397	607	4	known	know	VERB
ftr-397	607	5	as	as	ADP
ftr-397	607	6	“	"	PUNCT
ftr-397	607	7	traders	trader	NOUN
ftr-397	607	8	.	.	PUNCT
ftr-397	608	1	”129	”129	PROPN
ftr-397	608	2	126	126	NUM
ftr-397	608	3	.	.	PUNCT
ftr-397	609	1	kemon	kemon	PROPN
ftr-397	609	2	,	,	PUNCT
ftr-397	609	3	16	16	NUM
ftr-397	609	4	t.c	t.c	PROPN
ftr-397	609	5	.	.	PROPN
ftr-397	609	6	1026	1026	NUM
ftr-397	609	7	.	.	PUNCT
ftr-397	610	1	127	127	NUM
ftr-397	610	2	.	.	PUNCT
ftr-397	611	1	i	i	PRON
ftr-397	611	2	d.	d.	PROPN
ftr-397	611	3	the	the	DET
ftr-397	611	4	court	court	NOUN
ftr-397	611	5	’s	’s	PART
ftr-397	611	6	holding	holding	NOUN
ftr-397	611	7	was	be	AUX
ftr-397	611	8	with	with	ADP
ftr-397	611	9	respect	respect	NOUN
ftr-397	611	10	to	to	ADP
ftr-397	611	11	securities	security	NOUN
ftr-397	611	12	held	hold	VERB
ftr-397	611	13	for	for	ADP
ftr-397	611	14	more	more	ADJ
ftr-397	611	15	than	than	ADP
ftr-397	611	16	six	six	NUM
ftr-397	611	17	months	month	NOUN
ftr-397	611	18	.	.	PUNCT
ftr-397	612	1	the	the	DET
ftr-397	612	2	court	court	NOUN
ftr-397	612	3	said	say	VERB
ftr-397	612	4	that	that	SCONJ
ftr-397	612	5	it	it	PRON
ftr-397	612	6	did	do	AUX
ftr-397	612	7	not	not	PART
ftr-397	612	8	need	need	VERB
ftr-397	612	9	to	to	PART
ftr-397	612	10	determine	determine	VERB
ftr-397	612	11	whether	whether	SCONJ
ftr-397	612	12	securities	security	NOUN
ftr-397	612	13	held	hold	VERB
ftr-397	612	14	for	for	ADP
ftr-397	612	15	six	six	NUM
ftr-397	612	16	months	month	NOUN
ftr-397	612	17	or	or	CCONJ
ftr-397	612	18	less	less	ADJ
ftr-397	612	19	were	be	AUX
ftr-397	612	20	capital	capital	NOUN
ftr-397	612	21	assets	asset	NOUN
ftr-397	612	22	,	,	PUNCT
ftr-397	612	23	because	because	SCONJ
ftr-397	612	24	those	those	DET
ftr-397	612	25	securities	security	NOUN
ftr-397	612	26	had	have	AUX
ftr-397	612	27	been	be	AUX
ftr-397	612	28	reported	report	VERB
ftr-397	612	29	in	in	ADP
ftr-397	612	30	full	full	ADJ
ftr-397	612	31	.	.	PUNCT
ftr-397	613	1	128	128	NUM
ftr-397	613	2	.	.	PUNCT
ftr-397	614	1	kemon	kemon	PROPN
ftr-397	614	2	,	,	PUNCT
ftr-397	614	3	16	16	NUM
ftr-397	614	4	t.c	t.c	PROPN
ftr-397	614	5	.	.	PUNCT
ftr-397	615	1	at	at	ADP
ftr-397	615	2	1032	1032	NUM
ftr-397	615	3	(	(	PUNCT
ftr-397	615	4	quoting	quote	VERB
ftr-397	615	5	burnett	burnett	PROPN
ftr-397	615	6	v.	v.	CCONJ
ftr-397	615	7	comm’r	comm’r	PROPN
ftr-397	615	8	,	,	PUNCT
ftr-397	615	9	40	40	NUM
ftr-397	615	10	b.t.a	b.t.a	NOUN
ftr-397	615	11	.	.	PROPN
ftr-397	615	12	605	605	NUM
ftr-397	615	13	,	,	PUNCT
ftr-397	615	14	118	118	NUM
ftr-397	615	15	f.2d	f.2d	X
ftr-397	615	16	659	659	NUM
ftr-397	615	17	;	;	PUNCT
ftr-397	615	18	wood	wood	NOUN
ftr-397	615	19	v.	v.	ADP
ftr-397	615	20	comm’r	comm’r	NOUN
ftr-397	615	21	,	,	PUNCT
ftr-397	615	22	16	16	NUM
ftr-397	615	23	t.c	t.c	PROPN
ftr-397	615	24	.	.	PROPN
ftr-397	615	25	213	213	NUM
ftr-397	615	26	.	.	NOUN
ftr-397	615	27	129	129	NUM
ftr-397	615	28	.	.	PUNCT
ftr-397	616	1	kemon	kemon	PROPN
ftr-397	616	2	,	,	PUNCT
ftr-397	616	3	16	16	NUM
ftr-397	616	4	t.c	t.c	PROPN
ftr-397	616	5	.	.	PUNCT
ftr-397	617	1	at	at	ADP
ftr-397	617	2	1032	1032	NUM
ftr-397	617	3	-	-	SYM
ftr-397	617	4	33	33	NUM
ftr-397	617	5	(	(	PUNCT
ftr-397	617	6	citations	citation	NOUN
ftr-397	617	7	omitted	omit	VERB
ftr-397	617	8	)	)	PUNCT
ftr-397	617	9	.	.	PUNCT
ftr-397	618	1	1142	1142	NUM
ftr-397	618	2	florida	florida	PROPN
ftr-397	618	3	tax	tax	NOUN
ftr-397	618	4	review	review	NOUN
ftr-397	618	5	[	[	X
ftr-397	618	6	vol	vol	NOUN
ftr-397	618	7	.	.	PUNCT
ftr-397	618	8	8:10	8:10	NUM
ftr-397	619	1	the	the	DET
ftr-397	619	2	essence	essence	NOUN
ftr-397	619	3	of	of	ADP
ftr-397	619	4	this	this	DET
ftr-397	619	5	“	"	PUNCT
ftr-397	619	6	merchant	merchant	NOUN
ftr-397	619	7	”	"	PUNCT
ftr-397	619	8	analogy	analogy	NOUN
ftr-397	619	9	used	use	VERB
ftr-397	619	10	by	by	ADP
ftr-397	619	11	the	the	DET
ftr-397	619	12	court	court	NOUN
ftr-397	619	13	in	in	ADP
ftr-397	619	14	kemon	kemon	PROPN
ftr-397	619	15	seems	seem	VERB
ftr-397	619	16	to	to	PART
ftr-397	619	17	be	be	AUX
ftr-397	619	18	that	that	SCONJ
ftr-397	619	19	(	(	PUNCT
ftr-397	619	20	1	1	X
ftr-397	619	21	)	)	PUNCT
ftr-397	619	22	unlike	unlike	ADP
ftr-397	619	23	merchants	merchant	NOUN
ftr-397	619	24	,	,	PUNCT
ftr-397	619	25	securities	security	NOUN
ftr-397	619	26	traders	trader	NOUN
ftr-397	619	27	depend	depend	VERB
ftr-397	619	28	on	on	ADP
ftr-397	619	29	market	market	NOUN
ftr-397	619	30	changes	change	NOUN
ftr-397	619	31	,	,	PUNCT
ftr-397	619	32	rather	rather	ADV
ftr-397	619	33	than	than	ADP
ftr-397	619	34	buying	buy	VERB
ftr-397	619	35	at	at	ADP
ftr-397	619	36	cost	cost	NOUN
ftr-397	619	37	and	and	CCONJ
ftr-397	619	38	selling	sell	VERB
ftr-397	619	39	at	at	ADP
ftr-397	619	40	a	a	DET
ftr-397	619	41	higher	high	ADJ
ftr-397	619	42	price	price	NOUN
ftr-397	619	43	,	,	PUNCT
ftr-397	619	44	and	and	CCONJ
ftr-397	619	45	(	(	PUNCT
ftr-397	619	46	2	2	X
ftr-397	619	47	)	)	PUNCT
ftr-397	619	48	securities	security	NOUN
ftr-397	619	49	traders	trader	NOUN
ftr-397	619	50	,	,	PUNCT
ftr-397	619	51	unlike	unlike	ADP
ftr-397	619	52	dealers	dealer	NOUN
ftr-397	619	53	,	,	PUNCT
ftr-397	619	54	do	do	AUX
ftr-397	619	55	not	not	PART
ftr-397	619	56	act	act	VERB
ftr-397	619	57	as	as	ADP
ftr-397	619	58	“	"	PUNCT
ftr-397	619	59	middlemen	middleman	NOUN
ftr-397	619	60	”	"	PUNCT
ftr-397	619	61	whose	whose	DET
ftr-397	619	62	profit	profit	NOUN
ftr-397	619	63	is	be	AUX
ftr-397	619	64	essentially	essentially	ADV
ftr-397	619	65	compensation	compensation	NOUN
ftr-397	619	66	for	for	ADP
ftr-397	619	67	their	their	PRON
ftr-397	619	68	services	service	NOUN
ftr-397	619	69	and	and	CCONJ
ftr-397	619	70	,	,	PUNCT
ftr-397	619	71	more	more	ADV
ftr-397	619	72	generally	generally	ADV
ftr-397	619	73	,	,	PUNCT
ftr-397	619	74	do	do	AUX
ftr-397	619	75	not	not	PART
ftr-397	619	76	add	add	VERB
ftr-397	619	77	any	any	DET
ftr-397	619	78	value	value	NOUN
ftr-397	619	79	to	to	ADP
ftr-397	619	80	the	the	DET
ftr-397	619	81	process	process	NOUN
ftr-397	619	82	that	that	PRON
ftr-397	619	83	would	would	AUX
ftr-397	619	84	explain	explain	VERB
ftr-397	619	85	the	the	DET
ftr-397	619	86	profit.130	profit.130	NOUN
ftr-397	619	87	while	while	SCONJ
ftr-397	619	88	the	the	DET
ftr-397	619	89	court	court	NOUN
ftr-397	619	90	’s	’s	PART
ftr-397	619	91	analysis	analysis	NOUN
ftr-397	619	92	in	in	ADP
ftr-397	619	93	kemon	kemon	PROPN
ftr-397	619	94	incorporates	incorporate	VERB
ftr-397	619	95	more	more	ADV
ftr-397	619	96	far	far	ADV
ftr-397	619	97	-	-	PUNCT
ftr-397	619	98	reaching	reach	VERB
ftr-397	619	99	concepts	concept	NOUN
ftr-397	619	100	than	than	ADP
ftr-397	619	101	the	the	DET
ftr-397	619	102	literal	literal	ADJ
ftr-397	619	103	words	word	NOUN
ftr-397	619	104	“	"	PUNCT
ftr-397	619	105	to	to	ADP
ftr-397	619	106	customers	customer	NOUN
ftr-397	619	107	”	"	PUNCT
ftr-397	619	108	that	that	PRON
ftr-397	619	109	are	be	AUX
ftr-397	619	110	contained	contain	VERB
ftr-397	619	111	in	in	ADP
ftr-397	619	112	the	the	DET
ftr-397	619	113	statute	statute	NOUN
ftr-397	619	114	,	,	PUNCT
ftr-397	619	115	the	the	DET
ftr-397	619	116	court	court	NOUN
ftr-397	619	117	’s	’s	PART
ftr-397	619	118	interpretive	interpretive	ADJ
ftr-397	619	119	gloss	gloss	NOUN
ftr-397	619	120	on	on	ADP
ftr-397	619	121	the	the	DET
ftr-397	619	122	statutory	statutory	ADJ
ftr-397	619	123	wording	wording	NOUN
ftr-397	619	124	,	,	PUNCT
ftr-397	619	125	as	as	ADV
ftr-397	619	126	well	well	ADV
ftr-397	619	127	as	as	ADP
ftr-397	619	128	the	the	DET
ftr-397	619	129	court	court	NOUN
ftr-397	619	130	’s	’s	PART
ftr-397	619	131	conclusion	conclusion	NOUN
ftr-397	619	132	that	that	SCONJ
ftr-397	619	133	a	a	DET
ftr-397	619	134	trader	trader	NOUN
ftr-397	619	135	does	do	AUX
ftr-397	619	136	not	not	PART
ftr-397	619	137	have	have	AUX
ftr-397	619	138	customers	customer	NOUN
ftr-397	619	139	,	,	PUNCT
ftr-397	619	140	has	have	AUX
ftr-397	619	141	since	since	ADV
ftr-397	619	142	been	be	AUX
ftr-397	619	143	adopted	adopt	VERB
ftr-397	619	144	by	by	ADP
ftr-397	619	145	other	other	ADJ
ftr-397	619	146	courts.131	courts.131	NOUN
ftr-397	619	147	for	for	ADP
ftr-397	619	148	example	example	NOUN
ftr-397	619	149	,	,	PUNCT
ftr-397	619	150	the	the	DET
ftr-397	619	151	“	"	PUNCT
ftr-397	619	152	merchant	merchant	NOUN
ftr-397	619	153	”	"	PUNCT
ftr-397	619	154	analogy	analogy	NOUN
ftr-397	619	155	and	and	CCONJ
ftr-397	619	156	conclusion	conclusion	NOUN
ftr-397	619	157	articulated	articulate	VERB
ftr-397	619	158	in	in	ADP
ftr-397	619	159	kemon	kemon	PROPN
ftr-397	619	160	was	be	AUX
ftr-397	619	161	accepted	accept	VERB
ftr-397	619	162	by	by	ADP
ftr-397	619	163	the	the	DET
ftr-397	619	164	tax	tax	NOUN
ftr-397	619	165	court	court	NOUN
ftr-397	619	166	in	in	ADP
ftr-397	619	167	marrin	marrin	PROPN
ftr-397	619	168	v.	v.	ADP
ftr-397	619	169	comm’r	comm’r	NOUN
ftr-397	619	170	,	,	PUNCT
ftr-397	619	171	where	where	SCONJ
ftr-397	619	172	the	the	DET
ftr-397	619	173	court	court	NOUN
ftr-397	619	174	decided	decide	VERB
ftr-397	619	175	that	that	SCONJ
ftr-397	619	176	the	the	DET
ftr-397	619	177	taxpayer	taxpayer	NOUN
ftr-397	619	178	did	do	AUX
ftr-397	619	179	not	not	PART
ftr-397	619	180	have	have	VERB
ftr-397	619	181	customers	customer	NOUN
ftr-397	619	182	and	and	CCONJ
ftr-397	619	183	was	be	AUX
ftr-397	619	184	therefore	therefore	ADV
ftr-397	619	185	a	a	DET
ftr-397	619	186	trader	trader	NOUN
ftr-397	619	187	instead	instead	ADV
ftr-397	619	188	of	of	ADP
ftr-397	619	189	a	a	DET
ftr-397	619	190	dealer.132	dealer.132	NOUN
ftr-397	619	191	like	like	ADP
ftr-397	619	192	the	the	DET
ftr-397	619	193	court	court	NOUN
ftr-397	619	194	in	in	ADP
ftr-397	619	195	kemon	kemon	PROPN
ftr-397	619	196	,	,	PUNCT
ftr-397	619	197	the	the	DET
ftr-397	619	198	marrin	marrin	PROPN
ftr-397	619	199	court	court	NOUN
ftr-397	619	200	recognized	recognize	VERB
ftr-397	619	201	that	that	SCONJ
ftr-397	619	202	the	the	DET
ftr-397	619	203	“	"	PUNCT
ftr-397	619	204	to	to	ADP
ftr-397	619	205	customers	customer	NOUN
ftr-397	619	206	”	"	PUNCT
ftr-397	619	207	requirement	requirement	NOUN
ftr-397	619	208	was	be	AUX
ftr-397	619	209	“	"	PUNCT
ftr-397	619	210	of	of	ADP
ftr-397	619	211	paramount	paramount	ADJ
ftr-397	619	212	importance	importance	NOUN
ftr-397	619	213	.	.	PUNCT
ftr-397	620	1	”133	”133	VERB
ftr-397	620	2	the	the	DET
ftr-397	620	3	court	court	NOUN
ftr-397	620	4	concluded	conclude	VERB
ftr-397	620	5	that	that	SCONJ
ftr-397	620	6	since	since	SCONJ
ftr-397	620	7	“	"	PUNCT
ftr-397	620	8	[	[	X
ftr-397	620	9	a]ll	a]ll	NOUN
ftr-397	620	10	of	of	ADP
ftr-397	620	11	the	the	DET
ftr-397	620	12	securities	security	NOUN
ftr-397	620	13	transactions	transaction	NOUN
ftr-397	620	14	of	of	ADP
ftr-397	620	15	petitioner	petitioner	NOUN
ftr-397	620	16	for	for	ADP
ftr-397	620	17	the	the	DET
ftr-397	620	18	years	year	NOUN
ftr-397	620	19	in	in	ADP
ftr-397	620	20	issue	issue	NOUN
ftr-397	620	21	were	be	AUX
ftr-397	620	22	undertaken	undertake	VERB
ftr-397	620	23	on	on	ADP
ftr-397	620	24	an	an	DET
ftr-397	620	25	exchange	exchange	NOUN
ftr-397	620	26	and	and	CCONJ
ftr-397	620	27	effected	effect	VERB
ftr-397	620	28	through	through	ADP
ftr-397	620	29	broker	broker	NOUN
ftr-397	620	30	–	–	PUNCT
ftr-397	620	31	dealers	dealer	NOUN
ftr-397	620	32	”	"	PUNCT
ftr-397	620	33	and	and	CCONJ
ftr-397	620	34	“	"	PUNCT
ftr-397	620	35	[	[	X
ftr-397	620	36	a]ll	a]ll	PRON
ftr-397	620	37	such	such	ADJ
ftr-397	620	38	transactions	transaction	NOUN
ftr-397	620	39	were	be	AUX
ftr-397	620	40	for	for	ADP
ftr-397	620	41	petitioner	petitioner	NOUN
ftr-397	620	42	’s	’s	PART
ftr-397	620	43	own	own	ADJ
ftr-397	620	44	account	account	NOUN
ftr-397	620	45	,	,	PUNCT
ftr-397	620	46	”	"	PUNCT
ftr-397	620	47	the	the	DET
ftr-397	620	48	taxpayer	taxpayer	NOUN
ftr-397	620	49	was	be	AUX
ftr-397	620	50	“	"	PUNCT
ftr-397	620	51	[	[	X
ftr-397	620	52	l]acking	l]acke	VERB
ftr-397	620	53	customers	customer	NOUN
ftr-397	620	54	”	"	PUNCT
ftr-397	620	55	and	and	CCONJ
ftr-397	620	56	was	be	AUX
ftr-397	620	57	not	not	PART
ftr-397	620	58	eligible	eligible	ADJ
ftr-397	620	59	for	for	ADP
ftr-397	620	60	ordinary	ordinary	ADJ
ftr-397	620	61	loss	loss	NOUN
ftr-397	620	62	treatment	treatment	NOUN
ftr-397	620	63	on	on	ADP
ftr-397	620	64	his	his	PRON
ftr-397	620	65	sales	sale	NOUN
ftr-397	620	66	of	of	ADP
ftr-397	620	67	securities.134	securities.134	PROPN
ftr-397	621	1	the	the	DET
ftr-397	621	2	court	court	NOUN
ftr-397	621	3	rejected	reject	VERB
ftr-397	621	4	the	the	DET
ftr-397	621	5	taxpayer	taxpayer	NOUN
ftr-397	621	6	’s	’s	PART
ftr-397	621	7	arguments	argument	NOUN
ftr-397	621	8	that	that	SCONJ
ftr-397	621	9	(	(	PUNCT
ftr-397	621	10	1	1	X
ftr-397	621	11	)	)	PUNCT
ftr-397	621	12	the	the	DET
ftr-397	621	13	broker	broker	NOUN
ftr-397	621	14	–	–	PUNCT
ftr-397	621	15	dealers	dealer	NOUN
ftr-397	621	16	handling	handle	VERB
ftr-397	621	17	his	his	PRON
ftr-397	621	18	orders	order	NOUN
ftr-397	621	19	were	be	AUX
ftr-397	621	20	his	his	PRON
ftr-397	621	21	customers	customer	NOUN
ftr-397	621	22	,	,	PUNCT
ftr-397	621	23	and	and	CCONJ
ftr-397	621	24	that	that	SCONJ
ftr-397	621	25	,	,	PUNCT
ftr-397	621	26	(	(	PUNCT
ftr-397	621	27	2	2	X
ftr-397	621	28	)	)	PUNCT
ftr-397	621	29	alternatively	alternatively	ADV
ftr-397	621	30	,	,	PUNCT
ftr-397	621	31	under	under	ADP
ftr-397	621	32	an	an	DET
ftr-397	621	33	agency	agency	NOUN
ftr-397	621	34	theory	theory	NOUN
ftr-397	621	35	,	,	PUNCT
ftr-397	621	36	the	the	DET
ftr-397	621	37	customers	customer	NOUN
ftr-397	621	38	of	of	ADP
ftr-397	621	39	the	the	DET
ftr-397	621	40	broker	broker	NOUN
ftr-397	621	41	–	–	PUNCT
ftr-397	621	42	dealers	dealer	NOUN
ftr-397	621	43	should	should	AUX
ftr-397	621	44	be	be	AUX
ftr-397	621	45	regarded	regard	VERB
ftr-397	621	46	as	as	ADP
ftr-397	621	47	his	his	PRON
ftr-397	621	48	customers.135	customers.135	NOUN
ftr-397	621	49	the	the	DET
ftr-397	621	50	court	court	NOUN
ftr-397	621	51	decisions	decision	NOUN
ftr-397	621	52	above	above	ADV
ftr-397	621	53	,	,	PUNCT
ftr-397	621	54	together	together	ADV
ftr-397	621	55	with	with	ADP
ftr-397	621	56	the	the	DET
ftr-397	621	57	legislative	legislative	ADJ
ftr-397	621	58	history	history	NOUN
ftr-397	621	59	of	of	ADP
ftr-397	621	60	the	the	DET
ftr-397	621	61	“	"	PUNCT
ftr-397	621	62	capital	capital	NOUN
ftr-397	621	63	asset	asset	NOUN
ftr-397	621	64	”	"	PUNCT
ftr-397	621	65	definition	definition	NOUN
ftr-397	621	66	,	,	PUNCT
ftr-397	621	67	illustrate	illustrate	VERB
ftr-397	621	68	that	that	SCONJ
ftr-397	621	69	the	the	DET
ftr-397	621	70	reason	reason	NOUN
ftr-397	621	71	that	that	SCONJ
ftr-397	621	72	traders	trader	NOUN
ftr-397	621	73	are	be	AUX
ftr-397	621	74	given	give	VERB
ftr-397	621	75	capital	capital	NOUN
ftr-397	621	76	gain	gain	NOUN
ftr-397	621	77	and	and	CCONJ
ftr-397	621	78	loss	loss	NOUN
ftr-397	621	79	treatment	treatment	NOUN
ftr-397	621	80	on	on	ADP
ftr-397	621	81	the	the	DET
ftr-397	621	82	sale	sale	NOUN
ftr-397	621	83	of	of	ADP
ftr-397	621	84	their	their	PRON
ftr-397	621	85	traded	trade	VERB
ftr-397	621	86	securities	security	NOUN
ftr-397	621	87	is	be	AUX
ftr-397	621	88	that	that	SCONJ
ftr-397	621	89	they	they	PRON
ftr-397	621	90	do	do	AUX
ftr-397	621	91	not	not	PART
ftr-397	621	92	meet	meet	VERB
ftr-397	621	93	the	the	DET
ftr-397	621	94	“	"	PUNCT
ftr-397	621	95	to	to	ADP
ftr-397	621	96	customers	customer	NOUN
ftr-397	621	97	”	"	PUNCT
ftr-397	621	98	requirement	requirement	NOUN
ftr-397	621	99	in	in	ADP
ftr-397	621	100	the	the	DET
ftr-397	621	101	capital	capital	NOUN
ftr-397	621	102	asset	asset	NOUN
ftr-397	621	103	statute	statute	NOUN
ftr-397	621	104	,	,	PUNCT
ftr-397	621	105	which	which	PRON
ftr-397	621	106	must	must	AUX
ftr-397	621	107	be	be	AUX
ftr-397	621	108	met	meet	VERB
ftr-397	621	109	in	in	ADP
ftr-397	621	110	order	order	NOUN
ftr-397	621	111	to	to	PART
ftr-397	621	112	fall	fall	VERB
ftr-397	621	113	within	within	ADP
ftr-397	621	114	an	an	DET
ftr-397	621	115	exception	exception	NOUN
ftr-397	621	116	to	to	ADP
ftr-397	621	117	the	the	DET
ftr-397	621	118	capital	capital	NOUN
ftr-397	621	119	asset	asset	NOUN
ftr-397	621	120	definition.136	definition.136	NOUN
ftr-397	621	121	in	in	ADP
ftr-397	621	122	this	this	DET
ftr-397	621	123	regard	regard	NOUN
ftr-397	621	124	,	,	PUNCT
ftr-397	621	125	the	the	DET
ftr-397	621	126	judicial	judicial	ADJ
ftr-397	621	127	interpretations	interpretation	NOUN
ftr-397	621	128	have	have	AUX
ftr-397	621	129	fallen	fall	VERB
ftr-397	621	130	in	in	ADP
ftr-397	621	131	line	line	NOUN
ftr-397	621	132	130	130	NUM
ftr-397	621	133	.	.	PUNCT
ftr-397	622	1	i	i	PRON
ftr-397	622	2	d.	d.	PROPN
ftr-397	622	3	131	131	NUM
ftr-397	622	4	.	.	PUNCT
ftr-397	623	1	see	see	VERB
ftr-397	623	2	marrin	marrin	NOUN
ftr-397	623	3	,	,	PUNCT
ftr-397	623	4	73	73	NUM
ftr-397	623	5	t.c.m	t.c.m	NOUN
ftr-397	623	6	.	.	PUNCT
ftr-397	624	1	(	(	PUNCT
ftr-397	624	2	cch	cch	NOUN
ftr-397	624	3	)	)	PUNCT
ftr-397	624	4	1748	1748	NUM
ftr-397	624	5	(	(	PUNCT
ftr-397	624	6	1997	1997	NUM
ftr-397	624	7	)	)	PUNCT
ftr-397	624	8	;	;	PUNCT
ftr-397	624	9	king	king	NOUN
ftr-397	624	10	,	,	PUNCT
ftr-397	624	11	89	89	NUM
ftr-397	624	12	t.c	t.c	PROPN
ftr-397	624	13	.	.	PROPN
ftr-397	624	14	445	445	NUM
ftr-397	624	15	(	(	PUNCT
ftr-397	624	16	1987	1987	NUM
ftr-397	624	17	)	)	PUNCT
ftr-397	624	18	;	;	PUNCT
ftr-397	624	19	wood	wood	NOUN
ftr-397	624	20	v.	v.	ADP
ftr-397	624	21	comm’r	comm’r	NOUN
ftr-397	624	22	,	,	PUNCT
ftr-397	624	23	16	16	NUM
ftr-397	624	24	t.c	t.c	PROPN
ftr-397	624	25	.	.	PROPN
ftr-397	624	26	213	213	NUM
ftr-397	624	27	(	(	PUNCT
ftr-397	624	28	1951	1951	NUM
ftr-397	624	29	)	)	PUNCT
ftr-397	624	30	;	;	PUNCT
ftr-397	624	31	see	see	VERB
ftr-397	624	32	also	also	ADV
ftr-397	624	33	chief	chief	ADJ
ftr-397	624	34	couns	coun	NOUN
ftr-397	624	35	.	.	PUNCT
ftr-397	625	1	adv	adv	PROPN
ftr-397	625	2	.	.	PROPN
ftr-397	625	3	200817035	200817035	NUM
ftr-397	625	4	(	(	PUNCT
ftr-397	625	5	apr	apr	PROPN
ftr-397	625	6	.	.	PROPN
ftr-397	625	7	25	25	NUM
ftr-397	625	8	,	,	PUNCT
ftr-397	625	9	2008	2008	NUM
ftr-397	625	10	)	)	PUNCT
ftr-397	626	1	(	(	PUNCT
ftr-397	626	2	citing	cite	VERB
ftr-397	626	3	kemon	kemon	NOUN
ftr-397	626	4	)	)	PUNCT
ftr-397	626	5	.	.	PUNCT
ftr-397	627	1	132	132	NUM
ftr-397	627	2	.	.	PUNCT
ftr-397	628	1	marrin	marrin	PROPN
ftr-397	628	2	,	,	PUNCT
ftr-397	628	3	73	73	NUM
ftr-397	628	4	t.c.m	t.c.m	NOUN
ftr-397	628	5	.	.	PUNCT
ftr-397	629	1	(	(	PUNCT
ftr-397	629	2	cch	cch	NOUN
ftr-397	629	3	)	)	PUNCT
ftr-397	629	4	at	at	ADP
ftr-397	629	5	1751	1751	NUM
ftr-397	629	6	.	.	PUNCT
ftr-397	630	1	133	133	NUM
ftr-397	630	2	.	.	PUNCT
ftr-397	631	1	i	i	PRON
ftr-397	631	2	d.	d.	PROPN
ftr-397	631	3	at	at	ADP
ftr-397	631	4	1750	1750	NUM
ftr-397	631	5	(	(	PUNCT
ftr-397	631	6	noting	note	VERB
ftr-397	631	7	that	that	SCONJ
ftr-397	631	8	“	"	PUNCT
ftr-397	631	9	this	this	DET
ftr-397	631	10	court	court	NOUN
ftr-397	631	11	and	and	CCONJ
ftr-397	631	12	other	other	ADJ
ftr-397	631	13	have	have	AUX
ftr-397	631	14	used	use	VERB
ftr-397	631	15	the	the	DET
ftr-397	631	16	‘	'	PUNCT
ftr-397	631	17	to	to	ADP
ftr-397	631	18	customers	customer	NOUN
ftr-397	631	19	’	'	PUNCT
ftr-397	631	20	requirement	requirement	NOUN
ftr-397	631	21	to	to	PART
ftr-397	631	22	distinguish	distinguish	VERB
ftr-397	631	23	between	between	ADP
ftr-397	631	24	securities	security	NOUN
ftr-397	631	25	‘	'	PUNCT
ftr-397	631	26	dealers	dealer	NOUN
ftr-397	631	27	’	'	PUNCT
ftr-397	631	28	who	who	PRON
ftr-397	631	29	are	be	AUX
ftr-397	631	30	intended	intend	VERB
ftr-397	631	31	to	to	PART
ftr-397	631	32	come	come	VERB
ftr-397	631	33	within	within	ADP
ftr-397	631	34	the	the	DET
ftr-397	631	35	capital	capital	NOUN
ftr-397	631	36	asset	asset	NOUN
ftr-397	631	37	exclusion	exclusion	NOUN
ftr-397	631	38	of	of	ADP
ftr-397	631	39	§	§	PROPN
ftr-397	631	40	1221(1	1221(1	NUM
ftr-397	631	41	)	)	PUNCT
ftr-397	631	42	and	and	CCONJ
ftr-397	631	43	mere	mere	ADJ
ftr-397	631	44	‘	'	PUNCT
ftr-397	631	45	traders	trader	NOUN
ftr-397	631	46	’	'	PUNCT
ftr-397	631	47	who	who	PRON
ftr-397	631	48	are	be	AUX
ftr-397	631	49	not	not	PART
ftr-397	631	50	”	"	PUNCT
ftr-397	631	51	)	)	PUNCT
ftr-397	631	52	.	.	PUNCT
ftr-397	632	1	134	134	NUM
ftr-397	632	2	.	.	PUNCT
ftr-397	633	1	i	i	PRON
ftr-397	633	2	d.	d.	PROPN
ftr-397	633	3	at	at	ADP
ftr-397	633	4	1751	1751	NUM
ftr-397	633	5	.	.	PUNCT
ftr-397	634	1	135	135	NUM
ftr-397	634	2	.	.	PUNCT
ftr-397	635	1	i	i	PRON
ftr-397	635	2	d.	d.	PROPN
ftr-397	635	3	at	at	ADP
ftr-397	635	4	1751	1751	NUM
ftr-397	635	5	-	-	SYM
ftr-397	635	6	52	52	NUM
ftr-397	635	7	.	.	PUNCT
ftr-397	635	8	136	136	NUM
ftr-397	635	9	.	.	PUNCT
ftr-397	636	1	another	another	DET
ftr-397	636	2	case	case	NOUN
ftr-397	636	3	in	in	ADP
ftr-397	636	4	which	which	PRON
ftr-397	636	5	the	the	DET
ftr-397	636	6	“	"	PUNCT
ftr-397	636	7	to	to	ADP
ftr-397	636	8	customers	customer	NOUN
ftr-397	636	9	”	"	PUNCT
ftr-397	636	10	requirement	requirement	NOUN
ftr-397	636	11	was	be	AUX
ftr-397	636	12	articulated	articulate	VERB
ftr-397	636	13	was	be	AUX
ftr-397	636	14	king	king	NOUN
ftr-397	636	15	,	,	PUNCT
ftr-397	636	16	89	89	NUM
ftr-397	636	17	t.c	t.c	PROPN
ftr-397	636	18	.	.	PROPN
ftr-397	636	19	445	445	NUM
ftr-397	636	20	,	,	PUNCT
ftr-397	636	21	a	a	DET
ftr-397	636	22	case	case	NOUN
ftr-397	636	23	involving	involve	VERB
ftr-397	636	24	whether	whether	SCONJ
ftr-397	636	25	a	a	DET
ftr-397	636	26	commodities	commodity	NOUN
ftr-397	636	27	trader	trader	NOUN
ftr-397	636	28	was	be	AUX
ftr-397	636	29	subject	subject	ADJ
ftr-397	636	30	to	to	ADP
ftr-397	636	31	the	the	DET
ftr-397	636	32	irc	irc	PROPN
ftr-397	636	33	§	§	PROPN
ftr-397	636	34	163(d	163(d	PROPN
ftr-397	636	35	)	)	PUNCT
ftr-397	636	36	investment	investment	NOUN
ftr-397	636	37	interest	interest	NOUN
ftr-397	636	38	limitation	limitation	NOUN
ftr-397	636	39	.	.	PUNCT
ftr-397	637	1	the	the	DET
ftr-397	637	2	court	court	NOUN
ftr-397	637	3	noted	note	VERB
ftr-397	637	4	in	in	ADP
ftr-397	637	5	king	king	NOUN
ftr-397	637	6	that	that	SCONJ
ftr-397	637	7	“	"	PUNCT
ftr-397	637	8	a	a	DET
ftr-397	637	9	primary	primary	ADJ
ftr-397	637	10	distinction	distinction	NOUN
ftr-397	637	11	for	for	ADP
ftr-397	637	12	federal	federal	ADJ
ftr-397	637	13	tax	tax	NOUN
ftr-397	637	14	purposes	purpose	NOUN
ftr-397	637	15	between	between	ADP
ftr-397	637	16	a	a	DET
ftr-397	637	17	trader	trader	NOUN
ftr-397	637	18	and	and	CCONJ
ftr-397	637	19	a	a	DET
ftr-397	637	20	dealer	dealer	NOUN
ftr-397	637	21	in	in	ADP
ftr-397	637	22	2008	2008	NUM
ftr-397	637	23	]	]	PUNCT
ftr-397	637	24	a	a	DET
ftr-397	637	25	structural	structural	ADJ
ftr-397	637	26	critique	critique	NOUN
ftr-397	637	27	of	of	ADP
ftr-397	637	28	trader	trader	NOUN
ftr-397	637	29	taxation	taxation	NOUN
ftr-397	637	30	1143	1143	NUM
ftr-397	637	31	with	with	ADP
ftr-397	637	32	the	the	DET
ftr-397	637	33	sentiment	sentiment	NOUN
ftr-397	637	34	articulated	articulate	VERB
ftr-397	637	35	in	in	ADP
ftr-397	637	36	the	the	DET
ftr-397	637	37	1934	1934	NUM
ftr-397	637	38	legislative	legislative	ADJ
ftr-397	637	39	history	history	NOUN
ftr-397	637	40	of	of	ADP
ftr-397	637	41	the	the	DET
ftr-397	637	42	capital	capital	NOUN
ftr-397	637	43	asset	asset	NOUN
ftr-397	637	44	statute	statute	NOUN
ftr-397	637	45	,	,	PUNCT
ftr-397	637	46	and	and	CCONJ
ftr-397	637	47	have	have	AUX
ftr-397	637	48	interpreted	interpret	VERB
ftr-397	637	49	trader	trader	NOUN
ftr-397	637	50	transactions	transaction	NOUN
ftr-397	637	51	in	in	ADP
ftr-397	637	52	a	a	DET
ftr-397	637	53	manner	manner	NOUN
ftr-397	637	54	consistent	consistent	ADJ
ftr-397	637	55	with	with	ADP
ftr-397	637	56	the	the	DET
ftr-397	637	57	legislative	legislative	ADJ
ftr-397	637	58	intent	intent	NOUN
ftr-397	637	59	.	.	PUNCT
ftr-397	638	1	while	while	SCONJ
ftr-397	638	2	one	one	PRON
ftr-397	638	3	might	might	AUX
ftr-397	638	4	argue	argue	VERB
ftr-397	638	5	that	that	SCONJ
ftr-397	638	6	to	to	PART
ftr-397	638	7	say	say	VERB
ftr-397	638	8	that	that	SCONJ
ftr-397	638	9	a	a	DET
ftr-397	638	10	securities	security	NOUN
ftr-397	638	11	trader	trader	NOUN
ftr-397	638	12	has	have	VERB
ftr-397	638	13	no	no	DET
ftr-397	638	14	customers	customer	NOUN
ftr-397	638	15	is	be	AUX
ftr-397	638	16	illogical	illogical	ADJ
ftr-397	638	17	,	,	PUNCT
ftr-397	638	18	the	the	DET
ftr-397	638	19	courts	court	NOUN
ftr-397	638	20	have	have	AUX
ftr-397	638	21	not	not	PART
ftr-397	638	22	bought	buy	VERB
ftr-397	638	23	this	this	DET
ftr-397	638	24	argument	argument	NOUN
ftr-397	638	25	.	.	PUNCT
ftr-397	639	1	it	it	PRON
ftr-397	639	2	may	may	AUX
ftr-397	639	3	be	be	AUX
ftr-397	639	4	true	true	ADJ
ftr-397	639	5	that	that	SCONJ
ftr-397	639	6	,	,	PUNCT
ftr-397	639	7	examined	examine	VERB
ftr-397	639	8	literally	literally	ADV
ftr-397	639	9	,	,	PUNCT
ftr-397	639	10	or	or	CCONJ
ftr-397	639	11	at	at	ADP
ftr-397	639	12	least	least	ADJ
ftr-397	639	13	from	from	ADP
ftr-397	639	14	the	the	DET
ftr-397	639	15	standpoint	standpoint	NOUN
ftr-397	639	16	of	of	ADP
ftr-397	639	17	economics	economic	NOUN
ftr-397	639	18	,	,	PUNCT
ftr-397	639	19	the	the	DET
ftr-397	639	20	fact	fact	NOUN
ftr-397	639	21	that	that	SCONJ
ftr-397	639	22	when	when	SCONJ
ftr-397	639	23	a	a	DET
ftr-397	639	24	securities	security	NOUN
ftr-397	639	25	trader	trader	NOUN
ftr-397	639	26	sells	sell	VERB
ftr-397	639	27	his	his	PRON
ftr-397	639	28	securities	security	NOUN
ftr-397	639	29	some	some	DET
ftr-397	639	30	party	party	NOUN
ftr-397	639	31	in	in	ADP
ftr-397	639	32	the	the	DET
ftr-397	639	33	market	market	NOUN
ftr-397	639	34	obviously	obviously	ADV
ftr-397	639	35	has	have	AUX
ftr-397	639	36	bought	buy	VERB
ftr-397	639	37	them	they	PRON
ftr-397	639	38	from	from	ADP
ftr-397	639	39	that	that	DET
ftr-397	639	40	trader	trader	NOUN
ftr-397	639	41	means	mean	VERB
ftr-397	639	42	that	that	SCONJ
ftr-397	639	43	the	the	DET
ftr-397	639	44	trader	trader	NOUN
ftr-397	639	45	has	have	VERB
ftr-397	639	46	“	"	PUNCT
ftr-397	639	47	customers	customer	NOUN
ftr-397	639	48	.	.	PUNCT
ftr-397	639	49	”137	”137	PUNCT
ftr-397	640	1	however	however	ADV
ftr-397	640	2	,	,	PUNCT
ftr-397	640	3	the	the	DET
ftr-397	640	4	courts	court	NOUN
ftr-397	640	5	have	have	AUX
ftr-397	640	6	rejected	reject	VERB
ftr-397	640	7	this	this	DET
ftr-397	640	8	“	"	PUNCT
ftr-397	640	9	economic	economic	ADJ
ftr-397	640	10	”	"	PUNCT
ftr-397	640	11	argument	argument	NOUN
ftr-397	640	12	and	and	CCONJ
ftr-397	640	13	have	have	VERB
ftr-397	640	14	,	,	PUNCT
ftr-397	640	15	with	with	ADP
ftr-397	640	16	the	the	DET
ftr-397	640	17	aid	aid	NOUN
ftr-397	640	18	of	of	ADP
ftr-397	640	19	judicial	judicial	ADJ
ftr-397	640	20	glosses	gloss	NOUN
ftr-397	640	21	and	and	CCONJ
ftr-397	640	22	interpretation	interpretation	NOUN
ftr-397	640	23	,	,	PUNCT
ftr-397	640	24	held	hold	VERB
ftr-397	640	25	that	that	SCONJ
ftr-397	640	26	a	a	DET
ftr-397	640	27	securities	security	NOUN
ftr-397	640	28	trader	trader	NOUN
ftr-397	640	29	does	do	AUX
ftr-397	640	30	not	not	PART
ftr-397	640	31	have	have	VERB
ftr-397	640	32	“	"	PUNCT
ftr-397	640	33	customers	customer	NOUN
ftr-397	640	34	”	"	PUNCT
ftr-397	640	35	notwithstanding	notwithstanding	ADP
ftr-397	640	36	the	the	DET
ftr-397	640	37	fact	fact	NOUN
ftr-397	640	38	that	that	SCONJ
ftr-397	640	39	he	he	PRON
ftr-397	640	40	buys	buy	VERB
ftr-397	640	41	and	and	CCONJ
ftr-397	640	42	sells	sell	VERB
ftr-397	640	43	securities	security	NOUN
ftr-397	640	44	on	on	ADP
ftr-397	640	45	a	a	DET
ftr-397	640	46	“	"	PUNCT
ftr-397	640	47	frequent	frequent	ADJ
ftr-397	640	48	,	,	PUNCT
ftr-397	640	49	”	"	PUNCT
ftr-397	640	50	“	"	PUNCT
ftr-397	640	51	regular	regular	ADJ
ftr-397	640	52	,	,	PUNCT
ftr-397	640	53	”	"	PUNCT
ftr-397	640	54	and	and	CCONJ
ftr-397	640	55	“	"	PUNCT
ftr-397	640	56	continuous	continuous	ADJ
ftr-397	640	57	”	"	PUNCT
ftr-397	640	58	basis.138	basis.138	PROPN
ftr-397	640	59	c.	c.	PROPN
ftr-397	640	60	the	the	DET
ftr-397	640	61	intersection	intersection	NOUN
ftr-397	640	62	of	of	ADP
ftr-397	640	63	disjoint	disjoint	NOUN
ftr-397	640	64	concepts	concept	NOUN
ftr-397	640	65	:	:	PUNCT
ftr-397	640	66	a	a	DET
ftr-397	640	67	structural	structural	ADJ
ftr-397	640	68	look	look	NOUN
ftr-397	640	69	at	at	ADP
ftr-397	640	70	trader	trader	NOUN
ftr-397	640	71	taxation	taxation	NOUN
ftr-397	640	72	the	the	DET
ftr-397	640	73	above	above	ADP
ftr-397	640	74	analysis	analysis	NOUN
ftr-397	640	75	shows	show	VERB
ftr-397	640	76	that	that	SCONJ
ftr-397	640	77	,	,	PUNCT
ftr-397	640	78	while	while	SCONJ
ftr-397	640	79	most	most	ADJ
ftr-397	640	80	of	of	ADP
ftr-397	640	81	the	the	DET
ftr-397	640	82	tax	tax	NOUN
ftr-397	640	83	consequences	consequence	NOUN
ftr-397	640	84	to	to	ADP
ftr-397	640	85	a	a	DET
ftr-397	640	86	taxpayer	taxpayer	NOUN
ftr-397	640	87	who	who	PRON
ftr-397	640	88	buys	buy	VERB
ftr-397	640	89	,	,	PUNCT
ftr-397	640	90	sells	sell	VERB
ftr-397	640	91	,	,	PUNCT
ftr-397	640	92	and	and	CCONJ
ftr-397	640	93	holds	hold	VERB
ftr-397	640	94	securities	security	NOUN
ftr-397	640	95	are	be	AUX
ftr-397	640	96	controlled	control	VERB
ftr-397	640	97	by	by	ADP
ftr-397	640	98	a	a	DET
ftr-397	640	99	threshold	threshold	NOUN
ftr-397	640	100	inquiry	inquiry	NOUN
ftr-397	640	101	into	into	ADP
ftr-397	640	102	whether	whether	SCONJ
ftr-397	640	103	that	that	DET
ftr-397	640	104	taxpayer	taxpayer	NOUN
ftr-397	640	105	conducts	conduct	VERB
ftr-397	640	106	a	a	DET
ftr-397	640	107	“	"	PUNCT
ftr-397	640	108	trade	trade	NOUN
ftr-397	640	109	or	or	CCONJ
ftr-397	640	110	business	business	NOUN
ftr-397	640	111	”	"	PUNCT
ftr-397	640	112	of	of	ADP
ftr-397	640	113	buying	buying	NOUN
ftr-397	640	114	,	,	PUNCT
ftr-397	640	115	selling	selling	NOUN
ftr-397	640	116	,	,	PUNCT
ftr-397	640	117	or	or	CCONJ
ftr-397	640	118	holding	hold	VERB
ftr-397	640	119	securities,139	securities,139	NOUN
ftr-397	640	120	the	the	DET
ftr-397	640	121	proper	proper	ADJ
ftr-397	640	122	character	character	NOUN
ftr-397	640	123	of	of	ADP
ftr-397	640	124	the	the	DET
ftr-397	640	125	securities	security	NOUN
ftr-397	640	126	or	or	CCONJ
ftr-397	640	127	commodities	commodity	NOUN
ftr-397	640	128	is	be	AUX
ftr-397	640	129	that	that	SCONJ
ftr-397	640	130	a	a	DET
ftr-397	640	131	dealer	dealer	NOUN
ftr-397	640	132	does	do	AUX
ftr-397	640	133	not	not	PART
ftr-397	640	134	hold	hold	VERB
ftr-397	640	135	securities	security	NOUN
ftr-397	640	136	or	or	CCONJ
ftr-397	640	137	commodities	commodity	NOUN
ftr-397	640	138	as	as	ADP
ftr-397	640	139	capital	capital	NOUN
ftr-397	640	140	assets	asset	NOUN
ftr-397	640	141	if	if	SCONJ
ftr-397	640	142	held	hold	VERB
ftr-397	640	143	in	in	ADP
ftr-397	640	144	connection	connection	NOUN
ftr-397	640	145	with	with	ADP
ftr-397	640	146	his	his	PRON
ftr-397	640	147	trade	trade	NOUN
ftr-397	640	148	or	or	CCONJ
ftr-397	640	149	business	business	NOUN
ftr-397	640	150	,	,	PUNCT
ftr-397	640	151	where	where	SCONJ
ftr-397	640	152	as	as	SCONJ
ftr-397	640	153	a	a	DET
ftr-397	640	154	trader	trader	NOUN
ftr-397	640	155	holds	hold	VERB
ftr-397	640	156	securities	security	NOUN
ftr-397	640	157	or	or	CCONJ
ftr-397	640	158	commodities	commodity	NOUN
ftr-397	640	159	as	as	ADP
ftr-397	640	160	capital	capital	NOUN
ftr-397	640	161	assets	asset	NOUN
ftr-397	640	162	whether	whether	SCONJ
ftr-397	640	163	or	or	CCONJ
ftr-397	640	164	not	not	PART
ftr-397	640	165	such	such	ADJ
ftr-397	640	166	assets	asset	NOUN
ftr-397	640	167	are	be	AUX
ftr-397	640	168	held	hold	VERB
ftr-397	640	169	in	in	ADP
ftr-397	640	170	connection	connection	NOUN
ftr-397	640	171	with	with	ADP
ftr-397	640	172	his	his	PRON
ftr-397	640	173	trade	trade	NOUN
ftr-397	640	174	or	or	CCONJ
ftr-397	640	175	business	business	NOUN
ftr-397	640	176	.	.	PUNCT
ftr-397	641	1	a	a	DET
ftr-397	641	2	dealer	dealer	NOUN
ftr-397	641	3	falls	fall	VERB
ftr-397	641	4	within	within	ADP
ftr-397	641	5	an	an	DET
ftr-397	641	6	exception	exception	NOUN
ftr-397	641	7	to	to	ADP
ftr-397	641	8	capital	capital	NOUN
ftr-397	641	9	asset	asset	NOUN
ftr-397	641	10	treatment	treatment	NOUN
ftr-397	641	11	because	because	SCONJ
ftr-397	641	12	he	he	PRON
ftr-397	641	13	deals	deal	VERB
ftr-397	641	14	in	in	ADP
ftr-397	641	15	property	property	NOUN
ftr-397	641	16	held	hold	VERB
ftr-397	641	17	primarily	primarily	ADV
ftr-397	641	18	for	for	ADP
ftr-397	641	19	sale	sale	NOUN
ftr-397	641	20	to	to	ADP
ftr-397	641	21	customers	customer	NOUN
ftr-397	641	22	in	in	ADP
ftr-397	641	23	the	the	DET
ftr-397	641	24	ordinary	ordinary	ADJ
ftr-397	641	25	course	course	NOUN
ftr-397	641	26	of	of	ADP
ftr-397	641	27	his	his	PRON
ftr-397	641	28	trade	trade	NOUN
ftr-397	641	29	or	or	CCONJ
ftr-397	641	30	business	business	NOUN
ftr-397	641	31	.	.	PUNCT
ftr-397	642	1	a	a	DET
ftr-397	642	2	trader	trader	NOUN
ftr-397	642	3	,	,	PUNCT
ftr-397	642	4	on	on	ADP
ftr-397	642	5	the	the	DET
ftr-397	642	6	other	other	ADJ
ftr-397	642	7	hand	hand	NOUN
ftr-397	642	8	,	,	PUNCT
ftr-397	642	9	does	do	AUX
ftr-397	642	10	not	not	PART
ftr-397	642	11	have	have	VERB
ftr-397	642	12	customers	customer	NOUN
ftr-397	642	13	and	and	CCONJ
ftr-397	642	14	is	be	AUX
ftr-397	642	15	therefore	therefore	ADV
ftr-397	642	16	not	not	PART
ftr-397	642	17	considered	consider	VERB
ftr-397	642	18	to	to	PART
ftr-397	642	19	fall	fall	VERB
ftr-397	642	20	within	within	ADP
ftr-397	642	21	an	an	DET
ftr-397	642	22	exception	exception	NOUN
ftr-397	642	23	to	to	ADP
ftr-397	642	24	capital	capital	NOUN
ftr-397	642	25	asset	asset	NOUN
ftr-397	642	26	treatment	treatment	NOUN
ftr-397	642	27	.	.	PUNCT
ftr-397	642	28	”	"	PUNCT
ftr-397	643	1	i	i	PRON
ftr-397	643	2	d.	d.	VERB
ftr-397	643	3	at	at	ADP
ftr-397	643	4	458	458	NUM
ftr-397	643	5	(	(	PUNCT
ftr-397	643	6	footnote	footnote	NOUN
ftr-397	643	7	omitted	omit	VERB
ftr-397	643	8	)	)	PUNCT
ftr-397	643	9	.	.	PUNCT
ftr-397	644	1	137	137	NUM
ftr-397	644	2	.	.	PUNCT
ftr-397	645	1	see	see	VERB
ftr-397	645	2	,	,	PUNCT
ftr-397	645	3	e.g.	e.g.	ADV
ftr-397	645	4	,	,	PUNCT
ftr-397	645	5	archaya	archaya	NOUN
ftr-397	645	6	,	,	PUNCT
ftr-397	645	7	225	225	NUM
ftr-397	645	8	f.app’x	f.app’x	NOUN
ftr-397	645	9	391	391	NUM
ftr-397	645	10	(	(	PUNCT
ftr-397	645	11	7th	7th	ADJ
ftr-397	645	12	cir	cir	NOUN
ftr-397	645	13	.	.	PROPN
ftr-397	645	14	2007	2007	NUM
ftr-397	645	15	)	)	PUNCT
ftr-397	645	16	(	(	PUNCT
ftr-397	645	17	fed	fed	PROPN
ftr-397	645	18	.	.	PUNCT
ftr-397	646	1	r.	r.	PROPN
ftr-397	646	2	app	app	PROPN
ftr-397	646	3	.	.	PUNCT
ftr-397	647	1	p.	p.	NOUN
ftr-397	647	2	32.1	32.1	NUM
ftr-397	647	3	nonprecedential	nonprecedential	ADJ
ftr-397	647	4	disposition	disposition	NOUN
ftr-397	647	5	)	)	PUNCT
ftr-397	648	1	(	(	PUNCT
ftr-397	648	2	taxpayer	taxpayer	NOUN
ftr-397	648	3	argued	argue	VERB
ftr-397	648	4	that	that	SCONJ
ftr-397	648	5	the	the	DET
ftr-397	648	6	people	people	NOUN
ftr-397	648	7	who	who	PRON
ftr-397	648	8	bought	buy	VERB
ftr-397	648	9	the	the	DET
ftr-397	648	10	securities	security	NOUN
ftr-397	648	11	he	he	PRON
ftr-397	648	12	had	have	AUX
ftr-397	648	13	sold	sell	VERB
ftr-397	648	14	were	be	AUX
ftr-397	648	15	“	"	PUNCT
ftr-397	648	16	customers	customer	NOUN
ftr-397	648	17	”	"	PUNCT
ftr-397	648	18	)	)	PUNCT
ftr-397	648	19	;	;	PUNCT
ftr-397	648	20	marrin	marrin	PROPN
ftr-397	648	21	,	,	PUNCT
ftr-397	648	22	73	73	NUM
ftr-397	648	23	t.c.m	t.c.m	NOUN
ftr-397	648	24	.	.	PUNCT
ftr-397	649	1	(	(	PUNCT
ftr-397	649	2	cch	cch	NOUN
ftr-397	649	3	)	)	PUNCT
ftr-397	649	4	at	at	ADP
ftr-397	649	5	1751	1751	NUM
ftr-397	649	6	(	(	PUNCT
ftr-397	649	7	taxpayer	taxpayer	NOUN
ftr-397	649	8	argued	argue	VERB
ftr-397	649	9	that	that	SCONJ
ftr-397	649	10	broker	broker	NOUN
ftr-397	649	11	–	–	PUNCT
ftr-397	649	12	dealers	dealer	NOUN
ftr-397	649	13	were	be	AUX
ftr-397	649	14	his	his	PRON
ftr-397	649	15	customers	customer	NOUN
ftr-397	649	16	,	,	PUNCT
ftr-397	649	17	or	or	CCONJ
ftr-397	649	18	,	,	PUNCT
ftr-397	649	19	alternatively	alternatively	ADV
ftr-397	649	20	,	,	PUNCT
ftr-397	649	21	that	that	SCONJ
ftr-397	649	22	the	the	DET
ftr-397	649	23	customers	customer	NOUN
ftr-397	649	24	of	of	ADP
ftr-397	649	25	the	the	DET
ftr-397	649	26	broker	broker	NOUN
ftr-397	649	27	–	–	PUNCT
ftr-397	649	28	dealers	dealer	NOUN
ftr-397	649	29	were	be	AUX
ftr-397	649	30	his	his	PRON
ftr-397	649	31	customers	customer	NOUN
ftr-397	649	32	under	under	ADP
ftr-397	649	33	agency	agency	NOUN
ftr-397	649	34	law	law	NOUN
ftr-397	649	35	)	)	PUNCT
ftr-397	649	36	;	;	PUNCT
ftr-397	649	37	see	see	VERB
ftr-397	649	38	also	also	ADV
ftr-397	649	39	,	,	PUNCT
ftr-397	649	40	generally	generally	ADV
ftr-397	649	41	,	,	PUNCT
ftr-397	649	42	groetzinger	groetzinger	NOUN
ftr-397	649	43	,	,	PUNCT
ftr-397	649	44	480	480	NUM
ftr-397	649	45	u.s	u.s	PROPN
ftr-397	649	46	.	.	PROPN
ftr-397	649	47	at	at	ADP
ftr-397	649	48	33	33	NUM
ftr-397	649	49	-	-	SYM
ftr-397	649	50	34	34	NUM
ftr-397	649	51	n.12	n.12	NOUN
ftr-397	649	52	(	(	PUNCT
ftr-397	649	53	citing	cite	VERB
ftr-397	649	54	boyle	boyle	NOUN
ftr-397	649	55	,	,	PUNCT
ftr-397	649	56	what	what	PRON
ftr-397	649	57	is	be	AUX
ftr-397	649	58	a	a	DET
ftr-397	649	59	trade	trade	NOUN
ftr-397	649	60	or	or	CCONJ
ftr-397	649	61	business	business	NOUN
ftr-397	649	62	?	?	PUNCT
ftr-397	650	1	39	39	NUM
ftr-397	650	2	tax	tax	NOUN
ftr-397	650	3	lawyer	lawyer	NOUN
ftr-397	650	4	737	737	NUM
ftr-397	650	5	,	,	PUNCT
ftr-397	650	6	763	763	NUM
ftr-397	650	7	(	(	PUNCT
ftr-397	650	8	1986	1986	NUM
ftr-397	650	9	)	)	PUNCT
ftr-397	650	10	(	(	PUNCT
ftr-397	650	11	“	"	PUNCT
ftr-397	650	12	it	it	PRON
ftr-397	650	13	takes	take	VERB
ftr-397	650	14	a	a	DET
ftr-397	650	15	buyer	buyer	NOUN
ftr-397	650	16	to	to	PART
ftr-397	650	17	make	make	VERB
ftr-397	650	18	a	a	DET
ftr-397	650	19	seller	seller	NOUN
ftr-397	650	20	and	and	CCONJ
ftr-397	650	21	it	it	PRON
ftr-397	650	22	takes	take	VERB
ftr-397	650	23	an	an	DET
ftr-397	650	24	opposing	oppose	VERB
ftr-397	650	25	gambler	gambler	NOUN
ftr-397	650	26	to	to	PART
ftr-397	650	27	make	make	VERB
ftr-397	650	28	a	a	DET
ftr-397	650	29	bet	bet	NOUN
ftr-397	650	30	”	"	PUNCT
ftr-397	650	31	)	)	PUNCT
ftr-397	650	32	.	.	PUNCT
ftr-397	651	1	138	138	NUM
ftr-397	651	2	.	.	PUNCT
ftr-397	652	1	see	see	VERB
ftr-397	652	2	archaya	archaya	NOUN
ftr-397	652	3	,	,	PUNCT
ftr-397	652	4	225	225	NUM
ftr-397	652	5	f.app’x	f.app’x	NOUN
ftr-397	652	6	391	391	NUM
ftr-397	652	7	(	(	PUNCT
ftr-397	652	8	7th	7th	ADJ
ftr-397	652	9	cir	cir	NOUN
ftr-397	652	10	.	.	PROPN
ftr-397	652	11	2007	2007	NUM
ftr-397	652	12	)	)	PUNCT
ftr-397	652	13	(	(	PUNCT
ftr-397	652	14	“	"	PUNCT
ftr-397	652	15	that	that	DET
ftr-397	652	16	characterization	characterization	NOUN
ftr-397	652	17	[	[	X
ftr-397	652	18	that	that	SCONJ
ftr-397	652	19	people	people	NOUN
ftr-397	652	20	who	who	PRON
ftr-397	652	21	bought	buy	VERB
ftr-397	652	22	securities	security	NOUN
ftr-397	652	23	were	be	AUX
ftr-397	652	24	customers	customer	NOUN
ftr-397	652	25	]	]	PUNCT
ftr-397	652	26	may	may	AUX
ftr-397	652	27	be	be	AUX
ftr-397	652	28	useful	useful	ADJ
ftr-397	652	29	for	for	ADP
ftr-397	652	30	some	some	DET
ftr-397	652	31	economic	economic	ADJ
ftr-397	652	32	purposes	purpose	NOUN
ftr-397	652	33	but	but	CCONJ
ftr-397	652	34	is	be	AUX
ftr-397	652	35	not	not	PART
ftr-397	652	36	relevant	relevant	ADJ
ftr-397	652	37	to	to	ADP
ftr-397	652	38	the	the	DET
ftr-397	652	39	legal	legal	ADJ
ftr-397	652	40	analysis	analysis	NOUN
ftr-397	652	41	”	"	PUNCT
ftr-397	652	42	)	)	PUNCT
ftr-397	652	43	;	;	PUNCT
ftr-397	652	44	marrin	marrin	PROPN
ftr-397	652	45	,	,	PUNCT
ftr-397	652	46	73	73	NUM
ftr-397	652	47	t.c.m	t.c.m	NOUN
ftr-397	652	48	.	.	PUNCT
ftr-397	653	1	(	(	PUNCT
ftr-397	653	2	cch	cch	NOUN
ftr-397	653	3	)	)	PUNCT
ftr-397	653	4	at	at	ADP
ftr-397	653	5	1751	1751	NUM
ftr-397	653	6	(	(	PUNCT
ftr-397	653	7	rejecting	reject	VERB
ftr-397	653	8	taxpayer	taxpayer	NOUN
ftr-397	653	9	’s	’s	PART
ftr-397	653	10	argument	argument	NOUN
ftr-397	653	11	that	that	SCONJ
ftr-397	653	12	broker	broker	NOUN
ftr-397	653	13	–	–	PUNCT
ftr-397	653	14	dealers	dealer	NOUN
ftr-397	653	15	were	be	AUX
ftr-397	653	16	his	his	PRON
ftr-397	653	17	customers	customer	NOUN
ftr-397	653	18	)	)	PUNCT
ftr-397	653	19	.	.	PUNCT
ftr-397	654	1	139	139	NUM
ftr-397	654	2	.	.	PUNCT
ftr-397	655	1	as	as	SCONJ
ftr-397	655	2	discussed	discuss	VERB
ftr-397	655	3	,	,	PUNCT
ftr-397	655	4	some	some	PRON
ftr-397	655	5	of	of	ADP
ftr-397	655	6	these	these	DET
ftr-397	655	7	tax	tax	NOUN
ftr-397	655	8	consequences	consequence	NOUN
ftr-397	655	9	are	be	AUX
ftr-397	655	10	entitlement	entitlement	NOUN
ftr-397	655	11	to	to	PART
ftr-397	655	12	irc	irc	VERB
ftr-397	655	13	§	§	PROPN
ftr-397	655	14	162	162	NUM
ftr-397	655	15	trade	trade	NOUN
ftr-397	655	16	or	or	CCONJ
ftr-397	655	17	business	business	NOUN
ftr-397	655	18	deductions	deduction	NOUN
ftr-397	655	19	,	,	PUNCT
ftr-397	655	20	entitlement	entitlement	NOUN
ftr-397	655	21	to	to	ADP
ftr-397	655	22	unlimited	unlimited	ADJ
ftr-397	655	23	interest	interest	NOUN
ftr-397	655	24	deductions	deduction	NOUN
ftr-397	655	25	under	under	ADP
ftr-397	655	26	irc	irc	PROPN
ftr-397	655	27	§	§	PROPN
ftr-397	655	28	163	163	NUM
ftr-397	655	29	,	,	PUNCT
ftr-397	655	30	entitlement	entitlement	NOUN
ftr-397	655	31	to	to	ADP
ftr-397	655	32	home	home	NOUN
ftr-397	655	33	office	office	NOUN
ftr-397	655	34	expense	expense	NOUN
ftr-397	655	35	deductions	deduction	NOUN
ftr-397	655	36	under	under	ADP
ftr-397	655	37	irc	irc	PROPN
ftr-397	655	38	§	§	PROPN
ftr-397	655	39	280a	280a	PROPN
ftr-397	655	40	,	,	PUNCT
ftr-397	655	41	and	and	CCONJ
ftr-397	655	42	1144	1144	NUM
ftr-397	655	43	florida	florida	PROPN
ftr-397	655	44	tax	tax	PROPN
ftr-397	655	45	review	review	NOUN
ftr-397	655	46	[	[	X
ftr-397	655	47	vol	vol	NOUN
ftr-397	655	48	.	.	PUNCT
ftr-397	656	1	8:10	8:10	NUM
ftr-397	656	2	taxpayer	taxpayer	NOUN
ftr-397	656	3	’s	’s	PART
ftr-397	656	4	income	income	NOUN
ftr-397	656	5	is	be	AUX
ftr-397	656	6	determined	determine	VERB
ftr-397	656	7	instead	instead	ADV
ftr-397	656	8	based	base	VERB
ftr-397	656	9	on	on	ADP
ftr-397	656	10	whether	whether	SCONJ
ftr-397	656	11	the	the	DET
ftr-397	656	12	taxpayer	taxpayer	NOUN
ftr-397	656	13	has	have	AUX
ftr-397	656	14	“	"	PUNCT
ftr-397	656	15	customers	customer	NOUN
ftr-397	656	16	”	"	PUNCT
ftr-397	656	17	to	to	PART
ftr-397	656	18	whom	whom	PRON
ftr-397	656	19	he	he	PRON
ftr-397	656	20	sells	sell	VERB
ftr-397	656	21	those	those	DET
ftr-397	656	22	securities	security	NOUN
ftr-397	656	23	.	.	PUNCT
ftr-397	657	1	the	the	DET
ftr-397	657	2	applicable	applicable	ADJ
ftr-397	657	3	exception	exception	NOUN
ftr-397	657	4	in	in	ADP
ftr-397	657	5	irc	irc	PROPN
ftr-397	657	6	section	section	NOUN
ftr-397	657	7	1221(a)(1	1221(a)(1	NUM
ftr-397	657	8	)	)	PUNCT
ftr-397	657	9	from	from	ADP
ftr-397	657	10	capital	capital	NOUN
ftr-397	657	11	asset	asset	NOUN
ftr-397	657	12	treatment	treatment	NOUN
ftr-397	657	13	requires	require	VERB
ftr-397	657	14	that	that	SCONJ
ftr-397	657	15	the	the	DET
ftr-397	657	16	property	property	NOUN
ftr-397	657	17	at	at	ADP
ftr-397	657	18	issue	issue	NOUN
ftr-397	657	19	be	be	AUX
ftr-397	657	20	“	"	PUNCT
ftr-397	657	21	held	hold	VERB
ftr-397	657	22	by	by	ADP
ftr-397	657	23	the	the	DET
ftr-397	657	24	taxpayer	taxpayer	NOUN
ftr-397	657	25	primarily	primarily	ADV
ftr-397	657	26	for	for	ADP
ftr-397	657	27	sale	sale	NOUN
ftr-397	657	28	‘	'	PUNCT
ftr-397	657	29	to	to	ADP
ftr-397	657	30	customers	customer	NOUN
ftr-397	657	31	’	'	PUNCT
ftr-397	657	32	in	in	ADP
ftr-397	657	33	the	the	DET
ftr-397	657	34	ordinary	ordinary	ADJ
ftr-397	657	35	course	course	NOUN
ftr-397	657	36	of	of	ADP
ftr-397	657	37	his	his	PRON
ftr-397	657	38	trade	trade	NOUN
ftr-397	657	39	or	or	CCONJ
ftr-397	657	40	business	business	NOUN
ftr-397	657	41	.	.	PUNCT
ftr-397	658	1	”140	”140	PROPN
ftr-397	659	1	it	it	PRON
ftr-397	659	2	is	be	AUX
ftr-397	659	3	clear	clear	ADJ
ftr-397	659	4	from	from	ADP
ftr-397	659	5	the	the	DET
ftr-397	659	6	language	language	NOUN
ftr-397	659	7	of	of	ADP
ftr-397	659	8	the	the	DET
ftr-397	659	9	statute	statute	NOUN
ftr-397	659	10	that	that	PRON
ftr-397	659	11	,	,	PUNCT
ftr-397	659	12	in	in	ADP
ftr-397	659	13	order	order	NOUN
ftr-397	659	14	to	to	PART
ftr-397	659	15	come	come	VERB
ftr-397	659	16	within	within	ADP
ftr-397	659	17	this	this	DET
ftr-397	659	18	exception	exception	NOUN
ftr-397	659	19	,	,	PUNCT
ftr-397	659	20	the	the	DET
ftr-397	659	21	taxpayer	taxpayer	NOUN
ftr-397	659	22	needs	need	VERB
ftr-397	659	23	to	to	PART
ftr-397	659	24	first	first	ADV
ftr-397	659	25	of	of	ADP
ftr-397	659	26	all	all	PRON
ftr-397	659	27	be	be	AUX
ftr-397	659	28	in	in	ADP
ftr-397	659	29	a	a	DET
ftr-397	659	30	“	"	PUNCT
ftr-397	659	31	trade	trade	NOUN
ftr-397	659	32	or	or	CCONJ
ftr-397	659	33	business	business	NOUN
ftr-397	659	34	”	"	PUNCT
ftr-397	659	35	of	of	ADP
ftr-397	659	36	buying	buying	NOUN
ftr-397	659	37	,	,	PUNCT
ftr-397	659	38	selling	selling	NOUN
ftr-397	659	39	,	,	PUNCT
ftr-397	659	40	and	and	CCONJ
ftr-397	659	41	holding	hold	VERB
ftr-397	659	42	securities	security	NOUN
ftr-397	659	43	.	.	PUNCT
ftr-397	660	1	this	this	PRON
ftr-397	660	2	is	be	AUX
ftr-397	660	3	the	the	DET
ftr-397	660	4	same	same	ADJ
ftr-397	660	5	gating	gate	VERB
ftr-397	660	6	item	item	NOUN
ftr-397	660	7	that	that	PRON
ftr-397	660	8	must	must	AUX
ftr-397	660	9	be	be	AUX
ftr-397	660	10	satisfied	satisfied	ADJ
ftr-397	660	11	in	in	ADP
ftr-397	660	12	order	order	NOUN
ftr-397	660	13	for	for	SCONJ
ftr-397	660	14	the	the	DET
ftr-397	660	15	taxpayer	taxpayer	NOUN
ftr-397	660	16	to	to	PART
ftr-397	660	17	be	be	AUX
ftr-397	660	18	entitled	entitle	VERB
ftr-397	660	19	to	to	ADP
ftr-397	660	20	the	the	DET
ftr-397	660	21	other	other	ADJ
ftr-397	660	22	tax	tax	NOUN
ftr-397	660	23	treatments	treatment	NOUN
ftr-397	660	24	discussed	discuss	VERB
ftr-397	660	25	above	above	ADP
ftr-397	660	26	,	,	PUNCT
ftr-397	660	27	whose	whose	DET
ftr-397	660	28	availability	availability	NOUN
ftr-397	660	29	also	also	ADV
ftr-397	660	30	hinges	hinge	VERB
ftr-397	660	31	on	on	ADP
ftr-397	660	32	whether	whether	SCONJ
ftr-397	660	33	the	the	DET
ftr-397	660	34	taxpayer	taxpayer	NOUN
ftr-397	660	35	is	be	AUX
ftr-397	660	36	in	in	ADP
ftr-397	660	37	a	a	DET
ftr-397	660	38	“	"	PUNCT
ftr-397	660	39	trade	trade	NOUN
ftr-397	660	40	or	or	CCONJ
ftr-397	660	41	business	business	NOUN
ftr-397	660	42	.	.	PUNCT
ftr-397	660	43	”	"	PUNCT
ftr-397	661	1	however	however	ADV
ftr-397	661	2	,	,	PUNCT
ftr-397	661	3	the	the	DET
ftr-397	661	4	“	"	PUNCT
ftr-397	661	5	to	to	ADP
ftr-397	661	6	customers	customer	NOUN
ftr-397	661	7	”	"	PUNCT
ftr-397	661	8	requirement	requirement	NOUN
ftr-397	661	9	represents	represent	VERB
ftr-397	661	10	an	an	DET
ftr-397	661	11	additional	additional	ADJ
ftr-397	661	12	hurdle	hurdle	NOUN
ftr-397	661	13	that	that	PRON
ftr-397	661	14	must	must	AUX
ftr-397	661	15	be	be	AUX
ftr-397	661	16	overcome	overcome	VERB
ftr-397	661	17	to	to	PART
ftr-397	661	18	attain	attain	VERB
ftr-397	661	19	ordinary	ordinary	ADJ
ftr-397	661	20	income	income	NOUN
ftr-397	661	21	treatment	treatment	NOUN
ftr-397	661	22	,	,	PUNCT
ftr-397	661	23	a	a	DET
ftr-397	661	24	hurdle	hurdle	NOUN
ftr-397	661	25	that	that	PRON
ftr-397	661	26	is	be	AUX
ftr-397	661	27	not	not	PART
ftr-397	661	28	a	a	DET
ftr-397	661	29	requirement	requirement	NOUN
ftr-397	661	30	with	with	ADP
ftr-397	661	31	respect	respect	NOUN
ftr-397	661	32	to	to	ADP
ftr-397	661	33	any	any	DET
ftr-397	661	34	other	other	ADJ
ftr-397	661	35	aspect	aspect	NOUN
ftr-397	661	36	of	of	ADP
ftr-397	661	37	the	the	DET
ftr-397	661	38	treatment	treatment	NOUN
ftr-397	661	39	of	of	ADP
ftr-397	661	40	a	a	DET
ftr-397	661	41	securitiesbuying	securitiesbuying	NOUN
ftr-397	661	42	,	,	PUNCT
ftr-397	661	43	selling	selling	NOUN
ftr-397	661	44	,	,	PUNCT
ftr-397	661	45	or	or	CCONJ
ftr-397	661	46	trading	trading	NOUN
ftr-397	661	47	taxpayer	taxpayer	NOUN
ftr-397	661	48	.	.	PUNCT
ftr-397	662	1	as	as	SCONJ
ftr-397	662	2	discussed	discuss	VERB
ftr-397	662	3	above	above	ADV
ftr-397	662	4	,	,	PUNCT
ftr-397	662	5	courts	court	NOUN
ftr-397	662	6	have	have	AUX
ftr-397	662	7	determined	determine	VERB
ftr-397	662	8	,	,	PUNCT
ftr-397	662	9	based	base	VERB
ftr-397	662	10	on	on	ADP
ftr-397	662	11	the	the	DET
ftr-397	662	12	legislative	legislative	ADJ
ftr-397	662	13	history	history	NOUN
ftr-397	662	14	of	of	ADP
ftr-397	662	15	the	the	DET
ftr-397	662	16	provision	provision	NOUN
ftr-397	662	17	,	,	PUNCT
ftr-397	662	18	that	that	SCONJ
ftr-397	662	19	this	this	DET
ftr-397	662	20	hurdle	hurdle	NOUN
ftr-397	662	21	is	be	AUX
ftr-397	662	22	insurmountable	insurmountable	ADJ
ftr-397	662	23	for	for	ADP
ftr-397	662	24	securities	security	NOUN
ftr-397	662	25	traders.141	traders.141	NUM
ftr-397	662	26	this	this	DET
ftr-397	662	27	disjuncture	disjuncture	NOUN
ftr-397	662	28	between	between	ADP
ftr-397	662	29	two	two	NUM
ftr-397	662	30	competing	compete	VERB
ftr-397	662	31	concepts	concept	NOUN
ftr-397	662	32	gives	give	VERB
ftr-397	662	33	rise	rise	NOUN
ftr-397	662	34	to	to	ADP
ftr-397	662	35	the	the	DET
ftr-397	662	36	atypical	atypical	ADJ
ftr-397	662	37	treatment	treatment	NOUN
ftr-397	662	38	of	of	ADP
ftr-397	662	39	securities	security	NOUN
ftr-397	662	40	traders	trader	NOUN
ftr-397	662	41	.	.	PUNCT
ftr-397	663	1	looking	look	VERB
ftr-397	663	2	at	at	ADP
ftr-397	663	3	the	the	DET
ftr-397	663	4	issue	issue	NOUN
ftr-397	663	5	from	from	ADP
ftr-397	663	6	a	a	DET
ftr-397	663	7	different	different	ADJ
ftr-397	663	8	angle	angle	NOUN
ftr-397	663	9	,	,	PUNCT
ftr-397	663	10	while	while	SCONJ
ftr-397	663	11	the	the	DET
ftr-397	663	12	requirements	requirement	NOUN
ftr-397	663	13	laid	lay	VERB
ftr-397	663	14	down	down	ADP
ftr-397	663	15	by	by	ADP
ftr-397	663	16	the	the	DET
ftr-397	663	17	courts	court	NOUN
ftr-397	663	18	for	for	ADP
ftr-397	663	19	a	a	DET
ftr-397	663	20	taxpayer	taxpayer	NOUN
ftr-397	663	21	to	to	PART
ftr-397	663	22	show	show	VERB
ftr-397	663	23	that	that	SCONJ
ftr-397	663	24	he	he	PRON
ftr-397	663	25	is	be	AUX
ftr-397	663	26	engaged	engage	VERB
ftr-397	663	27	in	in	ADP
ftr-397	663	28	a	a	DET
ftr-397	663	29	trade	trade	NOUN
ftr-397	663	30	or	or	CCONJ
ftr-397	663	31	business	business	NOUN
ftr-397	663	32	are	be	AUX
ftr-397	663	33	not	not	PART
ftr-397	663	34	trivial	trivial	ADJ
ftr-397	663	35	,	,	PUNCT
ftr-397	663	36	and	and	CCONJ
ftr-397	663	37	in	in	ADP
ftr-397	663	38	fact	fact	NOUN
ftr-397	663	39	can	can	AUX
ftr-397	663	40	be	be	AUX
ftr-397	663	41	quite	quite	ADV
ftr-397	663	42	onerous	onerous	ADJ
ftr-397	663	43	,	,	PUNCT
ftr-397	663	44	there	there	PRON
ftr-397	663	45	has	have	AUX
ftr-397	663	46	never	never	ADV
ftr-397	663	47	been	be	AUX
ftr-397	663	48	a	a	DET
ftr-397	663	49	requirement	requirement	NOUN
ftr-397	663	50	that	that	SCONJ
ftr-397	663	51	the	the	DET
ftr-397	663	52	taxpayer	taxpayer	NOUN
ftr-397	663	53	demonstrate	demonstrate	VERB
ftr-397	663	54	that	that	SCONJ
ftr-397	663	55	he	he	PRON
ftr-397	663	56	is	be	AUX
ftr-397	663	57	engaged	engage	VERB
ftr-397	663	58	in	in	ADP
ftr-397	663	59	providing	provide	VERB
ftr-397	663	60	goods	good	NOUN
ftr-397	663	61	and	and	CCONJ
ftr-397	663	62	services	service	NOUN
ftr-397	663	63	“	"	PUNCT
ftr-397	663	64	to	to	ADP
ftr-397	663	65	customers	customer	NOUN
ftr-397	663	66	”	"	PUNCT
ftr-397	663	67	in	in	ADP
ftr-397	663	68	order	order	NOUN
ftr-397	663	69	to	to	PART
ftr-397	663	70	be	be	AUX
ftr-397	663	71	found	find	VERB
ftr-397	663	72	to	to	PART
ftr-397	663	73	be	be	AUX
ftr-397	663	74	in	in	ADP
ftr-397	663	75	a	a	DET
ftr-397	663	76	trade	trade	NOUN
ftr-397	663	77	or	or	CCONJ
ftr-397	663	78	business	business	NOUN
ftr-397	663	79	.	.	PUNCT
ftr-397	664	1	this	this	DET
ftr-397	664	2	notion	notion	NOUN
ftr-397	664	3	was	be	AUX
ftr-397	664	4	explicitly	explicitly	ADV
ftr-397	664	5	rejected	reject	VERB
ftr-397	664	6	by	by	ADP
ftr-397	664	7	the	the	DET
ftr-397	664	8	supreme	supreme	PROPN
ftr-397	664	9	courts	court	NOUN
ftr-397	664	10	holding	hold	VERB
ftr-397	664	11	in	in	ADP
ftr-397	664	12	comm’r	comm’r	NOUN
ftr-397	664	13	v.	v.	ADP
ftr-397	664	14	groetzinger	groetzinger	NOUN
ftr-397	664	15	,	,	PUNCT
ftr-397	664	16	a	a	DET
ftr-397	664	17	case	case	NOUN
ftr-397	664	18	that	that	PRON
ftr-397	664	19	held	hold	VERB
ftr-397	664	20	that	that	SCONJ
ftr-397	664	21	a	a	DET
ftr-397	664	22	full	full	ADJ
ftr-397	664	23	-	-	PUNCT
ftr-397	664	24	time	time	NOUN
ftr-397	664	25	gambler	gambler	NOUN
ftr-397	664	26	,	,	PUNCT
ftr-397	664	27	who	who	PRON
ftr-397	664	28	was	be	AUX
ftr-397	664	29	not	not	PART
ftr-397	664	30	holding	hold	VERB
ftr-397	664	31	himself	himself	PRON
ftr-397	664	32	out	out	ADP
ftr-397	664	33	as	as	ADP
ftr-397	664	34	selling	sell	VERB
ftr-397	664	35	anything	anything	PRON
ftr-397	664	36	to	to	ADP
ftr-397	664	37	anyone	anyone	PRON
ftr-397	664	38	,	,	PUNCT
ftr-397	664	39	was	be	AUX
ftr-397	664	40	engaged	engage	VERB
ftr-397	664	41	in	in	ADP
ftr-397	664	42	the	the	DET
ftr-397	664	43	trade	trade	NOUN
ftr-397	664	44	or	or	CCONJ
ftr-397	664	45	business	business	NOUN
ftr-397	664	46	of	of	ADP
ftr-397	664	47	gambling.142	gambling.142	PROPN
ftr-397	664	48	in	in	ADP
ftr-397	664	49	direct	direct	ADJ
ftr-397	664	50	contrast	contrast	NOUN
ftr-397	664	51	to	to	ADP
ftr-397	664	52	the	the	DET
ftr-397	664	53	development	development	NOUN
ftr-397	664	54	of	of	ADP
ftr-397	664	55	the	the	DET
ftr-397	664	56	trade	trade	NOUN
ftr-397	664	57	or	or	CCONJ
ftr-397	664	58	business	business	NOUN
ftr-397	664	59	doctrine	doctrine	NOUN
ftr-397	664	60	,	,	PUNCT
ftr-397	664	61	however	however	ADV
ftr-397	664	62	,	,	PUNCT
ftr-397	664	63	a	a	DET
ftr-397	664	64	post-1934	post-1934	NOUN
ftr-397	664	65	trader	trader	NOUN
ftr-397	664	66	must	must	AUX
ftr-397	664	67	make	make	VERB
ftr-397	664	68	just	just	ADV
ftr-397	664	69	such	such	DET
ftr-397	664	70	a	a	DET
ftr-397	664	71	showing	showing	NOUN
ftr-397	664	72	(	(	PUNCT
ftr-397	664	73	which	which	PRON
ftr-397	664	74	the	the	DET
ftr-397	664	75	courts	court	NOUN
ftr-397	664	76	have	have	AUX
ftr-397	664	77	decided	decide	VERB
ftr-397	664	78	that	that	SCONJ
ftr-397	664	79	he	he	PRON
ftr-397	664	80	can	can	AUX
ftr-397	664	81	not	not	PART
ftr-397	664	82	do	do	VERB
ftr-397	664	83	)	)	PUNCT
ftr-397	664	84	in	in	ADP
ftr-397	664	85	order	order	NOUN
ftr-397	664	86	to	to	PART
ftr-397	664	87	be	be	AUX
ftr-397	664	88	subject	subject	ADJ
ftr-397	664	89	to	to	ADP
ftr-397	664	90	ordinary	ordinary	ADJ
ftr-397	664	91	income	income	NOUN
ftr-397	664	92	treatment	treatment	NOUN
ftr-397	664	93	as	as	SCONJ
ftr-397	664	94	opposed	oppose	VERB
ftr-397	664	95	to	to	ADP
ftr-397	664	96	capital	capital	NOUN
ftr-397	664	97	asset	asset	NOUN
ftr-397	664	98	treatment	treatment	NOUN
ftr-397	664	99	.	.	PUNCT
ftr-397	665	1	entitlement	entitlement	NOUN
ftr-397	665	2	to	to	PART
ftr-397	665	3	elect	elect	VERB
ftr-397	665	4	start	start	VERB
ftr-397	665	5	-	-	PUNCT
ftr-397	665	6	up	up	ADP
ftr-397	665	7	expenditure	expenditure	NOUN
ftr-397	665	8	deductions	deduction	NOUN
ftr-397	665	9	under	under	ADP
ftr-397	665	10	irc	irc	PROPN
ftr-397	665	11	§	§	PROPN
ftr-397	665	12	195	195	NUM
ftr-397	665	13	.	.	PUNCT
ftr-397	665	14	see	see	VERB
ftr-397	665	15	also	also	ADV
ftr-397	665	16	,	,	PUNCT
ftr-397	665	17	e.g.	e.g.	ADV
ftr-397	665	18	,	,	PUNCT
ftr-397	665	19	irc	irc	PROPN
ftr-397	665	20	§	§	PROPN
ftr-397	665	21	§	§	PROPN
ftr-397	665	22	172	172	NUM
ftr-397	665	23	,	,	PUNCT
ftr-397	665	24	179	179	NUM
ftr-397	665	25	.	.	NOUN
ftr-397	666	1	140	140	NUM
ftr-397	666	2	.	.	PUNCT
ftr-397	667	1	irc	irc	PROPN
ftr-397	667	2	§	§	PROPN
ftr-397	667	3	1221(a)(1	1221(a)(1	NUM
ftr-397	667	4	)	)	PUNCT
ftr-397	667	5	(	(	PUNCT
ftr-397	667	6	emphasis	emphasis	NOUN
ftr-397	667	7	added	add	VERB
ftr-397	667	8	)	)	PUNCT
ftr-397	667	9	.	.	PUNCT
ftr-397	668	1	141	141	NUM
ftr-397	668	2	.	.	PUNCT
ftr-397	668	3	see	see	VERB
ftr-397	668	4	archaya	archaya	NOUN
ftr-397	668	5	v.	v.	ADP
ftr-397	668	6	comm’r	comm’r	NOUN
ftr-397	668	7	,	,	PUNCT
ftr-397	668	8	225	225	NUM
ftr-397	668	9	f.app’x	f.app’x	NOUN
ftr-397	668	10	391	391	NUM
ftr-397	668	11	(	(	PUNCT
ftr-397	668	12	7th	7th	ADJ
ftr-397	668	13	cir	cir	NOUN
ftr-397	668	14	.	.	PROPN
ftr-397	668	15	2007	2007	NUM
ftr-397	668	16	)	)	PUNCT
ftr-397	668	17	;	;	PUNCT
ftr-397	668	18	marrin	marrin	PROPN
ftr-397	668	19	,	,	PUNCT
ftr-397	668	20	73	73	NUM
ftr-397	668	21	t.c.m	t.c.m	NOUN
ftr-397	668	22	.	.	PUNCT
ftr-397	669	1	(	(	PUNCT
ftr-397	669	2	cch	cch	NOUN
ftr-397	669	3	)	)	PUNCT
ftr-397	669	4	at	at	ADP
ftr-397	669	5	1751	1751	NUM
ftr-397	669	6	.	.	PUNCT
ftr-397	670	1	142	142	NUM
ftr-397	670	2	.	.	PUNCT
ftr-397	671	1	comm’r	comm’r	NOUN
ftr-397	671	2	v.	v.	ADP
ftr-397	671	3	groetzinger	groetzinger	NOUN
ftr-397	671	4	,	,	PUNCT
ftr-397	671	5	480	480	NUM
ftr-397	671	6	u.s	u.s	PROPN
ftr-397	671	7	.	.	PROPN
ftr-397	671	8	23	23	NUM
ftr-397	671	9	(	(	PUNCT
ftr-397	671	10	1987	1987	NUM
ftr-397	671	11	)	)	PUNCT
ftr-397	671	12	.	.	PUNCT
ftr-397	672	1	the	the	DET
ftr-397	672	2	court	court	NOUN
ftr-397	672	3	in	in	ADP
ftr-397	672	4	groetzinger	groetzinger	NOUN
ftr-397	672	5	famously	famously	ADV
ftr-397	672	6	rejected	reject	VERB
ftr-397	672	7	a	a	DET
ftr-397	672	8	prior	prior	ADJ
ftr-397	672	9	observation	observation	NOUN
ftr-397	672	10	by	by	ADP
ftr-397	672	11	justice	justice	NOUN
ftr-397	672	12	frankfurter	frankfurter	NOUN
ftr-397	672	13	in	in	ADP
ftr-397	672	14	a	a	DET
ftr-397	672	15	concurring	concur	VERB
ftr-397	672	16	opinion	opinion	NOUN
ftr-397	672	17	in	in	ADP
ftr-397	672	18	deputy	deputy	NOUN
ftr-397	672	19	v.	v.	ADP
ftr-397	672	20	dupont	dupont	PROPN
ftr-397	672	21	that	that	SCONJ
ftr-397	672	22	“	"	PUNCT
ftr-397	672	23	carrying	carry	VERB
ftr-397	672	24	on	on	ADP
ftr-397	672	25	any	any	DET
ftr-397	672	26	trade	trade	NOUN
ftr-397	672	27	or	or	CCONJ
ftr-397	672	28	business	business	NOUN
ftr-397	672	29	…	…	PUNCT
ftr-397	672	30	involves	involve	VERB
ftr-397	672	31	holding	hold	VERB
ftr-397	672	32	one	one	NUM
ftr-397	672	33	’s	’s	PART
ftr-397	672	34	self	self	NOUN
ftr-397	672	35	out	out	ADP
ftr-397	672	36	to	to	ADP
ftr-397	672	37	others	other	NOUN
ftr-397	672	38	as	as	SCONJ
ftr-397	672	39	engaged	engage	VERB
ftr-397	672	40	in	in	ADP
ftr-397	672	41	the	the	DET
ftr-397	672	42	selling	selling	NOUN
ftr-397	672	43	of	of	ADP
ftr-397	672	44	goods	good	NOUN
ftr-397	672	45	and	and	CCONJ
ftr-397	672	46	services	service	NOUN
ftr-397	672	47	.	.	PUNCT
ftr-397	672	48	”	"	PUNCT
ftr-397	673	1	groetzinger	groetzinger	NOUN
ftr-397	673	2	at	at	ADP
ftr-397	673	3	29	29	NUM
ftr-397	673	4	(	(	PUNCT
ftr-397	673	5	quoting	quote	VERB
ftr-397	673	6	dupont	dupont	NOUN
ftr-397	673	7	,	,	PUNCT
ftr-397	673	8	208	208	NUM
ftr-397	673	9	u.s	u.s	PROPN
ftr-397	673	10	.	.	PROPN
ftr-397	673	11	488	488	NUM
ftr-397	673	12	,	,	PUNCT
ftr-397	673	13	499	499	NUM
ftr-397	673	14	(	(	PUNCT
ftr-397	673	15	1940	1940	NUM
ftr-397	673	16	)	)	PUNCT
ftr-397	673	17	(	(	PUNCT
ftr-397	673	18	dissent	dissent	NOUN
ftr-397	673	19	,	,	PUNCT
ftr-397	673	20	j.	j.	PROPN
ftr-397	673	21	frankfurter	frankfurter	PROPN
ftr-397	673	22	)	)	PUNCT
ftr-397	673	23	)	)	PUNCT
ftr-397	673	24	.	.	PUNCT
ftr-397	674	1	the	the	DET
ftr-397	674	2	supreme	supreme	PROPN
ftr-397	674	3	court	court	PROPN
ftr-397	674	4	’s	’s	PART
ftr-397	674	5	position	position	NOUN
ftr-397	674	6	in	in	ADP
ftr-397	674	7	groetzinger	groetzinger	NOUN
ftr-397	674	8	has	have	AUX
ftr-397	674	9	carried	carry	VERB
ftr-397	674	10	over	over	ADP
ftr-397	674	11	from	from	ADP
ftr-397	674	12	the	the	DET
ftr-397	674	13	gambling	gambling	NOUN
ftr-397	674	14	area	area	NOUN
ftr-397	674	15	into	into	ADP
ftr-397	674	16	the	the	DET
ftr-397	674	17	securities	security	NOUN
ftr-397	674	18	area	area	NOUN
ftr-397	674	19	such	such	ADJ
ftr-397	674	20	that	that	SCONJ
ftr-397	674	21	in	in	ADP
ftr-397	674	22	none	none	NOUN
ftr-397	674	23	of	of	ADP
ftr-397	674	24	the	the	DET
ftr-397	674	25	cases	case	NOUN
ftr-397	674	26	distinguishing	distinguish	VERB
ftr-397	674	27	traders	trader	NOUN
ftr-397	674	28	and	and	CCONJ
ftr-397	674	29	investors	investor	NOUN
ftr-397	674	30	has	have	VERB
ftr-397	674	31	a	a	DET
ftr-397	674	32	court	court	NOUN
ftr-397	674	33	ever	ever	ADV
ftr-397	674	34	held	hold	VERB
ftr-397	674	35	that	that	SCONJ
ftr-397	674	36	a	a	DET
ftr-397	674	37	trader	trader	NOUN
ftr-397	674	38	requires	require	VERB
ftr-397	674	39	advertising	advertising	NOUN
ftr-397	674	40	or	or	CCONJ
ftr-397	674	41	otherwise	otherwise	ADV
ftr-397	674	42	“	"	PUNCT
ftr-397	674	43	holding	hold	VERB
ftr-397	674	44	oneself	oneself	PRON
ftr-397	674	45	out	out	ADP
ftr-397	674	46	to	to	ADP
ftr-397	674	47	customers	customer	NOUN
ftr-397	674	48	”	"	PUNCT
ftr-397	674	49	as	as	ADP
ftr-397	674	50	providing	provide	VERB
ftr-397	674	51	goods	good	NOUN
ftr-397	674	52	and	and	CCONJ
ftr-397	674	53	services	service	NOUN
ftr-397	674	54	as	as	ADP
ftr-397	674	55	one	one	NUM
ftr-397	674	56	of	of	ADP
ftr-397	674	57	the	the	DET
ftr-397	674	58	tests	test	NOUN
ftr-397	674	59	in	in	ADP
ftr-397	674	60	evaluating	evaluate	VERB
ftr-397	674	61	engagement	engagement	NOUN
ftr-397	674	62	in	in	ADP
ftr-397	674	63	a	a	DET
ftr-397	674	64	trade	trade	NOUN
ftr-397	674	65	or	or	CCONJ
ftr-397	674	66	business	business	NOUN
ftr-397	674	67	.	.	PUNCT
ftr-397	675	1	2008	2008	NUM
ftr-397	675	2	]	]	PUNCT
ftr-397	676	1	a	a	DET
ftr-397	676	2	structural	structural	ADJ
ftr-397	676	3	critique	critique	NOUN
ftr-397	676	4	of	of	ADP
ftr-397	676	5	trader	trader	NOUN
ftr-397	676	6	taxation	taxation	NOUN
ftr-397	676	7	1145	1145	NUM
ftr-397	676	8	the	the	DET
ftr-397	676	9	disjuncture	disjuncture	NOUN
ftr-397	676	10	between	between	ADP
ftr-397	676	11	the	the	DET
ftr-397	676	12	application	application	NOUN
ftr-397	676	13	of	of	ADP
ftr-397	676	14	the	the	DET
ftr-397	676	15	trade	trade	NOUN
ftr-397	676	16	or	or	CCONJ
ftr-397	676	17	business	business	NOUN
ftr-397	676	18	concept	concept	NOUN
ftr-397	676	19	and	and	CCONJ
ftr-397	676	20	the	the	DET
ftr-397	676	21	“	"	PUNCT
ftr-397	676	22	to	to	ADP
ftr-397	676	23	customers	customer	NOUN
ftr-397	676	24	”	"	PUNCT
ftr-397	676	25	requirement	requirement	NOUN
ftr-397	676	26	to	to	ADP
ftr-397	676	27	traders	trader	NOUN
ftr-397	676	28	,	,	PUNCT
ftr-397	676	29	which	which	PRON
ftr-397	676	30	has	have	AUX
ftr-397	676	31	been	be	AUX
ftr-397	676	32	wrought	work	VERB
ftr-397	676	33	by	by	ADP
ftr-397	676	34	the	the	DET
ftr-397	676	35	1934	1934	NUM
ftr-397	676	36	addition	addition	NOUN
ftr-397	676	37	of	of	ADP
ftr-397	676	38	the	the	DET
ftr-397	676	39	“	"	PUNCT
ftr-397	676	40	to	to	ADP
ftr-397	676	41	customers	customer	NOUN
ftr-397	676	42	”	"	PUNCT
ftr-397	676	43	requirement	requirement	NOUN
ftr-397	676	44	to	to	ADP
ftr-397	676	45	the	the	DET
ftr-397	676	46	capital	capital	NOUN
ftr-397	676	47	assets	asset	NOUN
ftr-397	676	48	definition	definition	NOUN
ftr-397	676	49	,	,	PUNCT
ftr-397	676	50	comes	come	VERB
ftr-397	676	51	into	into	ADP
ftr-397	676	52	stark	stark	ADJ
ftr-397	676	53	contrast	contrast	NOUN
ftr-397	676	54	upon	upon	SCONJ
ftr-397	676	55	comparing	compare	VERB
ftr-397	676	56	court	court	NOUN
ftr-397	676	57	decisions	decision	NOUN
ftr-397	676	58	before	before	ADP
ftr-397	676	59	the	the	DET
ftr-397	676	60	addition	addition	NOUN
ftr-397	676	61	of	of	ADP
ftr-397	676	62	that	that	DET
ftr-397	676	63	language	language	NOUN
ftr-397	676	64	with	with	ADP
ftr-397	676	65	decisions	decision	NOUN
ftr-397	676	66	after	after	ADP
ftr-397	676	67	the	the	DET
ftr-397	676	68	statutory	statutory	ADJ
ftr-397	676	69	addition	addition	NOUN
ftr-397	676	70	.	.	PUNCT
ftr-397	677	1	as	as	SCONJ
ftr-397	677	2	discussed	discuss	VERB
ftr-397	677	3	above	above	ADV
ftr-397	677	4	,	,	PUNCT
ftr-397	677	5	after	after	ADP
ftr-397	677	6	the	the	DET
ftr-397	677	7	addition	addition	NOUN
ftr-397	677	8	of	of	ADP
ftr-397	677	9	the	the	DET
ftr-397	677	10	“	"	PUNCT
ftr-397	677	11	to	to	ADP
ftr-397	677	12	customers	customer	NOUN
ftr-397	677	13	”	"	PUNCT
ftr-397	677	14	language	language	NOUN
ftr-397	677	15	,	,	PUNCT
ftr-397	677	16	courts	court	NOUN
ftr-397	677	17	have	have	AUX
ftr-397	677	18	focused	focus	VERB
ftr-397	677	19	on	on	ADP
ftr-397	677	20	the	the	DET
ftr-397	677	21	fact	fact	NOUN
ftr-397	677	22	that	that	SCONJ
ftr-397	677	23	traders	trader	NOUN
ftr-397	677	24	,	,	PUNCT
ftr-397	677	25	unlike	unlike	ADP
ftr-397	677	26	dealers	dealer	NOUN
ftr-397	677	27	,	,	PUNCT
ftr-397	677	28	have	have	AUX
ftr-397	677	29	no	no	DET
ftr-397	677	30	“	"	PUNCT
ftr-397	677	31	customers	customer	NOUN
ftr-397	677	32	,	,	PUNCT
ftr-397	677	33	”	"	PUNCT
ftr-397	677	34	and	and	CCONJ
ftr-397	677	35	therefore	therefore	ADV
ftr-397	677	36	get	get	VERB
ftr-397	677	37	capital	capital	NOUN
ftr-397	677	38	gain	gain	NOUN
ftr-397	677	39	or	or	CCONJ
ftr-397	677	40	loss	loss	NOUN
ftr-397	677	41	treatment	treatment	NOUN
ftr-397	677	42	on	on	ADP
ftr-397	677	43	the	the	DET
ftr-397	677	44	sale	sale	NOUN
ftr-397	677	45	of	of	ADP
ftr-397	677	46	their	their	PRON
ftr-397	677	47	securities	security	NOUN
ftr-397	677	48	.	.	PUNCT
ftr-397	678	1	prior	prior	ADV
ftr-397	678	2	to	to	ADP
ftr-397	678	3	the	the	DET
ftr-397	678	4	1934	1934	NUM
ftr-397	678	5	addition	addition	NOUN
ftr-397	678	6	,	,	PUNCT
ftr-397	678	7	however	however	ADV
ftr-397	678	8	,	,	PUNCT
ftr-397	678	9	the	the	DET
ftr-397	678	10	standard	standard	NOUN
ftr-397	678	11	used	use	VERB
ftr-397	678	12	by	by	ADP
ftr-397	678	13	the	the	DET
ftr-397	678	14	courts	court	NOUN
ftr-397	678	15	to	to	PART
ftr-397	678	16	determine	determine	VERB
ftr-397	678	17	eligibility	eligibility	NOUN
ftr-397	678	18	for	for	ADP
ftr-397	678	19	ordinary	ordinary	ADJ
ftr-397	678	20	income	income	NOUN
ftr-397	678	21	treatment	treatment	NOUN
ftr-397	678	22	of	of	ADP
ftr-397	678	23	securities	security	NOUN
ftr-397	678	24	-	-	PUNCT
ftr-397	678	25	trading	trading	NOUN
ftr-397	678	26	gains	gain	NOUN
ftr-397	678	27	and	and	CCONJ
ftr-397	678	28	losses	loss	NOUN
ftr-397	678	29	was	be	AUX
ftr-397	678	30	,	,	PUNCT
ftr-397	678	31	in	in	ADP
ftr-397	678	32	fact	fact	NOUN
ftr-397	678	33	,	,	PUNCT
ftr-397	678	34	essentially	essentially	ADV
ftr-397	678	35	identical	identical	ADJ
ftr-397	678	36	to	to	ADP
ftr-397	678	37	that	that	PRON
ftr-397	678	38	used	use	VERB
ftr-397	678	39	for	for	ADP
ftr-397	678	40	determining	determine	VERB
ftr-397	678	41	the	the	DET
ftr-397	678	42	aforementioned	aforementioned	ADJ
ftr-397	678	43	other	other	ADJ
ftr-397	678	44	aspects	aspect	NOUN
ftr-397	678	45	of	of	ADP
ftr-397	678	46	the	the	DET
ftr-397	678	47	securities	security	NOUN
ftr-397	678	48	traders	trader	NOUN
ftr-397	678	49	tax	tax	NOUN
ftr-397	678	50	picture	picture	NOUN
ftr-397	678	51	.	.	PUNCT
ftr-397	679	1	that	that	ADV
ftr-397	679	2	is	is	ADV
ftr-397	679	3	,	,	PUNCT
ftr-397	679	4	it	it	PRON
ftr-397	679	5	was	be	AUX
ftr-397	679	6	identical	identical	ADJ
ftr-397	679	7	to	to	ADP
ftr-397	679	8	the	the	DET
ftr-397	679	9	“	"	PUNCT
ftr-397	679	10	trade	trade	NOUN
ftr-397	679	11	or	or	CCONJ
ftr-397	679	12	business	business	NOUN
ftr-397	679	13	”	"	PUNCT
ftr-397	679	14	standard	standard	NOUN
ftr-397	679	15	.	.	PUNCT
ftr-397	680	1	to	to	PART
ftr-397	680	2	illustrate	illustrate	VERB
ftr-397	680	3	the	the	DET
ftr-397	680	4	point	point	NOUN
ftr-397	680	5	,	,	PUNCT
ftr-397	680	6	in	in	ADP
ftr-397	680	7	schwinn	schwinn	PROPN
ftr-397	680	8	v.	v.	ADP
ftr-397	680	9	comm’r	comm’r	PROPN
ftr-397	680	10	,	,	PUNCT
ftr-397	680	11	an	an	DET
ftr-397	680	12	early	early	ADJ
ftr-397	680	13	case	case	NOUN
ftr-397	680	14	dealing	deal	VERB
ftr-397	680	15	with	with	ADP
ftr-397	680	16	the	the	DET
ftr-397	680	17	law	law	NOUN
ftr-397	680	18	prior	prior	ADV
ftr-397	680	19	to	to	ADP
ftr-397	680	20	the	the	DET
ftr-397	680	21	1934	1934	NUM
ftr-397	680	22	addition	addition	NOUN
ftr-397	680	23	,	,	PUNCT
ftr-397	680	24	the	the	DET
ftr-397	680	25	tax	tax	NOUN
ftr-397	680	26	court	court	NOUN
ftr-397	680	27	was	be	AUX
ftr-397	680	28	called	call	VERB
ftr-397	680	29	upon	upon	SCONJ
ftr-397	680	30	to	to	PART
ftr-397	680	31	decide	decide	VERB
ftr-397	680	32	whether	whether	SCONJ
ftr-397	680	33	losses	loss	NOUN
ftr-397	680	34	from	from	ADP
ftr-397	680	35	the	the	DET
ftr-397	680	36	sale	sale	NOUN
ftr-397	680	37	of	of	ADP
ftr-397	680	38	stock	stock	NOUN
ftr-397	680	39	by	by	ADP
ftr-397	680	40	the	the	DET
ftr-397	680	41	taxpayer	taxpayer	NOUN
ftr-397	680	42	could	could	AUX
ftr-397	680	43	be	be	AUX
ftr-397	680	44	treated	treat	VERB
ftr-397	680	45	as	as	ADP
ftr-397	680	46	ordinary	ordinary	ADJ
ftr-397	680	47	losses	loss	NOUN
ftr-397	680	48	rather	rather	ADV
ftr-397	680	49	than	than	ADP
ftr-397	680	50	capital	capital	NOUN
ftr-397	680	51	losses.143	losses.143	NOUN
ftr-397	680	52	the	the	DET
ftr-397	680	53	court	court	NOUN
ftr-397	680	54	noted	note	VERB
ftr-397	680	55	that	that	SCONJ
ftr-397	680	56	under	under	ADP
ftr-397	680	57	section	section	NOUN
ftr-397	680	58	208(a)(8	208(a)(8	NUM
ftr-397	680	59	)	)	PUNCT
ftr-397	680	60	of	of	ADP
ftr-397	680	61	the	the	DET
ftr-397	680	62	revenue	revenue	NOUN
ftr-397	680	63	act	act	NOUN
ftr-397	680	64	of	of	ADP
ftr-397	680	65	1924	1924	NUM
ftr-397	680	66	,	,	PUNCT
ftr-397	680	67	the	the	DET
ftr-397	680	68	term	term	NOUN
ftr-397	680	69	“	"	PUNCT
ftr-397	680	70	capital	capital	NOUN
ftr-397	680	71	asset	asset	NOUN
ftr-397	680	72	”	"	PUNCT
ftr-397	680	73	meant	mean	VERB
ftr-397	680	74	property	property	NOUN
ftr-397	680	75	held	hold	VERB
ftr-397	680	76	by	by	ADP
ftr-397	680	77	the	the	DET
ftr-397	680	78	taxpayer	taxpayer	NOUN
ftr-397	680	79	for	for	ADP
ftr-397	680	80	more	more	ADJ
ftr-397	680	81	than	than	ADP
ftr-397	680	82	two	two	NUM
ftr-397	680	83	years	year	NOUN
ftr-397	680	84	(	(	PUNCT
ftr-397	680	85	whether	whether	SCONJ
ftr-397	680	86	or	or	CCONJ
ftr-397	680	87	not	not	PART
ftr-397	680	88	connected	connect	VERB
ftr-397	680	89	with	with	ADP
ftr-397	680	90	his	his	PRON
ftr-397	680	91	trade	trade	NOUN
ftr-397	680	92	or	or	CCONJ
ftr-397	680	93	business	business	NOUN
ftr-397	680	94	)	)	PUNCT
ftr-397	680	95	,	,	PUNCT
ftr-397	680	96	but	but	CCONJ
ftr-397	680	97	does	do	AUX
ftr-397	680	98	not	not	PART
ftr-397	680	99	include	include	VERB
ftr-397	680	100	stock	stock	NOUN
ftr-397	680	101	in	in	ADP
ftr-397	680	102	trade	trade	NOUN
ftr-397	680	103	of	of	ADP
ftr-397	680	104	the	the	DET
ftr-397	680	105	taxpayer	taxpayer	NOUN
ftr-397	680	106	or	or	CCONJ
ftr-397	680	107	other	other	ADJ
ftr-397	680	108	property	property	NOUN
ftr-397	680	109	of	of	ADP
ftr-397	680	110	a	a	DET
ftr-397	680	111	kind	kind	NOUN
ftr-397	680	112	which	which	PRON
ftr-397	680	113	would	would	AUX
ftr-397	680	114	properly	properly	ADV
ftr-397	680	115	be	be	AUX
ftr-397	680	116	included	include	VERB
ftr-397	680	117	in	in	ADP
ftr-397	680	118	the	the	DET
ftr-397	680	119	inventory	inventory	NOUN
ftr-397	680	120	of	of	ADP
ftr-397	680	121	the	the	DET
ftr-397	680	122	taxpayer	taxpayer	NOUN
ftr-397	680	123	if	if	SCONJ
ftr-397	680	124	on	on	ADP
ftr-397	680	125	hand	hand	NOUN
ftr-397	680	126	at	at	ADP
ftr-397	680	127	the	the	DET
ftr-397	680	128	close	close	NOUN
ftr-397	680	129	of	of	ADP
ftr-397	680	130	the	the	DET
ftr-397	680	131	taxable	taxable	ADJ
ftr-397	680	132	year	year	NOUN
ftr-397	680	133	,	,	PUNCT
ftr-397	680	134	or	or	CCONJ
ftr-397	680	135	property	property	NOUN
ftr-397	680	136	held	hold	VERB
ftr-397	680	137	by	by	ADP
ftr-397	680	138	the	the	DET
ftr-397	680	139	taxpayer	taxpayer	NOUN
ftr-397	680	140	primarily	primarily	ADV
ftr-397	680	141	for	for	ADP
ftr-397	680	142	sale	sale	NOUN
ftr-397	680	143	in	in	ADP
ftr-397	680	144	the	the	DET
ftr-397	680	145	course	course	NOUN
ftr-397	680	146	of	of	ADP
ftr-397	680	147	his	his	PRON
ftr-397	680	148	trade	trade	NOUN
ftr-397	680	149	or	or	CCONJ
ftr-397	680	150	business.144	business.144	PROPN
ftr-397	680	151	therefore	therefore	ADV
ftr-397	680	152	,	,	PUNCT
ftr-397	680	153	the	the	DET
ftr-397	680	154	court	court	NOUN
ftr-397	680	155	said	say	VERB
ftr-397	680	156	that	that	SCONJ
ftr-397	680	157	the	the	DET
ftr-397	680	158	determining	determine	VERB
ftr-397	680	159	issue	issue	NOUN
ftr-397	680	160	in	in	ADP
ftr-397	680	161	its	its	PRON
ftr-397	680	162	analysis	analysis	NOUN
ftr-397	680	163	was	be	AUX
ftr-397	680	164	whether	whether	SCONJ
ftr-397	680	165	“	"	PUNCT
ftr-397	680	166	the	the	DET
ftr-397	680	167	petitioner	petitioner	NOUN
ftr-397	680	168	’s	’s	PART
ftr-397	680	169	speculations	speculation	NOUN
ftr-397	680	170	…	…	PUNCT
ftr-397	680	171	[	[	X
ftr-397	680	172	were	be	AUX
ftr-397	680	173	]	]	PUNCT
ftr-397	680	174	of	of	ADP
ftr-397	680	175	such	such	DET
ftr-397	680	176	a	a	DET
ftr-397	680	177	nature	nature	NOUN
ftr-397	680	178	as	as	SCONJ
ftr-397	680	179	to	to	PART
ftr-397	680	180	properly	properly	ADV
ftr-397	680	181	be	be	AUX
ftr-397	680	182	regarded	regard	VERB
ftr-397	680	183	as	as	ADP
ftr-397	680	184	his	his	PRON
ftr-397	680	185	trade	trade	NOUN
ftr-397	680	186	or	or	CCONJ
ftr-397	680	187	business	business	NOUN
ftr-397	680	188	”	"	PUNCT
ftr-397	680	189	(	(	PUNCT
ftr-397	680	190	emphasis	emphasis	NOUN
ftr-397	680	191	added).145	added).145	VERB
ftr-397	680	192	the	the	DET
ftr-397	680	193	court	court	NOUN
ftr-397	680	194	held	hold	VERB
ftr-397	680	195	that	that	SCONJ
ftr-397	680	196	the	the	DET
ftr-397	680	197	taxpayer	taxpayer	NOUN
ftr-397	680	198	had	have	AUX
ftr-397	680	199	devoted	devote	VERB
ftr-397	680	200	“	"	PUNCT
ftr-397	680	201	the	the	DET
ftr-397	680	202	largest	large	ADJ
ftr-397	680	203	part	part	NOUN
ftr-397	680	204	of	of	ADP
ftr-397	680	205	his	his	PRON
ftr-397	680	206	business	business	NOUN
ftr-397	680	207	time	time	NOUN
ftr-397	680	208	to	to	ADP
ftr-397	680	209	,	,	PUNCT
ftr-397	680	210	and	and	CCONJ
ftr-397	680	211	made	make	VERB
ftr-397	680	212	the	the	DET
ftr-397	680	213	most	most	ADJ
ftr-397	680	214	money	money	NOUN
ftr-397	680	215	from	from	ADP
ftr-397	680	216	,	,	PUNCT
ftr-397	680	217	speculating	speculate	VERB
ftr-397	680	218	”	"	PUNCT
ftr-397	680	219	and	and	CCONJ
ftr-397	680	220	had	have	AUX
ftr-397	680	221	spent	spend	VERB
ftr-397	680	222	“	"	PUNCT
ftr-397	680	223	[	[	X
ftr-397	680	224	l]arge	l]arge	NOUN
ftr-397	680	225	sums	sum	NOUN
ftr-397	680	226	of	of	ADP
ftr-397	680	227	money	money	NOUN
ftr-397	680	228	…	…	PUNCT
ftr-397	680	229	in	in	ADP
ftr-397	680	230	his	his	PRON
ftr-397	680	231	marginal	marginal	ADJ
ftr-397	680	232	dealings	dealing	NOUN
ftr-397	680	233	,	,	PUNCT
ftr-397	680	234	”	"	PUNCT
ftr-397	680	235	and	and	CCONJ
ftr-397	680	236	that	that	SCONJ
ftr-397	680	237	,	,	PUNCT
ftr-397	680	238	therefore	therefore	ADV
ftr-397	680	239	,	,	PUNCT
ftr-397	680	240	the	the	DET
ftr-397	680	241	resulting	result	VERB
ftr-397	680	242	losses	loss	NOUN
ftr-397	680	243	occurred	occur	VERB
ftr-397	680	244	“	"	PUNCT
ftr-397	680	245	with	with	ADP
ftr-397	680	246	respect	respect	NOUN
ftr-397	680	247	to	to	ADP
ftr-397	680	248	property	property	NOUN
ftr-397	680	249	held	hold	VERB
ftr-397	680	250	primarily	primarily	ADV
ftr-397	680	251	for	for	ADP
ftr-397	680	252	sale	sale	NOUN
ftr-397	680	253	in	in	ADP
ftr-397	680	254	the	the	DET
ftr-397	680	255	course	course	NOUN
ftr-397	680	256	of	of	ADP
ftr-397	680	257	the	the	DET
ftr-397	680	258	petitioner	petitioner	NOUN
ftr-397	680	259	’s	’s	PART
ftr-397	680	260	trade	trade	NOUN
ftr-397	680	261	or	or	CCONJ
ftr-397	680	262	business	business	NOUN
ftr-397	680	263	”	"	PUNCT
ftr-397	680	264	(	(	PUNCT
ftr-397	680	265	i.e.	i.e.	X
ftr-397	680	266	,	,	PUNCT
ftr-397	680	267	were	be	AUX
ftr-397	680	268	ordinary	ordinary	ADJ
ftr-397	680	269	losses).146	losses).146	PROPN
ftr-397	680	270	the	the	DET
ftr-397	680	271	court	court	NOUN
ftr-397	680	272	therefore	therefore	ADV
ftr-397	680	273	essentially	essentially	ADV
ftr-397	680	274	applied	apply	VERB
ftr-397	680	275	the	the	DET
ftr-397	680	276	“	"	PUNCT
ftr-397	680	277	trade	trade	NOUN
ftr-397	680	278	or	or	CCONJ
ftr-397	680	279	business	business	NOUN
ftr-397	680	280	”	"	PUNCT
ftr-397	680	281	standard	standard	NOUN
ftr-397	680	282	—	—	PUNCT
ftr-397	680	283	the	the	DET
ftr-397	680	284	same	same	ADJ
ftr-397	680	285	standard	standard	NOUN
ftr-397	680	286	applied	apply	VERB
ftr-397	680	287	to	to	ADP
ftr-397	680	288	other	other	ADJ
ftr-397	680	289	aspects	aspect	NOUN
ftr-397	680	290	of	of	ADP
ftr-397	680	291	the	the	DET
ftr-397	680	292	taxpayer	taxpayer	NOUN
ftr-397	680	293	’s	’s	PART
ftr-397	680	294	tax	tax	NOUN
ftr-397	680	295	return	return	NOUN
ftr-397	680	296	picture	picture	NOUN
ftr-397	680	297	—	—	PUNCT
ftr-397	680	298	in	in	ADP
ftr-397	680	299	deciding	decide	VERB
ftr-397	680	300	whether	whether	SCONJ
ftr-397	680	301	or	or	CCONJ
ftr-397	680	302	not	not	PART
ftr-397	680	303	the	the	DET
ftr-397	680	304	taxpayer	taxpayer	NOUN
ftr-397	680	305	’s	’s	PART
ftr-397	680	306	losses	loss	NOUN
ftr-397	680	307	were	be	AUX
ftr-397	680	308	ordinary	ordinary	ADJ
ftr-397	680	309	.	.	PUNCT
ftr-397	681	1	143	143	X
ftr-397	681	2	.	.	PUNCT
ftr-397	681	3	schwinn	schwinn	PROPN
ftr-397	681	4	,	,	PUNCT
ftr-397	681	5	9	9	NUM
ftr-397	681	6	b.t.a	b.t.a	NOUN
ftr-397	681	7	1304	1304	NUM
ftr-397	681	8	.	.	PUNCT
ftr-397	682	1	144	144	NUM
ftr-397	682	2	.	.	PUNCT
ftr-397	683	1	i	i	PRON
ftr-397	683	2	d.	d.	PROPN
ftr-397	683	3	at	at	ADP
ftr-397	683	4	1307	1307	NUM
ftr-397	683	5	(	(	PUNCT
ftr-397	683	6	emphasis	emphasis	NOUN
ftr-397	683	7	added	add	VERB
ftr-397	683	8	)	)	PUNCT
ftr-397	683	9	.	.	PUNCT
ftr-397	684	1	145	145	NUM
ftr-397	684	2	.	.	PUNCT
ftr-397	685	1	i	i	PRON
ftr-397	685	2	d.	d.	PROPN
ftr-397	685	3	at	at	ADP
ftr-397	685	4	1307	1307	NUM
ftr-397	685	5	.	.	PUNCT
ftr-397	686	1	146	146	NUM
ftr-397	686	2	.	.	PUNCT
ftr-397	687	1	i	i	PRON
ftr-397	687	2	d.	d.	PROPN
ftr-397	687	3	at	at	ADP
ftr-397	687	4	1308	1308	NUM
ftr-397	687	5	-	-	SYM
ftr-397	687	6	09	09	NUM
ftr-397	687	7	.	.	PUNCT
ftr-397	687	8	1146	1146	NUM
ftr-397	688	1	florida	florida	PROPN
ftr-397	688	2	tax	tax	PROPN
ftr-397	688	3	review	review	NOUN
ftr-397	689	1	[	[	X
ftr-397	689	2	vol	vol	NOUN
ftr-397	689	3	.	.	PUNCT
ftr-397	689	4	8:10	8:10	NUM
ftr-397	690	1	the	the	DET
ftr-397	690	2	court	court	NOUN
ftr-397	690	3	’s	’s	PART
ftr-397	690	4	analysis	analysis	NOUN
ftr-397	690	5	in	in	ADP
ftr-397	690	6	schwinn	schwinn	PROPN
ftr-397	690	7	demonstrates	demonstrate	VERB
ftr-397	690	8	that	that	SCONJ
ftr-397	690	9	the	the	DET
ftr-397	690	10	disjuncture	disjuncture	NOUN
ftr-397	690	11	between	between	ADP
ftr-397	690	12	courts	court	NOUN
ftr-397	690	13	’	'	PUNCT
ftr-397	690	14	analyses	analysis	NOUN
ftr-397	690	15	with	with	ADP
ftr-397	690	16	respect	respect	NOUN
ftr-397	690	17	to	to	ADP
ftr-397	690	18	the	the	DET
ftr-397	690	19	“	"	PUNCT
ftr-397	690	20	nature	nature	NOUN
ftr-397	690	21	of	of	ADP
ftr-397	690	22	income	income	NOUN
ftr-397	690	23	”	"	PUNCT
ftr-397	690	24	issue	issue	NOUN
ftr-397	690	25	and	and	CCONJ
ftr-397	690	26	the	the	DET
ftr-397	690	27	courts	court	NOUN
ftr-397	690	28	’	'	PUNCT
ftr-397	690	29	analyses	analysis	NOUN
ftr-397	690	30	with	with	ADP
ftr-397	690	31	respect	respect	NOUN
ftr-397	690	32	to	to	ADP
ftr-397	690	33	other	other	ADJ
ftr-397	690	34	aspects	aspect	NOUN
ftr-397	690	35	of	of	ADP
ftr-397	690	36	a	a	DET
ftr-397	690	37	trader	trader	NOUN
ftr-397	690	38	’s	’s	PART
ftr-397	690	39	tax	tax	NOUN
ftr-397	690	40	picture	picture	NOUN
ftr-397	690	41	clearly	clearly	ADV
ftr-397	690	42	came	come	VERB
ftr-397	690	43	about	about	ADP
ftr-397	690	44	as	as	ADP
ftr-397	690	45	a	a	DET
ftr-397	690	46	result	result	NOUN
ftr-397	690	47	of	of	ADP
ftr-397	690	48	the	the	DET
ftr-397	690	49	1934	1934	NUM
ftr-397	690	50	addition	addition	NOUN
ftr-397	690	51	of	of	ADP
ftr-397	690	52	the	the	DET
ftr-397	690	53	“	"	PUNCT
ftr-397	690	54	to	to	ADP
ftr-397	690	55	customers	customer	NOUN
ftr-397	690	56	”	"	PUNCT
ftr-397	690	57	requirement	requirement	NOUN
ftr-397	690	58	into	into	ADP
ftr-397	690	59	the	the	DET
ftr-397	690	60	statute	statute	NOUN
ftr-397	690	61	,	,	PUNCT
ftr-397	690	62	and	and	CCONJ
ftr-397	690	63	was	be	AUX
ftr-397	690	64	not	not	PART
ftr-397	690	65	present	present	ADJ
ftr-397	690	66	before	before	ADP
ftr-397	690	67	that.147	that.147	NOUN
ftr-397	690	68	prior	prior	ADV
ftr-397	690	69	to	to	ADP
ftr-397	690	70	this	this	DET
ftr-397	690	71	congressional	congressional	ADJ
ftr-397	690	72	addition	addition	NOUN
ftr-397	690	73	,	,	PUNCT
ftr-397	690	74	courts	court	NOUN
ftr-397	690	75	applied	apply	VERB
ftr-397	690	76	the	the	DET
ftr-397	690	77	same	same	ADJ
ftr-397	690	78	standard	standard	NOUN
ftr-397	690	79	(	(	PUNCT
ftr-397	690	80	that	that	PRON
ftr-397	690	81	is	is	ADV
ftr-397	690	82	,	,	PUNCT
ftr-397	690	83	they	they	PRON
ftr-397	690	84	inquired	inquire	VERB
ftr-397	690	85	into	into	ADP
ftr-397	690	86	whether	whether	SCONJ
ftr-397	690	87	the	the	DET
ftr-397	690	88	trader	trader	NOUN
ftr-397	690	89	or	or	CCONJ
ftr-397	690	90	“	"	PUNCT
ftr-397	690	91	speculator	speculator	NOUN
ftr-397	690	92	”	"	PUNCT
ftr-397	690	93	was	be	AUX
ftr-397	690	94	in	in	ADP
ftr-397	690	95	the	the	DET
ftr-397	690	96	trade	trade	NOUN
ftr-397	690	97	or	or	CCONJ
ftr-397	690	98	business	business	NOUN
ftr-397	690	99	of	of	ADP
ftr-397	690	100	securities	security	NOUN
ftr-397	690	101	trading	trading	NOUN
ftr-397	690	102	)	)	PUNCT
ftr-397	690	103	in	in	ADP
ftr-397	690	104	determining	determine	VERB
ftr-397	690	105	all	all	DET
ftr-397	690	106	facets	facet	NOUN
ftr-397	690	107	of	of	ADP
ftr-397	690	108	that	that	DET
ftr-397	690	109	taxpayer	taxpayer	NOUN
ftr-397	690	110	’s	’s	PART
ftr-397	690	111	tax	tax	NOUN
ftr-397	690	112	picture.148	picture.148	NOUN
ftr-397	690	113	the	the	DET
ftr-397	690	114	standard	standard	NOUN
ftr-397	690	115	,	,	PUNCT
ftr-397	690	116	although	although	SCONJ
ftr-397	690	117	non	non	ADJ
ftr-397	690	118	-	-	ADJ
ftr-397	690	119	trivial	trivial	ADJ
ftr-397	690	120	,	,	PUNCT
ftr-397	690	121	was	be	AUX
ftr-397	690	122	comparatively	comparatively	ADV
ftr-397	690	123	internally	internally	ADV
ftr-397	690	124	consistent	consistent	ADJ
ftr-397	690	125	,	,	PUNCT
ftr-397	690	126	with	with	ADP
ftr-397	690	127	the	the	DET
ftr-397	690	128	same	same	ADJ
ftr-397	690	129	requirements	requirement	NOUN
ftr-397	690	130	determining	determine	VERB
ftr-397	690	131	the	the	DET
ftr-397	690	132	character	character	NOUN
ftr-397	690	133	of	of	ADP
ftr-397	690	134	gain	gain	NOUN
ftr-397	690	135	and	and	CCONJ
ftr-397	690	136	the	the	DET
ftr-397	690	137	deductions	deduction	NOUN
ftr-397	690	138	available	available	ADJ
ftr-397	690	139	.	.	PUNCT
ftr-397	691	1	the	the	DET
ftr-397	691	2	addition	addition	NOUN
ftr-397	691	3	of	of	ADP
ftr-397	691	4	the	the	DET
ftr-397	691	5	“	"	PUNCT
ftr-397	691	6	to	to	ADP
ftr-397	691	7	customers	customer	NOUN
ftr-397	691	8	”	"	PUNCT
ftr-397	691	9	requirement	requirement	NOUN
ftr-397	691	10	,	,	PUNCT
ftr-397	691	11	however	however	ADV
ftr-397	691	12	,	,	PUNCT
ftr-397	691	13	necessitated	necessitate	VERB
ftr-397	691	14	a	a	DET
ftr-397	691	15	second	second	ADJ
ftr-397	691	16	level	level	NOUN
ftr-397	691	17	of	of	ADP
ftr-397	691	18	inquiry	inquiry	NOUN
ftr-397	691	19	,	,	PUNCT
ftr-397	691	20	and	and	CCONJ
ftr-397	691	21	rendered	render	VERB
ftr-397	691	22	the	the	DET
ftr-397	691	23	standards	standard	NOUN
ftr-397	691	24	for	for	ADP
ftr-397	691	25	determining	determine	VERB
ftr-397	691	26	the	the	DET
ftr-397	691	27	taxpayer	taxpayer	NOUN
ftr-397	691	28	’s	’s	PART
ftr-397	691	29	character	character	NOUN
ftr-397	691	30	of	of	ADP
ftr-397	691	31	income	income	NOUN
ftr-397	691	32	and	and	CCONJ
ftr-397	691	33	for	for	ADP
ftr-397	691	34	determining	determine	VERB
ftr-397	691	35	his	his	PRON
ftr-397	691	36	deductions	deduction	NOUN
ftr-397	691	37	different	different	ADJ
ftr-397	691	38	from	from	ADP
ftr-397	691	39	one	one	NUM
ftr-397	691	40	another	another	DET
ftr-397	691	41	.	.	PUNCT
ftr-397	692	1	while	while	SCONJ
ftr-397	692	2	most	most	ADJ
ftr-397	692	3	aspects	aspect	NOUN
ftr-397	692	4	of	of	ADP
ftr-397	692	5	a	a	DET
ftr-397	692	6	securities	security	NOUN
ftr-397	692	7	trader	trader	NOUN
ftr-397	692	8	’s	’s	PART
ftr-397	692	9	tax	tax	NOUN
ftr-397	692	10	treatments	treatment	NOUN
ftr-397	692	11	are	be	AUX
ftr-397	692	12	still	still	ADV
ftr-397	692	13	determined	determine	VERB
ftr-397	692	14	based	base	VERB
ftr-397	692	15	on	on	ADP
ftr-397	692	16	whether	whether	SCONJ
ftr-397	692	17	that	that	DET
ftr-397	692	18	taxpayer	taxpayer	NOUN
ftr-397	692	19	is	be	AUX
ftr-397	692	20	in	in	ADP
ftr-397	692	21	the	the	DET
ftr-397	692	22	“	"	PUNCT
ftr-397	692	23	trade	trade	NOUN
ftr-397	692	24	or	or	CCONJ
ftr-397	692	25	business	business	NOUN
ftr-397	692	26	”	"	PUNCT
ftr-397	692	27	of	of	ADP
ftr-397	692	28	trading	trading	NOUN
ftr-397	692	29	,	,	PUNCT
ftr-397	692	30	the	the	DET
ftr-397	692	31	nature	nature	NOUN
ftr-397	692	32	of	of	ADP
ftr-397	692	33	that	that	DET
ftr-397	692	34	taxpayer	taxpayer	NOUN
ftr-397	692	35	’s	’s	PART
ftr-397	692	36	income	income	NOUN
ftr-397	692	37	and	and	CCONJ
ftr-397	692	38	losses	loss	NOUN
ftr-397	692	39	now	now	ADV
ftr-397	692	40	depends	depend	VERB
ftr-397	692	41	on	on	ADP
ftr-397	692	42	the	the	DET
ftr-397	692	43	taxpayer	taxpayer	NOUN
ftr-397	692	44	additionally	additionally	ADV
ftr-397	692	45	meeting	meet	VERB
ftr-397	692	46	a	a	DET
ftr-397	692	47	totally	totally	ADV
ftr-397	692	48	different	different	ADJ
ftr-397	692	49	standard	standard	NOUN
ftr-397	692	50	:	:	PUNCT
ftr-397	692	51	the	the	DET
ftr-397	692	52	taxpayer	taxpayer	NOUN
ftr-397	692	53	must	must	AUX
ftr-397	692	54	also	also	ADV
ftr-397	692	55	show	show	VERB
ftr-397	692	56	that	that	SCONJ
ftr-397	692	57	the	the	DET
ftr-397	692	58	securities	security	NOUN
ftr-397	692	59	he	he	PRON
ftr-397	692	60	traded	trade	VERB
ftr-397	692	61	were	be	AUX
ftr-397	692	62	held	hold	VERB
ftr-397	692	63	for	for	ADP
ftr-397	692	64	sale	sale	NOUN
ftr-397	692	65	“	"	PUNCT
ftr-397	692	66	to	to	ADP
ftr-397	692	67	customers	customer	NOUN
ftr-397	692	68	.	.	PUNCT
ftr-397	692	69	”149	”149	VERB
ftr-397	692	70	by	by	ADP
ftr-397	692	71	introducing	introduce	VERB
ftr-397	692	72	a	a	DET
ftr-397	692	73	new	new	ADJ
ftr-397	692	74	requirement	requirement	NOUN
ftr-397	692	75	relating	relate	VERB
ftr-397	692	76	to	to	ADP
ftr-397	692	77	the	the	DET
ftr-397	692	78	existence	existence	NOUN
ftr-397	692	79	of	of	ADP
ftr-397	692	80	customers	customer	NOUN
ftr-397	692	81	to	to	ADP
ftr-397	692	82	the	the	DET
ftr-397	692	83	“	"	PUNCT
ftr-397	692	84	character	character	NOUN
ftr-397	692	85	of	of	ADP
ftr-397	692	86	income	income	NOUN
ftr-397	692	87	”	"	PUNCT
ftr-397	692	88	side	side	NOUN
ftr-397	692	89	of	of	ADP
ftr-397	692	90	the	the	DET
ftr-397	692	91	taxpayer	taxpayer	NOUN
ftr-397	692	92	’s	’s	PART
ftr-397	692	93	equation	equation	NOUN
ftr-397	692	94	,	,	PUNCT
ftr-397	692	95	the	the	DET
ftr-397	692	96	“	"	PUNCT
ftr-397	692	97	to	to	ADP
ftr-397	692	98	customers	customer	NOUN
ftr-397	692	99	”	"	PUNCT
ftr-397	692	100	requirement	requirement	NOUN
ftr-397	692	101	has	have	AUX
ftr-397	692	102	added	add	VERB
ftr-397	692	103	a	a	DET
ftr-397	692	104	layer	layer	NOUN
ftr-397	692	105	of	of	ADP
ftr-397	692	106	complexity	complexity	NOUN
ftr-397	692	107	into	into	ADP
ftr-397	692	108	the	the	DET
ftr-397	692	109	analysis	analysis	NOUN
ftr-397	692	110	surrounding	surround	VERB
ftr-397	692	111	trader	trader	NOUN
ftr-397	692	112	taxation	taxation	NOUN
ftr-397	692	113	,	,	PUNCT
ftr-397	692	114	and	and	CCONJ
ftr-397	692	115	has	have	AUX
ftr-397	692	116	caused	cause	VERB
ftr-397	692	117	the	the	DET
ftr-397	692	118	taxation	taxation	NOUN
ftr-397	692	119	of	of	ADP
ftr-397	692	120	traders	trader	NOUN
ftr-397	692	121	to	to	PART
ftr-397	692	122	be	be	AUX
ftr-397	692	123	imbalanced	imbalance	VERB
ftr-397	692	124	or	or	CCONJ
ftr-397	692	125	asymmetrical	asymmetrical	ADJ
ftr-397	692	126	with	with	ADP
ftr-397	692	127	respect	respect	NOUN
ftr-397	692	128	to	to	ADP
ftr-397	692	129	the	the	DET
ftr-397	692	130	inquiries	inquiry	NOUN
ftr-397	692	131	applied	apply	VERB
ftr-397	692	132	to	to	ADP
ftr-397	692	133	income	income	NOUN
ftr-397	692	134	and	and	CCONJ
ftr-397	692	135	deductions	deduction	NOUN
ftr-397	692	136	,	,	PUNCT
ftr-397	692	137	respectively	respectively	ADV
ftr-397	692	138	.	.	PUNCT
ftr-397	693	1	prior	prior	ADV
ftr-397	693	2	to	to	ADP
ftr-397	693	3	the	the	DET
ftr-397	693	4	1934	1934	NUM
ftr-397	693	5	introduction	introduction	NOUN
ftr-397	693	6	of	of	ADP
ftr-397	693	7	the	the	DET
ftr-397	693	8	“	"	PUNCT
ftr-397	693	9	to	to	ADP
ftr-397	693	10	customers	customer	NOUN
ftr-397	693	11	”	"	PUNCT
ftr-397	693	12	requirement	requirement	NOUN
ftr-397	693	13	,	,	PUNCT
ftr-397	693	14	the	the	DET
ftr-397	693	15	statute	statute	NOUN
ftr-397	693	16	was	be	AUX
ftr-397	693	17	essentially	essentially	ADV
ftr-397	693	18	symmetrical	symmetrical	ADJ
ftr-397	693	19	.	.	PUNCT
ftr-397	694	1	after	after	ADP
ftr-397	694	2	the	the	DET
ftr-397	694	3	1934	1934	NUM
ftr-397	694	4	addition	addition	NOUN
ftr-397	694	5	of	of	ADP
ftr-397	694	6	the	the	DET
ftr-397	694	7	“	"	PUNCT
ftr-397	694	8	to	to	ADP
ftr-397	694	9	customers	customer	NOUN
ftr-397	694	10	”	"	PUNCT
ftr-397	694	11	requirement	requirement	NOUN
ftr-397	694	12	,	,	PUNCT
ftr-397	694	13	the	the	DET
ftr-397	694	14	statutes	statute	NOUN
ftr-397	694	15	were	be	AUX
ftr-397	694	16	rendered	render	VERB
ftr-397	694	17	asymmetrical	asymmetrical	ADJ
ftr-397	694	18	,	,	PUNCT
ftr-397	694	19	creating	create	VERB
ftr-397	694	20	the	the	DET
ftr-397	694	21	present	present	ADJ
ftr-397	694	22	-	-	PUNCT
ftr-397	694	23	day	day	NOUN
ftr-397	694	24	unusual	unusual	ADJ
ftr-397	694	25	treatment	treatment	NOUN
ftr-397	694	26	of	of	ADP
ftr-397	694	27	traders	trader	NOUN
ftr-397	694	28	.	.	PUNCT
ftr-397	695	1	147	147	NUM
ftr-397	695	2	.	.	PUNCT
ftr-397	696	1	see	see	VERB
ftr-397	696	2	also	also	ADV
ftr-397	696	3	bryce	bryce	PROPN
ftr-397	696	4	v.	v.	PROPN
ftr-397	696	5	keith	keith	PROPN
ftr-397	696	6	,	,	PUNCT
ftr-397	696	7	257	257	NUM
ftr-397	696	8	f.	f.	NOUN
ftr-397	696	9	133	133	NUM
ftr-397	696	10	(	(	PUNCT
ftr-397	696	11	e.d.n.y	e.d.n.y	PROPN
ftr-397	696	12	.	.	NOUN
ftr-397	696	13	1919	1919	NUM
ftr-397	696	14	)	)	PUNCT
ftr-397	696	15	(	(	PUNCT
ftr-397	696	16	interpreting	interpret	VERB
ftr-397	696	17	section	section	NOUN
ftr-397	696	18	2(b	2(b	NUM
ftr-397	696	19	)	)	PUNCT
ftr-397	696	20	of	of	ADP
ftr-397	696	21	october	october	PROPN
ftr-397	696	22	3	3	NUM
ftr-397	696	23	,	,	PUNCT
ftr-397	696	24	1913	1913	NUM
ftr-397	696	25	act	act	NOUN
ftr-397	696	26	of	of	ADP
ftr-397	696	27	congress	congress	PROPN
ftr-397	696	28	,	,	PUNCT
ftr-397	696	29	the	the	DET
ftr-397	696	30	court	court	NOUN
ftr-397	696	31	held	hold	VERB
ftr-397	696	32	that	that	SCONJ
ftr-397	696	33	since	since	SCONJ
ftr-397	696	34	decedent	decedent	PROPN
ftr-397	696	35	’s	’s	PART
ftr-397	696	36	stock	stock	NOUN
ftr-397	696	37	transactions	transaction	NOUN
ftr-397	696	38	were	be	AUX
ftr-397	696	39	carried	carry	VERB
ftr-397	696	40	on	on	ADP
ftr-397	696	41	over	over	ADP
ftr-397	696	42	a	a	DET
ftr-397	696	43	considerable	considerable	ADJ
ftr-397	696	44	period	period	NOUN
ftr-397	696	45	,	,	PUNCT
ftr-397	696	46	were	be	AUX
ftr-397	696	47	complicated	complicate	VERB
ftr-397	696	48	,	,	PUNCT
ftr-397	696	49	involved	involve	VERB
ftr-397	696	50	a	a	DET
ftr-397	696	51	lot	lot	NOUN
ftr-397	696	52	of	of	ADP
ftr-397	696	53	money	money	NOUN
ftr-397	696	54	,	,	PUNCT
ftr-397	696	55	and	and	CCONJ
ftr-397	696	56	required	require	VERB
ftr-397	696	57	much	much	ADJ
ftr-397	696	58	time	time	NOUN
ftr-397	696	59	and	and	CCONJ
ftr-397	696	60	attention	attention	NOUN
ftr-397	696	61	,	,	PUNCT
ftr-397	696	62	losses	loss	NOUN
ftr-397	696	63	therefrom	therefrom	NOUN
ftr-397	696	64	were	be	AUX
ftr-397	696	65	“	"	PUNCT
ftr-397	696	66	incurred	incur	VERB
ftr-397	696	67	in	in	ADP
ftr-397	696	68	trade	trade	NOUN
ftr-397	696	69	”	"	PUNCT
ftr-397	696	70	within	within	ADP
ftr-397	696	71	the	the	DET
ftr-397	696	72	meaning	meaning	NOUN
ftr-397	696	73	of	of	ADP
ftr-397	696	74	the	the	DET
ftr-397	696	75	statute	statute	NOUN
ftr-397	696	76	,	,	PUNCT
ftr-397	696	77	and	and	CCONJ
ftr-397	696	78	taxpayer	taxpayer	NOUN
ftr-397	696	79	was	be	AUX
ftr-397	696	80	entitled	entitle	VERB
ftr-397	696	81	to	to	PART
ftr-397	696	82	deduct	deduct	VERB
ftr-397	696	83	such	such	ADJ
ftr-397	696	84	losses	loss	NOUN
ftr-397	696	85	from	from	ADP
ftr-397	696	86	ordinary	ordinary	ADJ
ftr-397	696	87	income	income	NOUN
ftr-397	696	88	)	)	PUNCT
ftr-397	696	89	;	;	PUNCT
ftr-397	696	90	see	see	VERB
ftr-397	696	91	also	also	ADV
ftr-397	696	92	,	,	PUNCT
ftr-397	696	93	generally	generally	ADV
ftr-397	696	94	,	,	PUNCT
ftr-397	696	95	penrose	penrose	PROPN
ftr-397	696	96	v.	v.	CCONJ
ftr-397	696	97	skinner	skinner	PROPN
ftr-397	696	98	,	,	PUNCT
ftr-397	696	99	298	298	NUM
ftr-397	696	100	f.	f.	PROPN
ftr-397	696	101	335	335	NUM
ftr-397	696	102	(	(	PUNCT
ftr-397	696	103	d.	d.	PROPN
ftr-397	696	104	colo	colo	PROPN
ftr-397	696	105	.	.	PUNCT
ftr-397	697	1	1923	1923	NUM
ftr-397	697	2	)	)	PUNCT
ftr-397	697	3	.	.	PUNCT
ftr-397	698	1	148	148	NUM
ftr-397	698	2	.	.	PUNCT
ftr-397	699	1	schwinn	schwinn	PROPN
ftr-397	699	2	,	,	PUNCT
ftr-397	699	3	9	9	NUM
ftr-397	699	4	b.t.a	b.t.a	NOUN
ftr-397	699	5	.	.	PROPN
ftr-397	699	6	1304	1304	NUM
ftr-397	699	7	;	;	PUNCT
ftr-397	699	8	bryce	bryce	PROPN
ftr-397	699	9	,	,	PUNCT
ftr-397	699	10	257	257	NUM
ftr-397	699	11	f.133	f.133	NOUN
ftr-397	699	12	.	.	PUNCT
ftr-397	700	1	149	149	NUM
ftr-397	700	2	.	.	PUNCT
ftr-397	701	1	as	as	SCONJ
ftr-397	701	2	the	the	DET
ftr-397	701	3	court	court	NOUN
ftr-397	701	4	in	in	ADP
ftr-397	701	5	king	king	NOUN
ftr-397	701	6	cogently	cogently	ADV
ftr-397	701	7	put	put	VERB
ftr-397	701	8	it	it	PRON
ftr-397	701	9	,	,	PUNCT
ftr-397	701	10	the	the	DET
ftr-397	701	11	“	"	PUNCT
ftr-397	701	12	to	to	ADP
ftr-397	701	13	customers	customer	NOUN
ftr-397	701	14	”	"	PUNCT
ftr-397	701	15	requirement	requirement	NOUN
ftr-397	701	16	places	place	NOUN
ftr-397	701	17	the	the	DET
ftr-397	701	18	securities	security	NOUN
ftr-397	701	19	trader	trader	NOUN
ftr-397	701	20	(	(	PUNCT
ftr-397	701	21	as	as	ADV
ftr-397	701	22	well	well	ADV
ftr-397	701	23	as	as	ADP
ftr-397	701	24	,	,	PUNCT
ftr-397	701	25	arguably	arguably	ADV
ftr-397	701	26	,	,	PUNCT
ftr-397	701	27	any	any	DET
ftr-397	701	28	taxpayer	taxpayer	NOUN
ftr-397	701	29	in	in	ADP
ftr-397	701	30	a	a	DET
ftr-397	701	31	trade	trade	NOUN
ftr-397	701	32	or	or	CCONJ
ftr-397	701	33	business	business	NOUN
ftr-397	701	34	who	who	PRON
ftr-397	701	35	is	be	AUX
ftr-397	701	36	not	not	PART
ftr-397	701	37	engaged	engage	VERB
ftr-397	701	38	in	in	ADP
ftr-397	701	39	selling	sell	VERB
ftr-397	701	40	“	"	PUNCT
ftr-397	701	41	to	to	ADP
ftr-397	701	42	customers	customer	NOUN
ftr-397	701	43	”	"	PUNCT
ftr-397	701	44	)	)	PUNCT
ftr-397	701	45	is	be	AUX
ftr-397	701	46	in	in	ADP
ftr-397	701	47	an	an	DET
ftr-397	701	48	“	"	PUNCT
ftr-397	701	49	unusual	unusual	ADJ
ftr-397	701	50	situation”—that	situation”—that	NOUN
ftr-397	701	51	of	of	ADP
ftr-397	701	52	being	be	AUX
ftr-397	701	53	“	"	PUNCT
ftr-397	701	54	a	a	DET
ftr-397	701	55	taxpayer	taxpayer	NOUN
ftr-397	701	56	engaged	engage	VERB
ftr-397	701	57	in	in	ADP
ftr-397	701	58	a	a	DET
ftr-397	701	59	trade	trade	NOUN
ftr-397	701	60	or	or	CCONJ
ftr-397	701	61	business	business	NOUN
ftr-397	701	62	which	which	PRON
ftr-397	701	63	produces	produce	VERB
ftr-397	701	64	capital	capital	NOUN
ftr-397	701	65	gains	gain	NOUN
ftr-397	701	66	and	and	CCONJ
ftr-397	701	67	losses	loss	NOUN
ftr-397	701	68	.	.	PUNCT
ftr-397	701	69	”	"	PUNCT
ftr-397	702	1	king	king	NOUN
ftr-397	702	2	,	,	PUNCT
ftr-397	702	3	89	89	NUM
ftr-397	702	4	t.c	t.c	PROPN
ftr-397	702	5	.	.	PUNCT
ftr-397	703	1	at	at	ADP
ftr-397	703	2	460	460	NUM
ftr-397	703	3	.	.	PUNCT
ftr-397	703	4	2008	2008	NUM
ftr-397	703	5	]	]	PUNCT
ftr-397	703	6	a	a	DET
ftr-397	703	7	structural	structural	ADJ
ftr-397	703	8	critique	critique	NOUN
ftr-397	703	9	of	of	ADP
ftr-397	703	10	trader	trader	NOUN
ftr-397	703	11	taxation	taxation	NOUN
ftr-397	703	12	1147	1147	NUM
ftr-397	703	13	section	section	NOUN
ftr-397	703	14	iv	iv	NUM
ftr-397	703	15	:	:	PUNCT
ftr-397	703	16	some	some	DET
ftr-397	703	17	critiques	critique	NOUN
ftr-397	703	18	of	of	ADP
ftr-397	703	19	trader	trader	NOUN
ftr-397	703	20	taxation	taxation	NOUN
ftr-397	703	21	the	the	DET
ftr-397	703	22	asymmetrical	asymmetrical	ADJ
ftr-397	703	23	taxation	taxation	NOUN
ftr-397	703	24	of	of	ADP
ftr-397	703	25	traders	trader	NOUN
ftr-397	703	26	created	create	VERB
ftr-397	703	27	by	by	ADP
ftr-397	703	28	the	the	DET
ftr-397	703	29	introduction	introduction	NOUN
ftr-397	703	30	of	of	ADP
ftr-397	703	31	the	the	DET
ftr-397	703	32	“	"	PUNCT
ftr-397	703	33	to	to	ADP
ftr-397	703	34	customers	customer	NOUN
ftr-397	703	35	”	"	PUNCT
ftr-397	703	36	requirement	requirement	NOUN
ftr-397	703	37	as	as	SCONJ
ftr-397	703	38	described	describe	VERB
ftr-397	703	39	in	in	ADP
ftr-397	703	40	section	section	NOUN
ftr-397	703	41	iii	iii	PROPN
ftr-397	703	42	has	have	AUX
ftr-397	703	43	been	be	AUX
ftr-397	703	44	subject	subject	ADJ
ftr-397	703	45	to	to	ADP
ftr-397	703	46	a	a	DET
ftr-397	703	47	number	number	NOUN
ftr-397	703	48	of	of	ADP
ftr-397	703	49	criticisms	criticism	NOUN
ftr-397	703	50	.	.	PUNCT
ftr-397	704	1	this	this	DET
ftr-397	704	2	section	section	NOUN
ftr-397	704	3	discusses	discuss	VERB
ftr-397	704	4	some	some	PRON
ftr-397	704	5	of	of	ADP
ftr-397	704	6	the	the	DET
ftr-397	704	7	criticisms	criticism	NOUN
ftr-397	704	8	that	that	PRON
ftr-397	704	9	have	have	AUX
ftr-397	704	10	historically	historically	ADV
ftr-397	704	11	been	be	AUX
ftr-397	704	12	leveled	level	VERB
ftr-397	704	13	at	at	ADP
ftr-397	704	14	the	the	DET
ftr-397	704	15	taxation	taxation	NOUN
ftr-397	704	16	of	of	ADP
ftr-397	704	17	traders	trader	NOUN
ftr-397	704	18	,	,	PUNCT
ftr-397	704	19	and	and	CCONJ
ftr-397	704	20	offers	offer	VERB
ftr-397	704	21	some	some	DET
ftr-397	704	22	further	further	ADJ
ftr-397	704	23	critiques	critique	NOUN
ftr-397	704	24	from	from	ADP
ftr-397	704	25	a	a	DET
ftr-397	704	26	structural	structural	ADJ
ftr-397	704	27	standpoint	standpoint	NOUN
ftr-397	704	28	.	.	PUNCT
ftr-397	705	1	a.	a.	PROPN
ftr-397	705	2	non	non	ADJ
ftr-397	705	3	-	-	ADJ
ftr-397	705	4	structural	structural	ADJ
ftr-397	705	5	criticisms	criticism	NOUN
ftr-397	705	6	i.	i.	PROPN
ftr-397	705	7	fairness	fairness	PROPN
ftr-397	705	8	,	,	PUNCT
ftr-397	705	9	as	as	SCONJ
ftr-397	705	10	compared	compare	VERB
ftr-397	705	11	to	to	ADP
ftr-397	705	12	other	other	ADJ
ftr-397	705	13	businesspersons	businessperson	NOUN
ftr-397	705	14	•	•	ADP
ftr-397	705	15	favorable	favorable	ADJ
ftr-397	705	16	capital	capital	NOUN
ftr-397	705	17	gains	gain	NOUN
ftr-397	705	18	rates	rate	NOUN
ftr-397	705	19	for	for	ADP
ftr-397	705	20	traders	trader	NOUN
ftr-397	705	21	one	one	NUM
ftr-397	705	22	of	of	ADP
ftr-397	705	23	the	the	DET
ftr-397	705	24	biggest	big	ADJ
ftr-397	705	25	critiques	critique	NOUN
ftr-397	705	26	of	of	ADP
ftr-397	705	27	trader	trader	NOUN
ftr-397	705	28	taxation	taxation	NOUN
ftr-397	705	29	has	have	AUX
ftr-397	705	30	been	be	AUX
ftr-397	705	31	that	that	SCONJ
ftr-397	705	32	it	it	PRON
ftr-397	705	33	is	be	AUX
ftr-397	705	34	not	not	PART
ftr-397	705	35	“	"	PUNCT
ftr-397	705	36	fair	fair	ADJ
ftr-397	705	37	”	"	PUNCT
ftr-397	705	38	as	as	SCONJ
ftr-397	705	39	compared	compare	VERB
ftr-397	705	40	to	to	ADP
ftr-397	705	41	the	the	DET
ftr-397	705	42	taxation	taxation	NOUN
ftr-397	705	43	of	of	ADP
ftr-397	705	44	other	other	ADJ
ftr-397	705	45	taxpayers	taxpayer	NOUN
ftr-397	705	46	in	in	ADP
ftr-397	705	47	a	a	DET
ftr-397	705	48	trade	trade	NOUN
ftr-397	705	49	or	or	CCONJ
ftr-397	705	50	business.150	business.150	NOUN
ftr-397	705	51	it	it	PRON
ftr-397	705	52	is	be	AUX
ftr-397	705	53	certainly	certainly	ADV
ftr-397	705	54	very	very	ADV
ftr-397	705	55	odd	odd	ADJ
ftr-397	705	56	that	that	SCONJ
ftr-397	705	57	a	a	DET
ftr-397	705	58	taxpayer	taxpayer	NOUN
ftr-397	705	59	who	who	PRON
ftr-397	705	60	engages	engage	VERB
ftr-397	705	61	in	in	ADP
ftr-397	705	62	the	the	DET
ftr-397	705	63	trade	trade	NOUN
ftr-397	705	64	or	or	CCONJ
ftr-397	705	65	business	business	NOUN
ftr-397	705	66	of	of	ADP
ftr-397	705	67	trading	trading	NOUN
ftr-397	705	68	should	should	AUX
ftr-397	705	69	have	have	VERB
ftr-397	705	70	his	his	PRON
ftr-397	705	71	income	income	NOUN
ftr-397	705	72	and	and	CCONJ
ftr-397	705	73	losses	loss	NOUN
ftr-397	705	74	treated	treat	VERB
ftr-397	705	75	differently	differently	ADV
ftr-397	705	76	from	from	ADP
ftr-397	705	77	any	any	DET
ftr-397	705	78	other	other	ADJ
ftr-397	705	79	taxpayer	taxpayer	NOUN
ftr-397	705	80	in	in	ADP
ftr-397	705	81	the	the	DET
ftr-397	705	82	trade	trade	NOUN
ftr-397	705	83	or	or	CCONJ
ftr-397	705	84	business	business	NOUN
ftr-397	705	85	of	of	ADP
ftr-397	705	86	buying	buying	NOUN
ftr-397	705	87	or	or	CCONJ
ftr-397	705	88	selling	sell	VERB
ftr-397	705	89	anything	anything	PRON
ftr-397	705	90	else	else	ADV
ftr-397	705	91	,	,	PUNCT
ftr-397	705	92	merely	merely	ADV
ftr-397	705	93	due	due	ADP
ftr-397	705	94	to	to	ADP
ftr-397	705	95	the	the	DET
ftr-397	705	96	fact	fact	NOUN
ftr-397	705	97	that	that	SCONJ
ftr-397	705	98	the	the	DET
ftr-397	705	99	trader	trader	NOUN
ftr-397	705	100	,	,	PUNCT
ftr-397	705	101	unlike	unlike	ADP
ftr-397	705	102	a	a	DET
ftr-397	705	103	dealer	dealer	NOUN
ftr-397	705	104	or	or	CCONJ
ftr-397	705	105	other	other	ADJ
ftr-397	705	106	merchant	merchant	NOUN
ftr-397	705	107	,	,	PUNCT
ftr-397	705	108	sells	sell	VERB
ftr-397	705	109	his	his	PRON
ftr-397	705	110	“	"	PUNCT
ftr-397	705	111	goods	good	NOUN
ftr-397	705	112	”	"	PUNCT
ftr-397	705	113	on	on	ADP
ftr-397	705	114	an	an	DET
ftr-397	705	115	anonymous	anonymous	ADJ
ftr-397	705	116	exchange	exchange	NOUN
ftr-397	705	117	and	and	CCONJ
ftr-397	705	118	supposedly	supposedly	ADV
ftr-397	705	119	does	do	AUX
ftr-397	705	120	not	not	PART
ftr-397	705	121	have	have	VERB
ftr-397	705	122	“	"	PUNCT
ftr-397	705	123	customers	customer	NOUN
ftr-397	705	124	.	.	PUNCT
ftr-397	705	125	”151	”151	PUNCT
ftr-397	705	126	an	an	DET
ftr-397	705	127	individual	individual	ADJ
ftr-397	705	128	taxpayer	taxpayer	NOUN
ftr-397	705	129	who	who	PRON
ftr-397	705	130	is	be	AUX
ftr-397	705	131	a	a	DET
ftr-397	705	132	trader	trader	NOUN
ftr-397	705	133	will	will	AUX
ftr-397	705	134	,	,	PUNCT
ftr-397	705	135	in	in	ADP
ftr-397	705	136	fact	fact	NOUN
ftr-397	705	137	,	,	PUNCT
ftr-397	705	138	have	have	VERB
ftr-397	705	139	a	a	DET
ftr-397	705	140	form	form	NOUN
ftr-397	705	141	1040	1040	NUM
ftr-397	705	142	schedule	schedule	NOUN
ftr-397	705	143	c	c	NOUN
ftr-397	705	144	(	(	PUNCT
ftr-397	705	145	profit	profit	NOUN
ftr-397	705	146	or	or	CCONJ
ftr-397	705	147	loss	loss	NOUN
ftr-397	705	148	from	from	ADP
ftr-397	705	149	business	business	NOUN
ftr-397	705	150	)	)	PUNCT
ftr-397	705	151	that	that	PRON
ftr-397	705	152	reports	report	VERB
ftr-397	705	153	sizeable	sizeable	ADJ
ftr-397	705	154	“	"	PUNCT
ftr-397	705	155	trade	trade	NOUN
ftr-397	705	156	or	or	CCONJ
ftr-397	705	157	business	business	NOUN
ftr-397	705	158	”	"	PUNCT
ftr-397	705	159	expenses	expense	NOUN
ftr-397	705	160	but	but	CCONJ
ftr-397	705	161	no	no	DET
ftr-397	705	162	income	income	NOUN
ftr-397	705	163	from	from	ADP
ftr-397	705	164	the	the	DET
ftr-397	705	165	securities	security	NOUN
ftr-397	705	166	trading	trading	NOUN
ftr-397	705	167	(	(	PUNCT
ftr-397	705	168	since	since	SCONJ
ftr-397	705	169	these	these	DET
ftr-397	705	170	gains	gain	NOUN
ftr-397	705	171	and	and	CCONJ
ftr-397	705	172	losses	loss	NOUN
ftr-397	705	173	are	be	AUX
ftr-397	705	174	capital	capital	NOUN
ftr-397	705	175	)	)	PUNCT
ftr-397	705	176	,	,	PUNCT
ftr-397	705	177	and	and	CCONJ
ftr-397	705	178	his	his	PRON
ftr-397	705	179	income	income	NOUN
ftr-397	705	180	from	from	ADP
ftr-397	705	181	trading	trading	NOUN
ftr-397	705	182	will	will	AUX
ftr-397	705	183	show	show	VERB
ftr-397	705	184	up	up	ADP
ftr-397	705	185	instead	instead	ADV
ftr-397	705	186	as	as	ADP
ftr-397	705	187	capital	capital	NOUN
ftr-397	705	188	gain	gain	NOUN
ftr-397	705	189	or	or	CCONJ
ftr-397	705	190	loss	loss	NOUN
ftr-397	705	191	on	on	ADP
ftr-397	705	192	schedule	schedule	NOUN
ftr-397	705	193	d.152	d.152	ADV
ftr-397	705	194	this	this	DET
ftr-397	705	195	treatment	treatment	NOUN
ftr-397	705	196	is	be	AUX
ftr-397	705	197	especially	especially	ADV
ftr-397	705	198	problematic	problematic	ADJ
ftr-397	705	199	from	from	ADP
ftr-397	705	200	the	the	DET
ftr-397	705	201	standpoint	standpoint	NOUN
ftr-397	705	202	of	of	ADP
ftr-397	705	203	fairness	fairness	NOUN
ftr-397	705	204	,	,	PUNCT
ftr-397	705	205	where	where	SCONJ
ftr-397	705	206	a	a	DET
ftr-397	705	207	trader	trader	NOUN
ftr-397	705	208	,	,	PUNCT
ftr-397	705	209	having	having	AUX
ftr-397	705	210	taken	take	VERB
ftr-397	705	211	schedule	schedule	NOUN
ftr-397	705	212	c	c	NOUN
ftr-397	705	213	deductions	deduction	NOUN
ftr-397	705	214	,	,	PUNCT
ftr-397	705	215	is	be	AUX
ftr-397	705	216	in	in	ADP
ftr-397	705	217	a	a	DET
ftr-397	705	218	position	position	NOUN
ftr-397	705	219	to	to	PART
ftr-397	705	220	have	have	VERB
ftr-397	705	221	some	some	PRON
ftr-397	705	222	of	of	ADP
ftr-397	705	223	his	his	PRON
ftr-397	705	224	income	income	NOUN
ftr-397	705	225	taxed	tax	VERB
ftr-397	705	226	at	at	ADP
ftr-397	705	227	reduced	reduce	VERB
ftr-397	705	228	long	long	ADJ
ftr-397	705	229	-	-	PUNCT
ftr-397	705	230	term	term	NOUN
ftr-397	705	231	capital	capital	NOUN
ftr-397	705	232	gain	gain	NOUN
ftr-397	705	233	rates	rate	NOUN
ftr-397	705	234	.	.	PUNCT
ftr-397	706	1	while	while	SCONJ
ftr-397	706	2	it	it	PRON
ftr-397	706	3	is	be	AUX
ftr-397	706	4	no	no	PRON
ftr-397	706	5	doubt	doubt	ADV
ftr-397	706	6	true	true	ADJ
ftr-397	706	7	that	that	SCONJ
ftr-397	706	8	much	much	ADJ
ftr-397	706	9	of	of	ADP
ftr-397	706	10	the	the	DET
ftr-397	706	11	securities	security	NOUN
ftr-397	706	12	trader	trader	NOUN
ftr-397	706	13	’s	’s	PART
ftr-397	706	14	capital	capital	NOUN
ftr-397	706	15	gain	gain	NOUN
ftr-397	706	16	will	will	AUX
ftr-397	706	17	be	be	AUX
ftr-397	706	18	short	short	ADJ
ftr-397	706	19	-	-	PUNCT
ftr-397	706	20	term	term	NOUN
ftr-397	706	21	capital	capital	NOUN
ftr-397	706	22	gain	gain	NOUN
ftr-397	706	23	,	,	PUNCT
ftr-397	706	24	which	which	PRON
ftr-397	706	25	is	be	AUX
ftr-397	706	26	taxed	tax	VERB
ftr-397	706	27	at	at	ADP
ftr-397	706	28	ordinary	ordinary	ADJ
ftr-397	706	29	income	income	NOUN
ftr-397	706	30	rates	rate	NOUN
ftr-397	706	31	,	,	PUNCT
ftr-397	706	32	traders	trader	NOUN
ftr-397	706	33	are	be	AUX
ftr-397	706	34	not	not	PART
ftr-397	706	35	altogether	altogether	ADV
ftr-397	706	36	precluded	preclude	VERB
ftr-397	706	37	from	from	ADP
ftr-397	706	38	taking	take	VERB
ftr-397	706	39	long	long	ADJ
ftr-397	706	40	-	-	PUNCT
ftr-397	706	41	term	term	NOUN
ftr-397	706	42	capital	capital	NOUN
ftr-397	706	43	gains	gain	VERB
ftr-397	706	44	treatment	treatment	NOUN
ftr-397	706	45	on	on	ADP
ftr-397	706	46	their	their	PRON
ftr-397	706	47	securities	security	NOUN
ftr-397	706	48	that	that	PRON
ftr-397	706	49	have	have	VERB
ftr-397	706	50	a	a	DET
ftr-397	706	51	long	long	ADJ
ftr-397	706	52	term	term	NOUN
ftr-397	706	53	holding	hold	VERB
ftr-397	706	54	period	period	NOUN
ftr-397	706	55	.	.	PUNCT
ftr-397	707	1	the	the	DET
ftr-397	707	2	current	current	ADJ
ftr-397	707	3	treatment	treatment	NOUN
ftr-397	707	4	of	of	ADP
ftr-397	707	5	traders	trader	NOUN
ftr-397	707	6	may	may	AUX
ftr-397	707	7	stem	stem	VERB
ftr-397	707	8	,	,	PUNCT
ftr-397	707	9	in	in	ADP
ftr-397	707	10	part	part	NOUN
ftr-397	707	11	,	,	PUNCT
ftr-397	707	12	from	from	ADP
ftr-397	707	13	the	the	DET
ftr-397	707	14	fact	fact	NOUN
ftr-397	707	15	that	that	SCONJ
ftr-397	707	16	traders	trader	NOUN
ftr-397	707	17	are	be	AUX
ftr-397	707	18	in	in	ADP
ftr-397	707	19	the	the	DET
ftr-397	707	20	trade	trade	NOUN
ftr-397	707	21	or	or	CCONJ
ftr-397	707	22	business	business	NOUN
ftr-397	707	23	of	of	ADP
ftr-397	707	24	buying	buying	NOUN
ftr-397	707	25	and	and	CCONJ
ftr-397	707	26	selling	sell	VERB
ftr-397	707	27	securities	security	NOUN
ftr-397	707	28	,	,	PUNCT
ftr-397	707	29	which	which	PRON
ftr-397	707	30	are	be	AUX
ftr-397	707	31	commonly	commonly	ADV
ftr-397	707	32	thought	think	VERB
ftr-397	707	33	of	of	ADP
ftr-397	707	34	as	as	ADP
ftr-397	707	35	capital	capital	NOUN
ftr-397	707	36	assets	asset	NOUN
ftr-397	707	37	.	.	PUNCT
ftr-397	708	1	on	on	ADP
ftr-397	708	2	the	the	DET
ftr-397	708	3	other	other	ADJ
ftr-397	708	4	hand	hand	NOUN
ftr-397	708	5	,	,	PUNCT
ftr-397	708	6	however	however	ADV
ftr-397	708	7	,	,	PUNCT
ftr-397	708	8	if	if	SCONJ
ftr-397	708	9	traders	trader	NOUN
ftr-397	708	10	are	be	AUX
ftr-397	708	11	in	in	ADP
ftr-397	708	12	the	the	DET
ftr-397	708	13	trade	trade	NOUN
ftr-397	708	14	or	or	CCONJ
ftr-397	708	15	business	business	NOUN
ftr-397	708	16	of	of	ADP
ftr-397	708	17	trading	trading	NOUN
ftr-397	708	18	,	,	PUNCT
ftr-397	708	19	they	they	PRON
ftr-397	708	20	should	should	AUX
ftr-397	708	21	150	150	NUM
ftr-397	708	22	.	.	PUNCT
ftr-397	709	1	see	see	VERB
ftr-397	709	2	,	,	PUNCT
ftr-397	709	3	e.g.	e.g.	ADV
ftr-397	709	4	,	,	PUNCT
ftr-397	709	5	miller	miller	PROPN
ftr-397	709	6	,	,	PUNCT
ftr-397	709	7	supra	supra	PROPN
ftr-397	709	8	note	note	NOUN
ftr-397	709	9	125	125	NUM
ftr-397	709	10	(	(	PUNCT
ftr-397	709	11	“	"	PUNCT
ftr-397	709	12	[	[	X
ftr-397	709	13	s]peculation	s]peculation	NOUN
ftr-397	709	14	is	be	AUX
ftr-397	709	15	a	a	DET
ftr-397	709	16	way	way	NOUN
ftr-397	709	17	of	of	ADP
ftr-397	709	18	securing	secure	VERB
ftr-397	709	19	a	a	DET
ftr-397	709	20	living	living	NOUN
ftr-397	709	21	in	in	ADP
ftr-397	709	22	whole	whole	NOUN
ftr-397	709	23	or	or	CCONJ
ftr-397	709	24	in	in	ADP
ftr-397	709	25	part	part	NOUN
ftr-397	709	26	.	.	PUNCT
ftr-397	710	1	this	this	DET
ftr-397	710	2	income	income	NOUN
ftr-397	710	3	should	should	AUX
ftr-397	710	4	be	be	AUX
ftr-397	710	5	treated	treat	VERB
ftr-397	710	6	exactly	exactly	ADV
ftr-397	710	7	the	the	DET
ftr-397	710	8	same	same	ADJ
ftr-397	710	9	as	as	ADP
ftr-397	710	10	the	the	DET
ftr-397	710	11	income	income	NOUN
ftr-397	710	12	of	of	ADP
ftr-397	710	13	a	a	DET
ftr-397	710	14	merchant	merchant	NOUN
ftr-397	710	15	,	,	PUNCT
ftr-397	710	16	a	a	DET
ftr-397	710	17	lawyer	lawyer	NOUN
ftr-397	710	18	,	,	PUNCT
ftr-397	710	19	or	or	CCONJ
ftr-397	710	20	a	a	DET
ftr-397	710	21	wage	wage	NOUN
ftr-397	710	22	earner	earner	NOUN
ftr-397	710	23	…	…	PUNCT
ftr-397	710	24	”	"	PUNCT
ftr-397	710	25	(	(	PUNCT
ftr-397	710	26	citation	citation	NOUN
ftr-397	710	27	omitted	omit	VERB
ftr-397	710	28	)	)	PUNCT
ftr-397	710	29	)	)	PUNCT
ftr-397	710	30	.	.	PUNCT
ftr-397	711	1	151	151	NUM
ftr-397	711	2	.	.	PUNCT
ftr-397	711	3	see	see	VERB
ftr-397	711	4	i	i	PRON
ftr-397	711	5	d.	d.	PROPN
ftr-397	711	6	152	152	NUM
ftr-397	711	7	.	.	PUNCT
ftr-397	712	1	see	see	VERB
ftr-397	712	2	schedules	schedule	NOUN
ftr-397	712	3	c	c	PROPN
ftr-397	712	4	and	and	CCONJ
ftr-397	712	5	d	d	NOUN
ftr-397	712	6	to	to	PART
ftr-397	712	7	form	form	VERB
ftr-397	712	8	1040	1040	NUM
ftr-397	712	9	,	,	PUNCT
ftr-397	712	10	available	available	ADJ
ftr-397	712	11	at	at	ADP
ftr-397	712	12	http://www.irs.gov/pub/irs-pdf/f1040sc.pdf	http://www.irs.gov/pub/irs-pdf/f1040sc.pdf	NOUN
ftr-397	712	13	and	and	CCONJ
ftr-397	712	14	http://www.irs.gov/pub/irspdf/f1040sd.pdf	http://www.irs.gov/pub/irspdf/f1040sd.pdf	PROPN
ftr-397	712	15	(	(	PUNCT
ftr-397	712	16	last	last	ADV
ftr-397	712	17	visited	visit	VERB
ftr-397	712	18	jan	jan	PROPN
ftr-397	712	19	.	.	PROPN
ftr-397	712	20	19	19	NUM
ftr-397	712	21	,	,	PUNCT
ftr-397	712	22	2008	2008	NUM
ftr-397	712	23	)	)	PUNCT
ftr-397	712	24	;	;	PUNCT
ftr-397	713	1	raby	raby	NOUN
ftr-397	713	2	,	,	PUNCT
ftr-397	713	3	nondealer	nondealer	NOUN
ftr-397	713	4	security	security	NOUN
ftr-397	713	5	losses	loss	NOUN
ftr-397	713	6	,	,	PUNCT
ftr-397	713	7	supra	supra	PROPN
ftr-397	713	8	note	note	NOUN
ftr-397	713	9	5	5	NUM
ftr-397	713	10	,	,	PUNCT
ftr-397	713	11	at	at	ADP
ftr-397	713	12	46	46	NUM
ftr-397	713	13	(	(	PUNCT
ftr-397	713	14	noting	note	VERB
ftr-397	713	15	trader	trader	NOUN
ftr-397	713	16	’s	’s	PART
ftr-397	713	17	unusual	unusual	ADJ
ftr-397	713	18	schedule	schedule	NOUN
ftr-397	713	19	c	c	NOUN
ftr-397	713	20	)	)	PUNCT
ftr-397	713	21	.	.	PUNCT
ftr-397	714	1	1148	1148	NUM
ftr-397	714	2	florida	florida	PROPN
ftr-397	714	3	tax	tax	PROPN
ftr-397	714	4	review	review	NOUN
ftr-397	714	5	[	[	X
ftr-397	714	6	vol	vol	NOUN
ftr-397	714	7	.	.	PUNCT
ftr-397	715	1	8:10	8:10	NUM
ftr-397	715	2	be	be	AUX
ftr-397	715	3	treated	treat	VERB
ftr-397	715	4	like	like	ADP
ftr-397	715	5	any	any	DET
ftr-397	715	6	other	other	ADJ
ftr-397	715	7	taxpayer	taxpayer	NOUN
ftr-397	715	8	who	who	PRON
ftr-397	715	9	conducts	conduct	VERB
ftr-397	715	10	a	a	DET
ftr-397	715	11	trade	trade	NOUN
ftr-397	715	12	or	or	CCONJ
ftr-397	715	13	business	business	NOUN
ftr-397	715	14	,	,	PUNCT
ftr-397	715	15	rather	rather	ADV
ftr-397	715	16	than	than	ADP
ftr-397	715	17	being	be	AUX
ftr-397	715	18	afforded	afford	VERB
ftr-397	715	19	capital	capital	NOUN
ftr-397	715	20	asset	asset	NOUN
ftr-397	715	21	treatment	treatment	NOUN
ftr-397	715	22	along	along	ADP
ftr-397	715	23	with	with	ADP
ftr-397	715	24	ordinary	ordinary	ADJ
ftr-397	715	25	deductions.153	deductions.153	VERB
ftr-397	715	26	•	•	NOUN
ftr-397	715	27	electiveness	electiveness	NOUN
ftr-397	715	28	of	of	ADP
ftr-397	715	29	the	the	DET
ftr-397	715	30	mark	mark	NOUN
ftr-397	715	31	-	-	PUNCT
ftr-397	715	32	to	to	ADP
ftr-397	715	33	-	-	PUNCT
ftr-397	715	34	market	market	NOUN
ftr-397	715	35	election	election	NOUN
ftr-397	715	36	in	in	ADP
ftr-397	715	37	addition	addition	NOUN
ftr-397	715	38	to	to	ADP
ftr-397	715	39	getting	get	VERB
ftr-397	715	40	comparatively	comparatively	ADV
ftr-397	715	41	favorable	favorable	ADJ
ftr-397	715	42	capital	capital	NOUN
ftr-397	715	43	gain	gain	NOUN
ftr-397	715	44	rates	rate	NOUN
ftr-397	715	45	on	on	ADP
ftr-397	715	46	their	their	PRON
ftr-397	715	47	long	long	ADJ
ftr-397	715	48	-	-	PUNCT
ftr-397	715	49	term	term	NOUN
ftr-397	715	50	capital	capital	NOUN
ftr-397	715	51	gains	gain	NOUN
ftr-397	715	52	,	,	PUNCT
ftr-397	715	53	traders	trader	NOUN
ftr-397	715	54	,	,	PUNCT
ftr-397	715	55	unlike	unlike	ADP
ftr-397	715	56	dealers	dealer	NOUN
ftr-397	715	57	,	,	PUNCT
ftr-397	715	58	enjoy	enjoy	VERB
ftr-397	715	59	these	these	DET
ftr-397	715	60	potentially	potentially	ADV
ftr-397	715	61	reduced	reduce	VERB
ftr-397	715	62	tax	tax	NOUN
ftr-397	715	63	rates	rate	NOUN
ftr-397	715	64	for	for	ADP
ftr-397	715	65	income	income	NOUN
ftr-397	715	66	earned	earn	VERB
ftr-397	715	67	(	(	PUNCT
ftr-397	715	68	along	along	ADP
ftr-397	715	69	with	with	ADP
ftr-397	715	70	favorable	favorable	ADJ
ftr-397	715	71	business	business	NOUN
ftr-397	715	72	deductions	deduction	NOUN
ftr-397	715	73	)	)	PUNCT
ftr-397	715	74	,	,	PUNCT
ftr-397	715	75	while	while	SCONJ
ftr-397	715	76	also	also	ADV
ftr-397	715	77	enjoying	enjoy	VERB
ftr-397	715	78	the	the	DET
ftr-397	715	79	choice	choice	NOUN
ftr-397	715	80	of	of	ADP
ftr-397	715	81	making	make	VERB
ftr-397	715	82	with	with	ADP
ftr-397	715	83	an	an	DET
ftr-397	715	84	optional	optional	ADJ
ftr-397	715	85	mark	mark	NOUN
ftr-397	715	86	-	-	PUNCT
ftr-397	715	87	to	to	ADP
ftr-397	715	88	-	-	PUNCT
ftr-397	715	89	market	market	NOUN
ftr-397	715	90	election	election	NOUN
ftr-397	715	91	to	to	PART
ftr-397	715	92	take	take	VERB
ftr-397	715	93	ordinary	ordinary	ADJ
ftr-397	715	94	losses	loss	NOUN
ftr-397	715	95	as	as	ADP
ftr-397	715	96	of	of	ADP
ftr-397	715	97	the	the	DET
ftr-397	715	98	year	year	NOUN
ftr-397	715	99	end	end	NOUN
ftr-397	715	100	.	.	PUNCT
ftr-397	716	1	mark	mark	NOUN
ftr-397	716	2	-	-	PUNCT
ftr-397	716	3	tomarket	tomarket	NOUN
ftr-397	716	4	treatment	treatment	NOUN
ftr-397	716	5	(	(	PUNCT
ftr-397	716	6	and	and	CCONJ
ftr-397	716	7	the	the	DET
ftr-397	716	8	timing	timing	NOUN
ftr-397	716	9	and	and	CCONJ
ftr-397	716	10	character	character	NOUN
ftr-397	716	11	-	-	PUNCT
ftr-397	716	12	of	of	ADP
ftr-397	716	13	-	-	PUNCT
ftr-397	716	14	income	income	NOUN
ftr-397	716	15	benefits	benefit	NOUN
ftr-397	716	16	of	of	ADP
ftr-397	716	17	the	the	DET
ftr-397	716	18	same	same	ADJ
ftr-397	716	19	)	)	PUNCT
ftr-397	716	20	is	be	AUX
ftr-397	716	21	not	not	PART
ftr-397	716	22	elective	elective	ADJ
ftr-397	716	23	for	for	ADP
ftr-397	716	24	dealers.154	dealers.154	PROPN
ftr-397	716	25	ii	ii	PROPN
ftr-397	716	26	.	.	PUNCT
ftr-397	717	1	fairness	fairness	NOUN
ftr-397	717	2	,	,	PUNCT
ftr-397	717	3	as	as	SCONJ
ftr-397	717	4	compared	compare	VERB
ftr-397	717	5	to	to	ADP
ftr-397	717	6	investors	investor	NOUN
ftr-397	717	7	another	another	DET
ftr-397	717	8	set	set	NOUN
ftr-397	717	9	of	of	ADP
ftr-397	717	10	criticisms	criticism	NOUN
ftr-397	717	11	focuses	focus	VERB
ftr-397	717	12	on	on	ADP
ftr-397	717	13	the	the	DET
ftr-397	717	14	taxation	taxation	NOUN
ftr-397	717	15	of	of	ADP
ftr-397	717	16	traders	trader	NOUN
ftr-397	717	17	as	as	SCONJ
ftr-397	717	18	compared	compare	VERB
ftr-397	717	19	with	with	ADP
ftr-397	717	20	that	that	PRON
ftr-397	717	21	of	of	ADP
ftr-397	717	22	ordinary	ordinary	ADJ
ftr-397	717	23	investors	investor	NOUN
ftr-397	717	24	.	.	PUNCT
ftr-397	718	1	•	•	NUM
ftr-397	718	2	availability	availability	NOUN
ftr-397	718	3	of	of	ADP
ftr-397	718	4	expense	expense	NOUN
ftr-397	718	5	deductions	deduction	NOUN
ftr-397	718	6	as	as	SCONJ
ftr-397	718	7	discussed	discuss	VERB
ftr-397	718	8	above	above	ADV
ftr-397	718	9	,	,	PUNCT
ftr-397	718	10	traders	trader	NOUN
ftr-397	718	11	are	be	AUX
ftr-397	718	12	able	able	ADJ
ftr-397	718	13	to	to	PART
ftr-397	718	14	take	take	VERB
ftr-397	718	15	various	various	ADJ
ftr-397	718	16	business	business	NOUN
ftr-397	718	17	deductions	deduction	NOUN
ftr-397	718	18	that	that	PRON
ftr-397	718	19	are	be	AUX
ftr-397	718	20	denied	deny	VERB
ftr-397	718	21	to	to	ADP
ftr-397	718	22	investors.155	investors.155	PROPN
ftr-397	718	23	this	this	PRON
ftr-397	718	24	puts	put	VERB
ftr-397	718	25	the	the	DET
ftr-397	718	26	ordinary	ordinary	ADJ
ftr-397	718	27	investor	investor	NOUN
ftr-397	718	28	at	at	ADP
ftr-397	718	29	a	a	DET
ftr-397	718	30	disadvantage	disadvantage	NOUN
ftr-397	718	31	as	as	ADP
ftr-397	718	32	compared	compare	VERB
ftr-397	718	33	to	to	ADP
ftr-397	718	34	a	a	DET
ftr-397	718	35	trader	trader	NOUN
ftr-397	718	36	,	,	PUNCT
ftr-397	718	37	since	since	SCONJ
ftr-397	718	38	investors	investor	NOUN
ftr-397	718	39	can	can	AUX
ftr-397	718	40	not	not	PART
ftr-397	718	41	take	take	VERB
ftr-397	718	42	deductions	deduction	NOUN
ftr-397	718	43	for	for	ADP
ftr-397	718	44	expenses	expense	NOUN
ftr-397	718	45	incurred	incur	VERB
ftr-397	718	46	in	in	ADP
ftr-397	718	47	making	make	VERB
ftr-397	718	48	their	their	PRON
ftr-397	718	49	investments	investment	NOUN
ftr-397	718	50	,	,	PUNCT
ftr-397	718	51	no	no	ADV
ftr-397	718	52	matter	matter	ADV
ftr-397	718	53	how	how	SCONJ
ftr-397	718	54	extensive	extensive	ADJ
ftr-397	718	55	,	,	PUNCT
ftr-397	718	56	while	while	SCONJ
ftr-397	718	57	traders	trader	NOUN
ftr-397	718	58	may	may	AUX
ftr-397	718	59	be	be	AUX
ftr-397	718	60	eligible	eligible	ADJ
ftr-397	718	61	for	for	ADP
ftr-397	718	62	such	such	ADJ
ftr-397	718	63	deductions.156	deductions.156	NOUN
ftr-397	718	64	related	related	ADJ
ftr-397	718	65	criticisms	criticism	NOUN
ftr-397	718	66	are	be	AUX
ftr-397	718	67	that	that	SCONJ
ftr-397	718	68	the	the	DET
ftr-397	718	69	differential	differential	ADJ
ftr-397	718	70	treatment	treatment	NOUN
ftr-397	718	71	of	of	ADP
ftr-397	718	72	investors	investor	NOUN
ftr-397	718	73	and	and	CCONJ
ftr-397	718	74	traders	trader	NOUN
ftr-397	718	75	promotes	promote	VERB
ftr-397	718	76	speculation	speculation	NOUN
ftr-397	718	77	,	,	PUNCT
ftr-397	718	78	and	and	CCONJ
ftr-397	718	79	may	may	AUX
ftr-397	718	80	tend	tend	VERB
ftr-397	718	81	to	to	PART
ftr-397	718	82	favor	favor	VERB
ftr-397	718	83	more	more	ADV
ftr-397	718	84	sophisticated	sophisticated	ADJ
ftr-397	718	85	or	or	CCONJ
ftr-397	718	86	wealthy	wealthy	ADJ
ftr-397	718	87	taxpayers	taxpayer	NOUN
ftr-397	718	88	who	who	PRON
ftr-397	718	89	partake	partake	VERB
ftr-397	718	90	more	more	ADV
ftr-397	718	91	actively	actively	ADV
ftr-397	718	92	in	in	ADP
ftr-397	718	93	speculative	speculative	ADJ
ftr-397	718	94	trading	trading	NOUN
ftr-397	718	95	of	of	ADP
ftr-397	718	96	stocks	stock	NOUN
ftr-397	718	97	and	and	CCONJ
ftr-397	718	98	securities.157	securities.157	ADV
ftr-397	718	99	153	153	NUM
ftr-397	718	100	.	.	PUNCT
ftr-397	719	1	see	see	VERB
ftr-397	719	2	,	,	PUNCT
ftr-397	719	3	e.g.	e.g.	ADV
ftr-397	719	4	,	,	PUNCT
ftr-397	719	5	miller	miller	PROPN
ftr-397	719	6	,	,	PUNCT
ftr-397	719	7	supra	supra	PROPN
ftr-397	719	8	note	note	PROPN
ftr-397	719	9	125	125	NUM
ftr-397	719	10	;	;	PUNCT
ftr-397	719	11	see	see	VERB
ftr-397	719	12	also	also	ADV
ftr-397	719	13	,	,	PUNCT
ftr-397	719	14	e.g.	e.g.	ADV
ftr-397	719	15	,	,	PUNCT
ftr-397	719	16	raby	raby	PROPN
ftr-397	719	17	,	,	PUNCT
ftr-397	719	18	trader	trader	NOUN
ftr-397	719	19	,	,	PUNCT
ftr-397	719	20	gambler	gambler	NOUN
ftr-397	719	21	,	,	PUNCT
ftr-397	719	22	or	or	CCONJ
ftr-397	719	23	investor	investor	NOUN
ftr-397	719	24	,	,	PUNCT
ftr-397	719	25	supra	supra	PROPN
ftr-397	719	26	note	note	NOUN
ftr-397	719	27	5	5	NUM
ftr-397	719	28	,	,	PUNCT
ftr-397	719	29	at	at	ADP
ftr-397	719	30	1665	1665	NUM
ftr-397	719	31	,	,	PUNCT
ftr-397	719	32	1667	1667	NUM
ftr-397	719	33	(	(	PUNCT
ftr-397	719	34	noting	note	VERB
ftr-397	719	35	that	that	SCONJ
ftr-397	719	36	trader	trader	NOUN
ftr-397	719	37	classification	classification	NOUN
ftr-397	719	38	“	"	PUNCT
ftr-397	719	39	offers	offer	VERB
ftr-397	719	40	some	some	DET
ftr-397	719	41	real	real	ADJ
ftr-397	719	42	tax	tax	NOUN
ftr-397	719	43	inducements	inducement	NOUN
ftr-397	719	44	”	"	PUNCT
ftr-397	719	45	and	and	CCONJ
ftr-397	719	46	that	that	SCONJ
ftr-397	719	47	securities	security	NOUN
ftr-397	719	48	traders	trader	NOUN
ftr-397	719	49	“	"	PUNCT
ftr-397	719	50	for	for	ADP
ftr-397	719	51	tax	tax	NOUN
ftr-397	719	52	purposes	purpose	NOUN
ftr-397	719	53	,	,	PUNCT
ftr-397	719	54	have	have	VERB
ftr-397	719	55	the	the	DET
ftr-397	719	56	best	good	ADJ
ftr-397	719	57	of	of	ADP
ftr-397	719	58	two	two	NUM
ftr-397	719	59	worlds	world	NOUN
ftr-397	719	60	”	"	PUNCT
ftr-397	719	61	)	)	PUNCT
ftr-397	719	62	.	.	PUNCT
ftr-397	720	1	154	154	NUM
ftr-397	720	2	.	.	PUNCT
ftr-397	721	1	irc	irc	AUX
ftr-397	721	2	§	§	PROPN
ftr-397	721	3	475	475	NUM
ftr-397	721	4	;	;	PUNCT
ftr-397	721	5	see	see	VERB
ftr-397	721	6	also	also	ADV
ftr-397	721	7	conlon	conlon	PROPN
ftr-397	721	8	&	&	CCONJ
ftr-397	721	9	aqulino	aqulino	PROPN
ftr-397	721	10	,	,	PUNCT
ftr-397	721	11	supra	supra	PROPN
ftr-397	721	12	note	note	PROPN
ftr-397	721	13	55	55	NUM
ftr-397	721	14	,	,	PUNCT
ftr-397	721	15	at	at	ADP
ftr-397	721	16	¶	¶	PROPN
ftr-397	721	17	b3.08[1	b3.08[1	PROPN
ftr-397	721	18	]	]	X
ftr-397	721	19	;	;	PUNCT
ftr-397	721	20	sheppard	sheppard	NOUN
ftr-397	721	21	,	,	PUNCT
ftr-397	721	22	supra	supra	PROPN
ftr-397	721	23	note	note	NOUN
ftr-397	721	24	5	5	NUM
ftr-397	721	25	at	at	ADP
ftr-397	721	26	721	721	NUM
ftr-397	721	27	-	-	SYM
ftr-397	721	28	22	22	NUM
ftr-397	721	29	.	.	PUNCT
ftr-397	722	1	155	155	NUM
ftr-397	722	2	.	.	PUNCT
ftr-397	723	1	see	see	VERB
ftr-397	723	2	section	section	PROPN
ftr-397	723	3	ii	ii	PROPN
ftr-397	723	4	,	,	PUNCT
ftr-397	723	5	supra	supra	PROPN
ftr-397	723	6	.	.	PUNCT
ftr-397	724	1	156	156	NUM
ftr-397	724	2	.	.	PUNCT
ftr-397	725	1	higgins	higgins	PROPN
ftr-397	725	2	,	,	PUNCT
ftr-397	725	3	312	312	NUM
ftr-397	725	4	u.s	u.s	PROPN
ftr-397	725	5	.	.	PROPN
ftr-397	725	6	212	212	NUM
ftr-397	725	7	;	;	PUNCT
ftr-397	725	8	see	see	VERB
ftr-397	725	9	also	also	ADV
ftr-397	725	10	,	,	PUNCT
ftr-397	725	11	e.g.	e.g.	ADV
ftr-397	725	12	,	,	PUNCT
ftr-397	725	13	raby	raby	PROPN
ftr-397	725	14	,	,	PUNCT
ftr-397	725	15	trader	trader	NOUN
ftr-397	725	16	,	,	PUNCT
ftr-397	725	17	gambler	gambler	NOUN
ftr-397	725	18	,	,	PUNCT
ftr-397	725	19	or	or	CCONJ
ftr-397	725	20	investor	investor	NOUN
ftr-397	725	21	,	,	PUNCT
ftr-397	725	22	supra	supra	PROPN
ftr-397	725	23	note	note	NOUN
ftr-397	725	24	5	5	NUM
ftr-397	725	25	,	,	PUNCT
ftr-397	725	26	at	at	ADP
ftr-397	725	27	1665	1665	NUM
ftr-397	725	28	,	,	PUNCT
ftr-397	725	29	1667	1667	NUM
ftr-397	725	30	.	.	PUNCT
ftr-397	726	1	157	157	NUM
ftr-397	726	2	.	.	PUNCT
ftr-397	727	1	see	see	VERB
ftr-397	727	2	,	,	PUNCT
ftr-397	727	3	generally	generally	ADV
ftr-397	727	4	,	,	PUNCT
ftr-397	727	5	john	john	PROPN
ftr-397	727	6	w.	w.	PROPN
ftr-397	727	7	lee	lee	PROPN
ftr-397	727	8	iii	iii	PROPN
ftr-397	727	9	,	,	PUNCT
ftr-397	727	10	the	the	DET
ftr-397	727	11	capital	capital	NOUN
ftr-397	727	12	gains	gain	NOUN
ftr-397	727	13	“	"	PUNCT
ftr-397	727	14	sieve	sieve	NOUN
ftr-397	727	15	”	"	PUNCT
ftr-397	727	16	and	and	CCONJ
ftr-397	727	17	the	the	DET
ftr-397	727	18	“	"	PUNCT
ftr-397	727	19	farce	farce	NOUN
ftr-397	727	20	”	"	PUNCT
ftr-397	727	21	of	of	ADP
ftr-397	727	22	progressivity	progressivity	NOUN
ftr-397	727	23	1921	1921	NUM
ftr-397	727	24	-	-	SYM
ftr-397	727	25	1986	1986	NUM
ftr-397	727	26	,	,	PUNCT
ftr-397	727	27	1	1	NUM
ftr-397	727	28	hastings	hastings	PROPN
ftr-397	727	29	bus	bus	NOUN
ftr-397	727	30	.	.	PUNCT
ftr-397	728	1	l.	l.	PROPN
ftr-397	728	2	j.	j.	PROPN
ftr-397	728	3	1	1	NUM
ftr-397	728	4	(	(	PUNCT
ftr-397	728	5	2005	2005	NUM
ftr-397	728	6	)	)	PUNCT
ftr-397	728	7	;	;	PUNCT
ftr-397	728	8	john	john	PROPN
ftr-397	728	9	w.	w.	PROPN
ftr-397	728	10	lee	lee	PROPN
ftr-397	728	11	iii	iii	PROPN
ftr-397	728	12	,	,	PUNCT
ftr-397	728	13	class	class	NOUN
ftr-397	728	14	warfare	warfare	NOUN
ftr-397	728	15	1988	1988	NUM
ftr-397	728	16	-	-	SYM
ftr-397	728	17	2005	2005	NUM
ftr-397	728	18	over	over	ADP
ftr-397	728	19	top	top	ADJ
ftr-397	728	20	individual	individual	ADJ
ftr-397	728	21	income	income	NOUN
ftr-397	728	22	tax	tax	NOUN
ftr-397	728	23	rates	rate	NOUN
ftr-397	728	24	:	:	PUNCT
ftr-397	728	25	teeter	teeter	NOUN
ftr-397	728	26	totter	totter	NOUN
ftr-397	728	27	from	from	ADP
ftr-397	728	28	soak	soak	NOUN
ftr-397	728	29	-	-	PUNCT
ftr-397	728	30	the	the	DET
ftr-397	728	31	rich	rich	ADJ
ftr-397	728	32	to	to	ADP
ftr-397	728	33	“	"	PUNCT
ftr-397	728	34	robin	robin	PROPN
ftr-397	728	35	-	-	PUNCT
ftr-397	728	36	hood	hood	NOUN
ftr-397	728	37	-	-	PUNCT
ftr-397	728	38	in	in	ADP
ftr-397	728	39	-	-	PUNCT
ftr-397	728	40	reverse	reverse	NOUN
ftr-397	728	41	”	"	PUNCT
ftr-397	728	42	,	,	PUNCT
ftr-397	728	43	2	2	NUM
ftr-397	728	44	hastings	hastings	PROPN
ftr-397	728	45	bus	bus	NOUN
ftr-397	728	46	.	.	PUNCT
ftr-397	729	1	j.	j.	PROPN
ftr-397	729	2	47	47	NUM
ftr-397	729	3	(	(	PUNCT
ftr-397	729	4	2006	2006	NUM
ftr-397	729	5	)	)	PUNCT
ftr-397	729	6	;	;	PUNCT
ftr-397	729	7	maureen	maureen	PROPN
ftr-397	729	8	a.	a.	PROPN
ftr-397	729	9	maloney	maloney	PROPN
ftr-397	729	10	,	,	PUNCT
ftr-397	729	11	capital	capital	NOUN
ftr-397	729	12	gains	gain	NOUN
ftr-397	729	13	taxation	taxation	NOUN
ftr-397	729	14	:	:	PUNCT
ftr-397	729	15	marching	marching	NOUN
ftr-397	729	16	(	(	PUNCT
ftr-397	729	17	oh	oh	INTJ
ftr-397	729	18	-	-	PUNCT
ftr-397	729	19	so	so	ADV
ftr-397	729	20	-	-	PUNCT
ftr-397	729	21	slowly	slowly	ADV
ftr-397	729	22	)	)	PUNCT
ftr-397	729	23	into	into	ADP
ftr-397	729	24	the	the	DET
ftr-397	729	25	future	future	NOUN
ftr-397	729	26	,	,	PUNCT
ftr-397	729	27	17	17	NUM
ftr-397	729	28	man	man	NOUN
ftr-397	729	29	.	.	PUNCT
ftr-397	730	1	l.	l.	PROPN
ftr-397	730	2	j.	j.	PROPN
ftr-397	730	3	299	299	NUM
ftr-397	730	4	(	(	PUNCT
ftr-397	730	5	1988	1988	NUM
ftr-397	730	6	)	)	PUNCT
ftr-397	730	7	.	.	PUNCT
ftr-397	731	1	2008	2008	NUM
ftr-397	731	2	]	]	PUNCT
ftr-397	732	1	a	a	DET
ftr-397	732	2	structural	structural	ADJ
ftr-397	732	3	critique	critique	NOUN
ftr-397	732	4	of	of	ADP
ftr-397	732	5	trader	trader	NOUN
ftr-397	732	6	taxation	taxation	NOUN
ftr-397	732	7	1149	1149	NUM
ftr-397	732	8	•	•	NOUN
ftr-397	732	9	availability	availability	NOUN
ftr-397	732	10	of	of	ADP
ftr-397	732	11	ordinary	ordinary	ADJ
ftr-397	732	12	income	income	NOUN
ftr-397	732	13	treatment	treatment	NOUN
ftr-397	732	14	due	due	ADP
ftr-397	732	15	to	to	ADP
ftr-397	732	16	mark	mark	VERB
ftr-397	732	17	-	-	PUNCT
ftr-397	732	18	to	to	ADP
ftr-397	732	19	-	-	PUNCT
ftr-397	732	20	market	market	NOUN
ftr-397	732	21	election	election	NOUN
ftr-397	732	22	the	the	DET
ftr-397	732	23	mark	mark	NOUN
ftr-397	732	24	-	-	PUNCT
ftr-397	732	25	to	to	ADP
ftr-397	732	26	-	-	PUNCT
ftr-397	732	27	market	market	NOUN
ftr-397	732	28	election	election	NOUN
ftr-397	732	29	available	available	ADJ
ftr-397	732	30	to	to	ADP
ftr-397	732	31	traders	trader	NOUN
ftr-397	732	32	under	under	ADP
ftr-397	732	33	irc	irc	PROPN
ftr-397	732	34	section	section	NOUN
ftr-397	732	35	475(f	475(f	PROPN
ftr-397	732	36	)	)	PUNCT
ftr-397	732	37	is	be	AUX
ftr-397	732	38	also	also	ADV
ftr-397	732	39	subject	subject	ADJ
ftr-397	732	40	to	to	ADP
ftr-397	732	41	criticism	criticism	NOUN
ftr-397	732	42	.	.	PUNCT
ftr-397	733	1	perhaps	perhaps	ADV
ftr-397	733	2	most	most	ADV
ftr-397	733	3	importantly	importantly	ADV
ftr-397	733	4	,	,	PUNCT
ftr-397	733	5	the	the	DET
ftr-397	733	6	mark	mark	NOUN
ftr-397	733	7	-	-	PUNCT
ftr-397	733	8	tomarket	tomarket	NOUN
ftr-397	733	9	election	election	NOUN
ftr-397	733	10	allows	allow	VERB
ftr-397	733	11	traders	trader	NOUN
ftr-397	733	12	,	,	PUNCT
ftr-397	733	13	but	but	CCONJ
ftr-397	733	14	not	not	PART
ftr-397	733	15	investors	investor	NOUN
ftr-397	733	16	,	,	PUNCT
ftr-397	733	17	to	to	PART
ftr-397	733	18	choose	choose	VERB
ftr-397	733	19	to	to	PART
ftr-397	733	20	convert	convert	VERB
ftr-397	733	21	gains	gain	NOUN
ftr-397	733	22	and	and	CCONJ
ftr-397	733	23	losses	loss	NOUN
ftr-397	733	24	to	to	ADP
ftr-397	733	25	ordinary	ordinary	ADJ
ftr-397	733	26	gains	gain	NOUN
ftr-397	733	27	and	and	CCONJ
ftr-397	733	28	losses.158	losses.158	PRON
ftr-397	733	29	such	such	ADJ
ftr-397	733	30	converted	convert	VERB
ftr-397	733	31	ordinary	ordinary	ADJ
ftr-397	733	32	losses	loss	NOUN
ftr-397	733	33	recognized	recognize	VERB
ftr-397	733	34	by	by	ADP
ftr-397	733	35	a	a	DET
ftr-397	733	36	trader	trader	NOUN
ftr-397	733	37	would	would	AUX
ftr-397	733	38	be	be	AUX
ftr-397	733	39	deductible	deductible	ADJ
ftr-397	733	40	against	against	ADP
ftr-397	733	41	other	other	ADJ
ftr-397	733	42	kinds	kind	NOUN
ftr-397	733	43	of	of	ADP
ftr-397	733	44	ordinary	ordinary	ADJ
ftr-397	733	45	income	income	NOUN
ftr-397	733	46	,	,	PUNCT
ftr-397	733	47	a	a	DET
ftr-397	733	48	result	result	NOUN
ftr-397	733	49	that	that	PRON
ftr-397	733	50	could	could	AUX
ftr-397	733	51	be	be	AUX
ftr-397	733	52	more	more	ADV
ftr-397	733	53	favorable	favorable	ADJ
ftr-397	733	54	for	for	ADP
ftr-397	733	55	the	the	DET
ftr-397	733	56	taxpayer	taxpayer	NOUN
ftr-397	733	57	(	(	PUNCT
ftr-397	733	58	and	and	CCONJ
ftr-397	733	59	more	more	ADV
ftr-397	733	60	harmful	harmful	ADJ
ftr-397	733	61	for	for	ADP
ftr-397	733	62	the	the	DET
ftr-397	733	63	revenue	revenue	NOUN
ftr-397	733	64	collector	collector	NOUN
ftr-397	733	65	)	)	PUNCT
ftr-397	733	66	than	than	ADP
ftr-397	733	67	that	that	PRON
ftr-397	733	68	with	with	ADP
ftr-397	733	69	capital	capital	NOUN
ftr-397	733	70	losses.159	losses.159	PROPN
ftr-397	733	71	it	it	PRON
ftr-397	733	72	seems	seem	VERB
ftr-397	733	73	inconsistent	inconsistent	ADJ
ftr-397	733	74	,	,	PUNCT
ftr-397	733	75	for	for	ADP
ftr-397	733	76	example	example	NOUN
ftr-397	733	77	,	,	PUNCT
ftr-397	733	78	that	that	SCONJ
ftr-397	733	79	between	between	ADP
ftr-397	733	80	two	two	NUM
ftr-397	733	81	individuals	individual	NOUN
ftr-397	733	82	sitting	sit	VERB
ftr-397	733	83	in	in	ADP
ftr-397	733	84	front	front	NOUN
ftr-397	733	85	of	of	ADP
ftr-397	733	86	a	a	DET
ftr-397	733	87	home	home	NOUN
ftr-397	733	88	computer	computer	NOUN
ftr-397	733	89	engaging	engage	VERB
ftr-397	733	90	in	in	ADP
ftr-397	733	91	the	the	DET
ftr-397	733	92	online	online	ADJ
ftr-397	733	93	buying	buying	NOUN
ftr-397	733	94	and	and	CCONJ
ftr-397	733	95	selling	selling	NOUN
ftr-397	733	96	of	of	ADP
ftr-397	733	97	stocks	stock	NOUN
ftr-397	733	98	and	and	CCONJ
ftr-397	733	99	securities	security	NOUN
ftr-397	733	100	,	,	PUNCT
ftr-397	733	101	the	the	DET
ftr-397	733	102	one	one	NOUN
ftr-397	733	103	considered	consider	VERB
ftr-397	733	104	a	a	DET
ftr-397	733	105	trader	trader	NOUN
ftr-397	733	106	would	would	AUX
ftr-397	733	107	be	be	AUX
ftr-397	733	108	allowed	allow	VERB
ftr-397	733	109	to	to	PART
ftr-397	733	110	opt	opt	VERB
ftr-397	733	111	for	for	ADP
ftr-397	733	112	ordinary	ordinary	ADJ
ftr-397	733	113	treatment	treatment	NOUN
ftr-397	733	114	while	while	SCONJ
ftr-397	733	115	the	the	DET
ftr-397	733	116	other	other	ADJ
ftr-397	733	117	(	(	PUNCT
ftr-397	733	118	the	the	DET
ftr-397	733	119	investors	investor	NOUN
ftr-397	733	120	)	)	PUNCT
ftr-397	733	121	could	could	AUX
ftr-397	733	122	make	make	VERB
ftr-397	733	123	no	no	DET
ftr-397	733	124	such	such	ADJ
ftr-397	733	125	choice.160	choice.160	NOUN
ftr-397	733	126	the	the	DET
ftr-397	733	127	choice	choice	NOUN
ftr-397	733	128	to	to	PART
ftr-397	733	129	make	make	VERB
ftr-397	733	130	a	a	DET
ftr-397	733	131	mark	mark	VERB
ftr-397	733	132	-	-	PUNCT
ftr-397	733	133	to	to	ADP
ftr-397	733	134	-	-	PUNCT
ftr-397	733	135	market	market	NOUN
ftr-397	733	136	election	election	NOUN
ftr-397	733	137	also	also	ADV
ftr-397	733	138	provides	provide	VERB
ftr-397	733	139	a	a	DET
ftr-397	733	140	degree	degree	NOUN
ftr-397	733	141	of	of	ADP
ftr-397	733	142	retroactive	retroactive	ADJ
ftr-397	733	143	tax	tax	NOUN
ftr-397	733	144	planning	planning	NOUN
ftr-397	733	145	available	available	ADJ
ftr-397	733	146	to	to	ADP
ftr-397	733	147	a	a	DET
ftr-397	733	148	trader	trader	NOUN
ftr-397	733	149	that	that	PRON
ftr-397	733	150	is	be	AUX
ftr-397	733	151	not	not	PART
ftr-397	733	152	available	available	ADJ
ftr-397	733	153	to	to	ADP
ftr-397	733	154	an	an	DET
ftr-397	733	155	investor.161	investor.161	ADJ
ftr-397	733	156	•	•	NOUN
ftr-397	733	157	availability	availability	NOUN
ftr-397	733	158	of	of	ADP
ftr-397	733	159	accelerated	accelerate	VERB
ftr-397	733	160	recognition	recognition	NOUN
ftr-397	733	161	due	due	ADP
ftr-397	733	162	to	to	ADP
ftr-397	733	163	mark	mark	VERB
ftr-397	733	164	-	-	PUNCT
ftr-397	733	165	to	to	ADP
ftr-397	733	166	-	-	PUNCT
ftr-397	733	167	market	market	NOUN
ftr-397	733	168	election	election	NOUN
ftr-397	733	169	the	the	DET
ftr-397	733	170	making	making	NOUN
ftr-397	733	171	of	of	ADP
ftr-397	733	172	the	the	DET
ftr-397	733	173	mark	mark	NOUN
ftr-397	733	174	-	-	PUNCT
ftr-397	733	175	to	to	ADP
ftr-397	733	176	-	-	PUNCT
ftr-397	733	177	market	market	NOUN
ftr-397	733	178	election	election	NOUN
ftr-397	733	179	also	also	ADV
ftr-397	733	180	enables	enable	VERB
ftr-397	733	181	traders	trader	NOUN
ftr-397	733	182	to	to	PART
ftr-397	733	183	recognize	recognize	VERB
ftr-397	733	184	gains	gain	NOUN
ftr-397	733	185	and	and	CCONJ
ftr-397	733	186	losses	loss	NOUN
ftr-397	733	187	at	at	ADP
ftr-397	733	188	the	the	DET
ftr-397	733	189	end	end	NOUN
ftr-397	733	190	of	of	ADP
ftr-397	733	191	the	the	DET
ftr-397	733	192	tax	tax	NOUN
ftr-397	733	193	year	year	NOUN
ftr-397	733	194	,	,	PUNCT
ftr-397	733	195	by	by	ADP
ftr-397	733	196	creating	create	VERB
ftr-397	733	197	the	the	DET
ftr-397	733	198	tax	tax	NOUN
ftr-397	733	199	fiction	fiction	NOUN
ftr-397	733	200	that	that	SCONJ
ftr-397	733	201	the	the	DET
ftr-397	733	202	trader	trader	NOUN
ftr-397	733	203	has	have	AUX
ftr-397	733	204	sold	sell	VERB
ftr-397	733	205	all	all	PRON
ftr-397	733	206	of	of	ADP
ftr-397	733	207	his	his	PRON
ftr-397	733	208	securities	security	NOUN
ftr-397	733	209	at	at	ADP
ftr-397	733	210	the	the	DET
ftr-397	733	211	end	end	NOUN
ftr-397	733	212	of	of	ADP
ftr-397	733	213	the	the	DET
ftr-397	733	214	tax	tax	NOUN
ftr-397	733	215	year.162	year.162	NOUN
ftr-397	733	216	therefore	therefore	ADV
ftr-397	733	217	,	,	PUNCT
ftr-397	733	218	in	in	ADP
ftr-397	733	219	addition	addition	NOUN
ftr-397	733	220	to	to	ADP
ftr-397	733	221	being	be	AUX
ftr-397	733	222	able	able	ADJ
ftr-397	733	223	to	to	PART
ftr-397	733	224	take	take	VERB
ftr-397	733	225	valuable	valuable	ADJ
ftr-397	733	226	deductions	deduction	NOUN
ftr-397	733	227	and	and	CCONJ
ftr-397	733	228	potentially	potentially	ADV
ftr-397	733	229	offset	offset	VERB
ftr-397	733	230	ordinary	ordinary	ADJ
ftr-397	733	231	losses	loss	NOUN
ftr-397	733	232	,	,	PUNCT
ftr-397	733	233	a	a	DET
ftr-397	733	234	trader	trader	NOUN
ftr-397	733	235	can	can	AUX
ftr-397	733	236	also	also	ADV
ftr-397	733	237	accelerate	accelerate	VERB
ftr-397	733	238	income	income	NOUN
ftr-397	733	239	recognition	recognition	NOUN
ftr-397	733	240	through	through	ADP
ftr-397	733	241	the	the	DET
ftr-397	733	242	making	making	NOUN
ftr-397	733	243	of	of	ADP
ftr-397	733	244	such	such	DET
ftr-397	733	245	an	an	DET
ftr-397	733	246	election	election	NOUN
ftr-397	733	247	,	,	PUNCT
ftr-397	733	248	while	while	SCONJ
ftr-397	733	249	an	an	DET
ftr-397	733	250	investor	investor	NOUN
ftr-397	733	251	(	(	PUNCT
ftr-397	733	252	in	in	ADP
ftr-397	733	253	addition	addition	NOUN
ftr-397	733	254	to	to	ADP
ftr-397	733	255	taking	take	VERB
ftr-397	733	256	capital	capital	NOUN
ftr-397	733	257	losses	loss	NOUN
ftr-397	733	258	)	)	PUNCT
ftr-397	733	259	is	be	AUX
ftr-397	733	260	forced	force	VERB
ftr-397	733	261	to	to	PART
ftr-397	733	262	postpone	postpone	VERB
ftr-397	733	263	such	such	ADJ
ftr-397	733	264	recognition	recognition	NOUN
ftr-397	733	265	until	until	ADP
ftr-397	733	266	actual	actual	ADJ
ftr-397	733	267	disposal	disposal	NOUN
ftr-397	733	268	of	of	ADP
ftr-397	733	269	the	the	DET
ftr-397	733	270	securities	security	NOUN
ftr-397	733	271	.	.	PUNCT
ftr-397	734	1	again	again	ADV
ftr-397	734	2	,	,	PUNCT
ftr-397	734	3	this	this	DET
ftr-397	734	4	result	result	NOUN
ftr-397	734	5	appears	appear	VERB
ftr-397	734	6	unfair	unfair	ADJ
ftr-397	734	7	.	.	PUNCT
ftr-397	735	1	iii	iii	X
ftr-397	735	2	.	.	PUNCT
ftr-397	735	3	uncertain	uncertain	ADJ
ftr-397	735	4	standards	standard	NOUN
ftr-397	735	5	finally	finally	ADV
ftr-397	735	6	,	,	PUNCT
ftr-397	735	7	the	the	DET
ftr-397	735	8	taxation	taxation	NOUN
ftr-397	735	9	of	of	ADP
ftr-397	735	10	traders	trader	NOUN
ftr-397	735	11	has	have	AUX
ftr-397	735	12	also	also	ADV
ftr-397	735	13	been	be	AUX
ftr-397	735	14	criticized	criticize	VERB
ftr-397	735	15	on	on	ADP
ftr-397	735	16	the	the	DET
ftr-397	735	17	grounds	ground	NOUN
ftr-397	735	18	that	that	SCONJ
ftr-397	735	19	the	the	DET
ftr-397	735	20	standards	standard	NOUN
ftr-397	735	21	that	that	PRON
ftr-397	735	22	must	must	AUX
ftr-397	735	23	be	be	AUX
ftr-397	735	24	met	meet	VERB
ftr-397	735	25	in	in	ADP
ftr-397	735	26	order	order	NOUN
ftr-397	735	27	to	to	PART
ftr-397	735	28	demonstrate	demonstrate	VERB
ftr-397	735	29	158	158	NUM
ftr-397	735	30	.	.	PUNCT
ftr-397	736	1	irc	irc	PROPN
ftr-397	736	2	§	§	PROPN
ftr-397	736	3	475(f	475(f	PROPN
ftr-397	736	4	)	)	PUNCT
ftr-397	736	5	.	.	PUNCT
ftr-397	737	1	159	159	NUM
ftr-397	737	2	.	.	PUNCT
ftr-397	738	1	securities	security	NOUN
ftr-397	738	2	trader	trader	NOUN
ftr-397	738	3	denied	deny	VERB
ftr-397	738	4	ordinary	ordinary	ADJ
ftr-397	738	5	loss	loss	NOUN
ftr-397	738	6	treatment	treatment	NOUN
ftr-397	738	7	because	because	SCONJ
ftr-397	738	8	of	of	ADP
ftr-397	738	9	late	late	ADJ
ftr-397	738	10	mark	mark	NOUN
ftr-397	738	11	-	-	PUNCT
ftr-397	738	12	to	to	ADP
ftr-397	738	13	-	-	PUNCT
ftr-397	738	14	market	market	NOUN
ftr-397	738	15	election	election	NOUN
ftr-397	738	16	,	,	PUNCT
ftr-397	738	17	108	108	NUM
ftr-397	738	18	j.	j.	NOUN
ftr-397	738	19	tax’n	tax’n	PROPN
ftr-397	738	20	,	,	PUNCT
ftr-397	738	21	vol	vol	NOUN
ftr-397	738	22	.	.	PROPN
ftr-397	738	23	1	1	NUM
ftr-397	738	24	(	(	PUNCT
ftr-397	738	25	jan	jan	PROPN
ftr-397	738	26	.	.	PROPN
ftr-397	738	27	2008	2008	NUM
ftr-397	738	28	)	)	PUNCT
ftr-397	738	29	(	(	PUNCT
ftr-397	738	30	“	"	PUNCT
ftr-397	738	31	allowing	allow	VERB
ftr-397	738	32	all	all	DET
ftr-397	738	33	taxpayers	taxpayer	NOUN
ftr-397	738	34	who	who	PRON
ftr-397	738	35	trade	trade	VERB
ftr-397	738	36	securities	security	NOUN
ftr-397	738	37	to	to	PART
ftr-397	738	38	place	place	VERB
ftr-397	738	39	their	their	PRON
ftr-397	738	40	losses	loss	NOUN
ftr-397	738	41	on	on	ADP
ftr-397	738	42	schedule	schedule	NOUN
ftr-397	738	43	c	c	NOUN
ftr-397	738	44	and	and	CCONJ
ftr-397	738	45	treat	treat	VERB
ftr-397	738	46	them	they	PRON
ftr-397	738	47	as	as	ADP
ftr-397	738	48	ordinary	ordinary	ADJ
ftr-397	738	49	losses	loss	NOUN
ftr-397	738	50	instead	instead	ADV
ftr-397	738	51	of	of	ADP
ftr-397	738	52	reporting	report	VERB
ftr-397	738	53	them	they	PRON
ftr-397	738	54	on	on	ADP
ftr-397	738	55	schedule	schedule	NOUN
ftr-397	738	56	d	d	NOUN
ftr-397	738	57	and	and	CCONJ
ftr-397	738	58	characterizing	characterize	VERB
ftr-397	738	59	them	they	PRON
ftr-397	738	60	as	as	SCONJ
ftr-397	738	61	capital	capital	NOUN
ftr-397	738	62	losses	loss	NOUN
ftr-397	738	63	could	could	AUX
ftr-397	738	64	have	have	VERB
ftr-397	738	65	an	an	DET
ftr-397	738	66	enormous	enormous	ADJ
ftr-397	738	67	negative	negative	ADJ
ftr-397	738	68	impact	impact	NOUN
ftr-397	738	69	on	on	ADP
ftr-397	738	70	the	the	DET
ftr-397	738	71	public	public	ADJ
ftr-397	738	72	fisc	fisc	NOUN
ftr-397	738	73	”	"	PUNCT
ftr-397	738	74	)	)	PUNCT
ftr-397	738	75	.	.	PUNCT
ftr-397	739	1	160	160	NUM
ftr-397	739	2	.	.	PUNCT
ftr-397	739	3	see	see	VERB
ftr-397	739	4	,	,	PUNCT
ftr-397	739	5	e.g.	e.g.	ADV
ftr-397	739	6	,	,	PUNCT
ftr-397	739	7	http://www.etrade.com	http://www.etrade.com	X
ftr-397	740	1	(	(	PUNCT
ftr-397	740	2	last	last	ADV
ftr-397	740	3	visited	visit	VERB
ftr-397	740	4	jan	jan	PROPN
ftr-397	740	5	.	.	PROPN
ftr-397	740	6	19	19	NUM
ftr-397	740	7	,	,	PUNCT
ftr-397	740	8	2008	2008	NUM
ftr-397	740	9	)	)	PUNCT
ftr-397	740	10	.	.	PUNCT
ftr-397	741	1	161	161	NUM
ftr-397	741	2	.	.	PUNCT
ftr-397	742	1	see	see	VERB
ftr-397	742	2	section	section	PROPN
ftr-397	742	3	v.c	v.c	PROPN
ftr-397	742	4	,	,	PUNCT
ftr-397	742	5	infra	infra	NOUN
ftr-397	742	6	.	.	PUNCT
ftr-397	743	1	162	162	NUM
ftr-397	743	2	.	.	PUNCT
ftr-397	744	1	irc	irc	PROPN
ftr-397	744	2	§	§	PROPN
ftr-397	744	3	475(f	475(f	PROPN
ftr-397	744	4	)	)	PUNCT
ftr-397	744	5	.	.	PUNCT
ftr-397	745	1	1150	1150	NUM
ftr-397	745	2	florida	florida	PROPN
ftr-397	745	3	tax	tax	NOUN
ftr-397	745	4	review	review	NOUN
ftr-397	746	1	[	[	X
ftr-397	746	2	vol	vol	NOUN
ftr-397	746	3	.	.	PUNCT
ftr-397	747	1	8:10	8:10	NUM
ftr-397	747	2	engagement	engagement	NOUN
ftr-397	747	3	in	in	ADP
ftr-397	747	4	a	a	DET
ftr-397	747	5	“	"	PUNCT
ftr-397	747	6	trade	trade	NOUN
ftr-397	747	7	or	or	CCONJ
ftr-397	747	8	business	business	NOUN
ftr-397	747	9	”	"	PUNCT
ftr-397	747	10	as	as	SCONJ
ftr-397	747	11	a	a	DET
ftr-397	747	12	trader	trader	NOUN
ftr-397	747	13	are	be	AUX
ftr-397	747	14	not	not	PART
ftr-397	747	15	entirely	entirely	ADV
ftr-397	747	16	clear.163	clear.163	VERB
ftr-397	747	17	while	while	SCONJ
ftr-397	747	18	it	it	PRON
ftr-397	747	19	is	be	AUX
ftr-397	747	20	apparent	apparent	ADJ
ftr-397	747	21	,	,	PUNCT
ftr-397	747	22	as	as	SCONJ
ftr-397	747	23	discussed	discuss	VERB
ftr-397	747	24	above	above	ADV
ftr-397	747	25	,	,	PUNCT
ftr-397	747	26	that	that	SCONJ
ftr-397	747	27	courts	court	NOUN
ftr-397	747	28	will	will	AUX
ftr-397	747	29	look	look	VERB
ftr-397	747	30	at	at	ADP
ftr-397	747	31	the	the	DET
ftr-397	747	32	frequency	frequency	NOUN
ftr-397	747	33	,	,	PUNCT
ftr-397	747	34	regularity	regularity	NOUN
ftr-397	747	35	,	,	PUNCT
ftr-397	747	36	and	and	CCONJ
ftr-397	747	37	continuity	continuity	NOUN
ftr-397	747	38	of	of	ADP
ftr-397	747	39	the	the	DET
ftr-397	747	40	taxpayer	taxpayer	NOUN
ftr-397	747	41	’s	’s	PART
ftr-397	747	42	securities	security	NOUN
ftr-397	747	43	activities	activity	NOUN
ftr-397	747	44	as	as	ADV
ftr-397	747	45	well	well	ADV
ftr-397	747	46	as	as	ADP
ftr-397	747	47	the	the	DET
ftr-397	747	48	nature	nature	NOUN
ftr-397	747	49	of	of	ADP
ftr-397	747	50	the	the	DET
ftr-397	747	51	income	income	NOUN
ftr-397	747	52	derived	derive	VERB
ftr-397	747	53	from	from	ADP
ftr-397	747	54	the	the	DET
ftr-397	747	55	activity	activity	NOUN
ftr-397	747	56	(	(	PUNCT
ftr-397	747	57	i.e.	i.e.	X
ftr-397	747	58	,	,	PUNCT
ftr-397	747	59	short	short	ADJ
ftr-397	747	60	term	term	NOUN
ftr-397	747	61	vs.	vs.	ADP
ftr-397	747	62	long	long	ADJ
ftr-397	747	63	term	term	NOUN
ftr-397	747	64	)	)	PUNCT
ftr-397	747	65	and	and	CCONJ
ftr-397	747	66	the	the	DET
ftr-397	747	67	intent	intent	NOUN
ftr-397	747	68	of	of	ADP
ftr-397	747	69	the	the	DET
ftr-397	747	70	taxpayer	taxpayer	NOUN
ftr-397	747	71	,	,	PUNCT
ftr-397	747	72	the	the	DET
ftr-397	747	73	exact	exact	ADJ
ftr-397	747	74	standards	standard	NOUN
ftr-397	747	75	with	with	ADP
ftr-397	747	76	respect	respect	NOUN
ftr-397	747	77	to	to	ADP
ftr-397	747	78	factors	factor	NOUN
ftr-397	747	79	such	such	ADJ
ftr-397	747	80	as	as	ADP
ftr-397	747	81	the	the	DET
ftr-397	747	82	holding	hold	VERB
ftr-397	747	83	period	period	NOUN
ftr-397	747	84	of	of	ADP
ftr-397	747	85	securities	security	NOUN
ftr-397	747	86	and	and	CCONJ
ftr-397	747	87	the	the	DET
ftr-397	747	88	volume	volume	NOUN
ftr-397	747	89	of	of	ADP
ftr-397	747	90	trading	trading	NOUN
ftr-397	747	91	are	be	AUX
ftr-397	747	92	not	not	PART
ftr-397	747	93	clear	clear	ADJ
ftr-397	747	94	or	or	CCONJ
ftr-397	747	95	are	be	AUX
ftr-397	747	96	overly	overly	ADV
ftr-397	747	97	fact	fact	NOUN
ftr-397	747	98	dependent.164	dependent.164	NOUN
ftr-397	747	99	therefore	therefore	ADV
ftr-397	747	100	,	,	PUNCT
ftr-397	747	101	it	it	PRON
ftr-397	747	102	can	can	AUX
ftr-397	747	103	be	be	AUX
ftr-397	747	104	difficult	difficult	ADJ
ftr-397	747	105	for	for	SCONJ
ftr-397	747	106	a	a	DET
ftr-397	747	107	taxpayer	taxpayer	NOUN
ftr-397	747	108	to	to	PART
ftr-397	747	109	know	know	VERB
ftr-397	747	110	whether	whether	SCONJ
ftr-397	747	111	or	or	CCONJ
ftr-397	747	112	not	not	PART
ftr-397	747	113	he	he	PRON
ftr-397	747	114	qualifies	qualify	VERB
ftr-397	747	115	for	for	ADP
ftr-397	747	116	trader	trader	NOUN
ftr-397	747	117	treatment	treatment	NOUN
ftr-397	747	118	.	.	PUNCT
ftr-397	748	1	the	the	DET
ftr-397	748	2	factspecific	factspecific	ADJ
ftr-397	748	3	nature	nature	NOUN
ftr-397	748	4	of	of	ADP
ftr-397	748	5	the	the	DET
ftr-397	748	6	analysis	analysis	NOUN
ftr-397	748	7	with	with	ADP
ftr-397	748	8	respect	respect	NOUN
ftr-397	748	9	to	to	ADP
ftr-397	748	10	whether	whether	SCONJ
ftr-397	748	11	a	a	DET
ftr-397	748	12	taxpayer	taxpayer	NOUN
ftr-397	748	13	qualifies	qualify	VERB
ftr-397	748	14	as	as	ADP
ftr-397	748	15	a	a	DET
ftr-397	748	16	trader	trader	NOUN
ftr-397	748	17	also	also	ADV
ftr-397	748	18	makes	make	VERB
ftr-397	748	19	irs	irs	PROPN
ftr-397	748	20	enforcement	enforcement	NOUN
ftr-397	748	21	difficult	difficult	ADJ
ftr-397	748	22	and	and	CCONJ
ftr-397	748	23	breeds	breed	NOUN
ftr-397	748	24	unnecessary	unnecessary	ADJ
ftr-397	748	25	and	and	CCONJ
ftr-397	748	26	costly	costly	ADJ
ftr-397	748	27	litigation.165	litigation.165	PROPN
ftr-397	748	28	b.	b.	PROPN
ftr-397	748	29	structural	structural	ADJ
ftr-397	748	30	criticisms	criticism	NOUN
ftr-397	748	31	in	in	ADP
ftr-397	748	32	addition	addition	NOUN
ftr-397	748	33	to	to	ADP
ftr-397	748	34	the	the	DET
ftr-397	748	35	above	above	ADJ
ftr-397	748	36	criticisms	criticism	NOUN
ftr-397	748	37	,	,	PUNCT
ftr-397	748	38	the	the	DET
ftr-397	748	39	current	current	ADJ
ftr-397	748	40	taxation	taxation	NOUN
ftr-397	748	41	of	of	ADP
ftr-397	748	42	traders	trader	NOUN
ftr-397	748	43	is	be	AUX
ftr-397	748	44	also	also	ADV
ftr-397	748	45	problematic	problematic	ADJ
ftr-397	748	46	from	from	ADP
ftr-397	748	47	a	a	DET
ftr-397	748	48	structural	structural	ADJ
ftr-397	748	49	standpoint	standpoint	NOUN
ftr-397	748	50	.	.	PUNCT
ftr-397	749	1	whatever	whatever	PRON
ftr-397	749	2	other	other	ADJ
ftr-397	749	3	fairness	fairness	NOUN
ftr-397	749	4	-	-	PUNCT
ftr-397	749	5	based	base	VERB
ftr-397	749	6	critiques	critique	NOUN
ftr-397	749	7	of	of	ADP
ftr-397	749	8	trader	trader	NOUN
ftr-397	749	9	taxation	taxation	NOUN
ftr-397	749	10	may	may	AUX
ftr-397	749	11	be	be	AUX
ftr-397	749	12	made	make	VERB
ftr-397	749	13	,	,	PUNCT
ftr-397	749	14	the	the	DET
ftr-397	749	15	lopsided	lopsided	ADJ
ftr-397	749	16	tax	tax	NOUN
ftr-397	749	17	treatment	treatment	NOUN
ftr-397	749	18	of	of	ADP
ftr-397	749	19	traders	trader	NOUN
ftr-397	749	20	also	also	ADV
ftr-397	749	21	stems	stem	VERB
ftr-397	749	22	from	from	ADP
ftr-397	749	23	the	the	DET
ftr-397	749	24	fact	fact	NOUN
ftr-397	749	25	that	that	SCONJ
ftr-397	749	26	the	the	DET
ftr-397	749	27	tax	tax	NOUN
ftr-397	749	28	rules	rule	NOUN
ftr-397	749	29	on	on	ADP
ftr-397	749	30	the	the	DET
ftr-397	749	31	gain	gain	NOUN
ftr-397	749	32	side	side	NOUN
ftr-397	749	33	and	and	CCONJ
ftr-397	749	34	on	on	ADP
ftr-397	749	35	the	the	DET
ftr-397	749	36	deductions	deduction	NOUN
ftr-397	749	37	side	side	NOUN
ftr-397	749	38	of	of	ADP
ftr-397	749	39	that	that	DET
ftr-397	749	40	treatment	treatment	NOUN
ftr-397	749	41	are	be	AUX
ftr-397	749	42	different	different	ADJ
ftr-397	749	43	,	,	PUNCT
ftr-397	749	44	and	and	CCONJ
ftr-397	749	45	the	the	DET
ftr-397	749	46	statute	statute	NOUN
ftr-397	749	47	is	be	AUX
ftr-397	749	48	therefore	therefore	ADV
ftr-397	749	49	asymmetrical	asymmetrical	ADJ
ftr-397	749	50	between	between	ADP
ftr-397	749	51	the	the	DET
ftr-397	749	52	gains	gain	NOUN
ftr-397	749	53	side	side	NOUN
ftr-397	749	54	and	and	CCONJ
ftr-397	749	55	the	the	DET
ftr-397	749	56	deductions	deduction	NOUN
ftr-397	749	57	side	side	NOUN
ftr-397	749	58	.	.	PUNCT
ftr-397	750	1	this	this	DET
ftr-397	750	2	asymmetry	asymmetry	NOUN
ftr-397	750	3	itself	itself	PRON
ftr-397	750	4	causes	cause	VERB
ftr-397	750	5	ongoing	ongoing	ADJ
ftr-397	750	6	problems	problem	NOUN
ftr-397	750	7	in	in	ADP
ftr-397	750	8	the	the	DET
ftr-397	750	9	taxation	taxation	NOUN
ftr-397	750	10	of	of	ADP
ftr-397	750	11	traders	trader	NOUN
ftr-397	750	12	.	.	PUNCT
ftr-397	751	1	it	it	PRON
ftr-397	751	2	is	be	AUX
ftr-397	751	3	not	not	PART
ftr-397	751	4	surprising	surprising	ADJ
ftr-397	751	5	that	that	SCONJ
ftr-397	751	6	since	since	SCONJ
ftr-397	751	7	one	one	NUM
ftr-397	751	8	set	set	NOUN
ftr-397	751	9	of	of	ADP
ftr-397	751	10	tax	tax	NOUN
ftr-397	751	11	rules	rule	NOUN
ftr-397	751	12	(	(	PUNCT
ftr-397	751	13	the	the	DET
ftr-397	751	14	trade	trade	NOUN
ftr-397	751	15	or	or	CCONJ
ftr-397	751	16	business	business	NOUN
ftr-397	751	17	requirement	requirement	NOUN
ftr-397	751	18	)	)	PUNCT
ftr-397	751	19	underlies	underlie	VERB
ftr-397	751	20	the	the	DET
ftr-397	751	21	majority	majority	NOUN
ftr-397	751	22	of	of	ADP
ftr-397	751	23	the	the	DET
ftr-397	751	24	aspects	aspect	NOUN
ftr-397	751	25	of	of	ADP
ftr-397	751	26	a	a	DET
ftr-397	751	27	trader	trader	NOUN
ftr-397	751	28	’s	’s	PART
ftr-397	751	29	tax	tax	NOUN
ftr-397	751	30	treatment	treatment	NOUN
ftr-397	751	31	while	while	SCONJ
ftr-397	751	32	a	a	DET
ftr-397	751	33	separate	separate	ADJ
ftr-397	751	34	and	and	CCONJ
ftr-397	751	35	additional	additional	ADJ
ftr-397	751	36	requirement	requirement	NOUN
ftr-397	751	37	(	(	PUNCT
ftr-397	751	38	the	the	DET
ftr-397	751	39	capital	capital	NOUN
ftr-397	751	40	asset	asset	NOUN
ftr-397	751	41	rules	rule	NOUN
ftr-397	751	42	)	)	PUNCT
ftr-397	751	43	determines	determine	VERB
ftr-397	751	44	character	character	NOUN
ftr-397	751	45	of	of	ADP
ftr-397	751	46	income	income	NOUN
ftr-397	751	47	,	,	PUNCT
ftr-397	751	48	the	the	DET
ftr-397	751	49	intersection	intersection	NOUN
ftr-397	751	50	of	of	ADP
ftr-397	751	51	the	the	DET
ftr-397	751	52	two	two	NUM
ftr-397	751	53	sets	set	NOUN
ftr-397	751	54	of	of	ADP
ftr-397	751	55	rules	rule	NOUN
ftr-397	751	56	would	would	AUX
ftr-397	751	57	not	not	PART
ftr-397	751	58	be	be	AUX
ftr-397	751	59	perfectly	perfectly	ADV
ftr-397	751	60	seamless	seamless	ADJ
ftr-397	751	61	and	and	CCONJ
ftr-397	751	62	unproblematic	unproblematic	ADJ
ftr-397	751	63	.	.	PUNCT
ftr-397	752	1	most	most	ADV
ftr-397	752	2	notably	notably	ADV
ftr-397	752	3	,	,	PUNCT
ftr-397	752	4	because	because	SCONJ
ftr-397	752	5	of	of	ADP
ftr-397	752	6	the	the	DET
ftr-397	752	7	structure	structure	NOUN
ftr-397	752	8	of	of	ADP
ftr-397	752	9	the	the	DET
ftr-397	752	10	statutory	statutory	ADJ
ftr-397	752	11	rules	rule	NOUN
ftr-397	752	12	,	,	PUNCT
ftr-397	752	13	the	the	DET
ftr-397	752	14	magnitude	magnitude	NOUN
ftr-397	752	15	of	of	ADP
ftr-397	752	16	the	the	DET
ftr-397	752	17	difference	difference	NOUN
ftr-397	752	18	between	between	ADP
ftr-397	752	19	the	the	DET
ftr-397	752	20	taxation	taxation	NOUN
ftr-397	752	21	of	of	ADP
ftr-397	752	22	traders	trader	NOUN
ftr-397	752	23	and	and	CCONJ
ftr-397	752	24	the	the	DET
ftr-397	752	25	taxation	taxation	NOUN
ftr-397	752	26	of	of	ADP
ftr-397	752	27	other	other	ADJ
ftr-397	752	28	taxpayers	taxpayer	NOUN
ftr-397	752	29	in	in	ADP
ftr-397	752	30	a	a	DET
ftr-397	752	31	trade	trade	NOUN
ftr-397	752	32	or	or	CCONJ
ftr-397	752	33	business	business	NOUN
ftr-397	752	34	is	be	AUX
ftr-397	752	35	dependent	dependent	ADJ
ftr-397	752	36	on	on	ADP
ftr-397	752	37	the	the	DET
ftr-397	752	38	rate	rate	NOUN
ftr-397	752	39	differentials	differential	NOUN
ftr-397	752	40	between	between	ADP
ftr-397	752	41	ordinary	ordinary	ADJ
ftr-397	752	42	and	and	CCONJ
ftr-397	752	43	capital	capital	NOUN
ftr-397	752	44	treatment	treatment	NOUN
ftr-397	752	45	at	at	ADP
ftr-397	752	46	any	any	DET
ftr-397	752	47	given	give	VERB
ftr-397	752	48	point	point	NOUN
ftr-397	752	49	in	in	ADP
ftr-397	752	50	time	time	NOUN
ftr-397	752	51	,	,	PUNCT
ftr-397	752	52	leading	lead	VERB
ftr-397	752	53	to	to	ADP
ftr-397	752	54	an	an	DET
ftr-397	752	55	embedded	embed	VERB
ftr-397	752	56	volatility	volatility	NOUN
ftr-397	752	57	in	in	ADP
ftr-397	752	58	trader	trader	NOUN
ftr-397	752	59	taxation	taxation	NOUN
ftr-397	752	60	.	.	PUNCT
ftr-397	753	1	furthermore	furthermore	ADV
ftr-397	753	2	,	,	PUNCT
ftr-397	753	3	in	in	ADP
ftr-397	753	4	the	the	DET
ftr-397	753	5	light	light	NOUN
ftr-397	753	6	of	of	ADP
ftr-397	753	7	ever	ever	ADV
ftr-397	753	8	more	more	ADV
ftr-397	753	9	widespread	widespread	ADJ
ftr-397	753	10	trader	trader	NOUN
ftr-397	753	11	activity	activity	NOUN
ftr-397	753	12	,	,	PUNCT
ftr-397	753	13	this	this	DET
ftr-397	753	14	volatility	volatility	NOUN
ftr-397	753	15	has	have	VERB
ftr-397	753	16	the	the	DET
ftr-397	753	17	potential	potential	NOUN
ftr-397	753	18	to	to	PART
ftr-397	753	19	be	be	AUX
ftr-397	753	20	proliferated	proliferate	VERB
ftr-397	753	21	in	in	ADP
ftr-397	753	22	ways	way	NOUN
ftr-397	753	23	never	never	ADV
ftr-397	753	24	before	before	ADP
ftr-397	753	25	possible	possible	ADJ
ftr-397	753	26	.	.	PUNCT
ftr-397	754	1	163	163	NUM
ftr-397	754	2	.	.	PUNCT
ftr-397	755	1	see	see	VERB
ftr-397	755	2	,	,	PUNCT
ftr-397	755	3	e.g.	e.g.	ADV
ftr-397	755	4	,	,	PUNCT
ftr-397	755	5	schwartz	schwartz	PROPN
ftr-397	755	6	,	,	PUNCT
ftr-397	755	7	supra	supra	PROPN
ftr-397	755	8	note	note	PROPN
ftr-397	755	9	5	5	NUM
ftr-397	755	10	,	,	PUNCT
ftr-397	755	11	at	at	ADP
ftr-397	755	12	399	399	NUM
ftr-397	755	13	(	(	PUNCT
ftr-397	755	14	arguing	argue	VERB
ftr-397	755	15	for	for	ADP
ftr-397	755	16	more	more	ADV
ftr-397	755	17	specific	specific	ADJ
ftr-397	755	18	guidance	guidance	NOUN
ftr-397	755	19	)	)	PUNCT
ftr-397	755	20	.	.	PUNCT
ftr-397	756	1	164	164	NUM
ftr-397	756	2	.	.	PUNCT
ftr-397	757	1	i	i	PRON
ftr-397	757	2	d.	d.	PROPN
ftr-397	757	3	165	165	NUM
ftr-397	757	4	.	.	PUNCT
ftr-397	758	1	see	see	VERB
ftr-397	758	2	also	also	ADV
ftr-397	758	3	jack	jack	PROPN
ftr-397	758	4	robinson	robinson	PROPN
ftr-397	758	5	&	&	CCONJ
ftr-397	758	6	richard	richard	PROPN
ftr-397	758	7	s.	s.	PROPN
ftr-397	758	8	mark	mark	PROPN
ftr-397	758	9	,	,	PUNCT
ftr-397	758	10	on	on	ADP
ftr-397	758	11	-	-	PUNCT
ftr-397	758	12	line	line	NOUN
ftr-397	758	13	transactions	transaction	NOUN
ftr-397	758	14	intensify	intensify	VERB
ftr-397	758	15	trader	trader	NOUN
ftr-397	758	16	vs.	vs.	ADP
ftr-397	758	17	investor	investor	NOUN
ftr-397	758	18	question	question	NOUN
ftr-397	758	19	,	,	PUNCT
ftr-397	758	20	66	66	NUM
ftr-397	758	21	practical	practical	ADJ
ftr-397	758	22	tax	tax	NOUN
ftr-397	758	23	strategies	strategy	NOUN
ftr-397	758	24	80	80	NUM
ftr-397	758	25	(	(	PUNCT
ftr-397	758	26	feb	feb	NOUN
ftr-397	758	27	.	.	PROPN
ftr-397	758	28	2001	2001	NUM
ftr-397	758	29	)	)	PUNCT
ftr-397	758	30	(	(	PUNCT
ftr-397	758	31	correctly	correctly	ADV
ftr-397	758	32	determining	determine	VERB
ftr-397	758	33	whether	whether	SCONJ
ftr-397	758	34	a	a	DET
ftr-397	758	35	taxpayer	taxpayer	NOUN
ftr-397	758	36	is	be	AUX
ftr-397	758	37	a	a	DET
ftr-397	758	38	trader	trader	NOUN
ftr-397	758	39	or	or	CCONJ
ftr-397	758	40	an	an	DET
ftr-397	758	41	investor	investor	NOUN
ftr-397	758	42	“	"	PUNCT
ftr-397	758	43	is	be	AUX
ftr-397	758	44	difficult	difficult	ADJ
ftr-397	758	45	,	,	PUNCT
ftr-397	758	46	not	not	PART
ftr-397	758	47	only	only	ADV
ftr-397	758	48	because	because	SCONJ
ftr-397	758	49	of	of	ADP
ftr-397	758	50	the	the	DET
ftr-397	758	51	complexity	complexity	NOUN
ftr-397	758	52	of	of	ADP
ftr-397	758	53	the	the	DET
ftr-397	758	54	law	law	NOUN
ftr-397	758	55	in	in	ADP
ftr-397	758	56	this	this	DET
ftr-397	758	57	area	area	NOUN
ftr-397	758	58	but	but	CCONJ
ftr-397	758	59	also	also	ADV
ftr-397	758	60	because	because	SCONJ
ftr-397	758	61	the	the	DET
ftr-397	758	62	case	case	NOUN
ftr-397	758	63	law	law	NOUN
ftr-397	758	64	deals	deal	VERB
ftr-397	758	65	with	with	ADP
ftr-397	758	66	taxpayers	taxpayer	NOUN
ftr-397	758	67	in	in	ADP
ftr-397	758	68	the	the	DET
ftr-397	758	69	pre	pre	ADJ
ftr-397	758	70	-	-	ADJ
ftr-397	758	71	internet	internet	ADJ
ftr-397	758	72	age	age	NOUN
ftr-397	758	73	”	"	PUNCT
ftr-397	758	74	)	)	PUNCT
ftr-397	758	75	.	.	PUNCT
ftr-397	759	1	2008	2008	NUM
ftr-397	759	2	]	]	PUNCT
ftr-397	760	1	a	a	DET
ftr-397	760	2	structural	structural	ADJ
ftr-397	760	3	critique	critique	NOUN
ftr-397	760	4	of	of	ADP
ftr-397	760	5	trader	trader	NOUN
ftr-397	760	6	taxation	taxation	NOUN
ftr-397	760	7	1151	1151	NUM
ftr-397	760	8	i.	i.	NOUN
ftr-397	760	9	embedded	embed	VERB
ftr-397	760	10	volatility	volatility	NOUN
ftr-397	760	11	whether	whether	SCONJ
ftr-397	760	12	or	or	CCONJ
ftr-397	760	13	not	not	PART
ftr-397	760	14	the	the	DET
ftr-397	760	15	treatment	treatment	NOUN
ftr-397	760	16	of	of	ADP
ftr-397	760	17	traders	trader	NOUN
ftr-397	760	18	is	be	AUX
ftr-397	760	19	“	"	PUNCT
ftr-397	760	20	fair	fair	ADJ
ftr-397	760	21	,	,	PUNCT
ftr-397	760	22	”	"	PUNCT
ftr-397	760	23	the	the	DET
ftr-397	760	24	main	main	ADJ
ftr-397	760	25	concern	concern	NOUN
ftr-397	760	26	from	from	ADP
ftr-397	760	27	a	a	DET
ftr-397	760	28	structural	structural	ADJ
ftr-397	760	29	standpoint	standpoint	NOUN
ftr-397	760	30	is	be	AUX
ftr-397	760	31	not	not	PART
ftr-397	760	32	so	so	ADV
ftr-397	760	33	much	much	ADJ
ftr-397	760	34	that	that	SCONJ
ftr-397	760	35	traders	trader	NOUN
ftr-397	760	36	get	get	VERB
ftr-397	760	37	favorable	favorable	ADJ
ftr-397	760	38	capital	capital	NOUN
ftr-397	760	39	gain	gain	NOUN
ftr-397	760	40	taxation	taxation	NOUN
ftr-397	760	41	as	as	SCONJ
ftr-397	760	42	opposed	oppose	VERB
ftr-397	760	43	to	to	ADP
ftr-397	760	44	other	other	ADJ
ftr-397	760	45	taxpayers	taxpayer	NOUN
ftr-397	760	46	,	,	PUNCT
ftr-397	760	47	but	but	CCONJ
ftr-397	760	48	that	that	SCONJ
ftr-397	760	49	exactly	exactly	ADV
ftr-397	760	50	how	how	SCONJ
ftr-397	760	51	favorably	favorably	ADV
ftr-397	760	52	or	or	CCONJ
ftr-397	760	53	differently	differently	ADV
ftr-397	760	54	traders	trader	NOUN
ftr-397	760	55	are	be	AUX
ftr-397	760	56	treated	treat	VERB
ftr-397	760	57	as	as	ADP
ftr-397	760	58	compared	compare	VERB
ftr-397	760	59	to	to	ADP
ftr-397	760	60	other	other	ADJ
ftr-397	760	61	taxpayers	taxpayer	NOUN
ftr-397	760	62	is	be	AUX
ftr-397	760	63	dependent	dependent	ADJ
ftr-397	760	64	on	on	ADP
ftr-397	760	65	a	a	DET
ftr-397	760	66	changing	change	VERB
ftr-397	760	67	variable	variable	NOUN
ftr-397	760	68	,	,	PUNCT
ftr-397	760	69	namely	namely	ADV
ftr-397	760	70	,	,	PUNCT
ftr-397	760	71	the	the	DET
ftr-397	760	72	way	way	NOUN
ftr-397	760	73	in	in	ADP
ftr-397	760	74	which	which	PRON
ftr-397	760	75	capital	capital	NOUN
ftr-397	760	76	assets	asset	NOUN
ftr-397	760	77	are	be	AUX
ftr-397	760	78	treated	treat	VERB
ftr-397	760	79	under	under	ADP
ftr-397	760	80	the	the	DET
ftr-397	760	81	code	code	NOUN
ftr-397	760	82	.	.	PUNCT
ftr-397	761	1	this	this	DET
ftr-397	761	2	notion	notion	NOUN
ftr-397	761	3	is	be	AUX
ftr-397	761	4	clearly	clearly	ADV
ftr-397	761	5	illustrated	illustrate	VERB
ftr-397	761	6	by	by	ADP
ftr-397	761	7	looking	look	VERB
ftr-397	761	8	at	at	ADP
ftr-397	761	9	the	the	DET
ftr-397	761	10	differences	difference	NOUN
ftr-397	761	11	between	between	ADP
ftr-397	761	12	capital	capital	NOUN
ftr-397	761	13	asset	asset	NOUN
ftr-397	761	14	taxation	taxation	NOUN
ftr-397	761	15	in	in	ADP
ftr-397	761	16	1934	1934	NUM
ftr-397	761	17	and	and	CCONJ
ftr-397	761	18	capital	capital	NOUN
ftr-397	761	19	asset	asset	NOUN
ftr-397	761	20	taxation	taxation	NOUN
ftr-397	761	21	today.166	today.166	NOUN
ftr-397	761	22	at	at	ADP
ftr-397	761	23	the	the	DET
ftr-397	761	24	time	time	NOUN
ftr-397	761	25	the	the	DET
ftr-397	761	26	“	"	PUNCT
ftr-397	761	27	to	to	ADP
ftr-397	761	28	customers	customer	NOUN
ftr-397	761	29	”	"	PUNCT
ftr-397	761	30	requirement	requirement	NOUN
ftr-397	761	31	was	be	AUX
ftr-397	761	32	introduced	introduce	VERB
ftr-397	761	33	into	into	ADP
ftr-397	761	34	the	the	DET
ftr-397	761	35	statute	statute	NOUN
ftr-397	761	36	in	in	ADP
ftr-397	761	37	1934	1934	NUM
ftr-397	761	38	,	,	PUNCT
ftr-397	761	39	the	the	DET
ftr-397	761	40	tax	tax	NOUN
ftr-397	761	41	treatment	treatment	NOUN
ftr-397	761	42	resulting	result	VERB
ftr-397	761	43	from	from	ADP
ftr-397	761	44	“	"	PUNCT
ftr-397	761	45	capital	capital	NOUN
ftr-397	761	46	asset	asset	NOUN
ftr-397	761	47	”	"	PUNCT
ftr-397	761	48	classification	classification	NOUN
ftr-397	761	49	under	under	ADP
ftr-397	761	50	the	the	DET
ftr-397	761	51	tax	tax	NOUN
ftr-397	761	52	law	law	NOUN
ftr-397	761	53	was	be	AUX
ftr-397	761	54	fundamentally	fundamentally	ADV
ftr-397	761	55	different	different	ADJ
ftr-397	761	56	than	than	ADP
ftr-397	761	57	from	from	ADP
ftr-397	761	58	the	the	DET
ftr-397	761	59	treatment	treatment	NOUN
ftr-397	761	60	of	of	ADP
ftr-397	761	61	capital	capital	NOUN
ftr-397	761	62	assets	asset	NOUN
ftr-397	761	63	presently.167	presently.167	ADJ
ftr-397	761	64	unlike	unlike	ADP
ftr-397	761	65	the	the	DET
ftr-397	761	66	present	present	ADJ
ftr-397	761	67	-	-	PUNCT
ftr-397	761	68	day	day	NOUN
ftr-397	761	69	situation	situation	NOUN
ftr-397	761	70	,	,	PUNCT
ftr-397	761	71	capital	capital	NOUN
ftr-397	761	72	gains	gain	NOUN
ftr-397	761	73	were	be	AUX
ftr-397	761	74	not	not	PART
ftr-397	761	75	taxed	tax	VERB
ftr-397	761	76	at	at	ADP
ftr-397	761	77	reduced	reduce	VERB
ftr-397	761	78	rates	rate	NOUN
ftr-397	761	79	across	across	ADP
ftr-397	761	80	the	the	DET
ftr-397	761	81	board	board	NOUN
ftr-397	761	82	in	in	ADP
ftr-397	761	83	1934.168	1934.168	NUM
ftr-397	761	84	instead	instead	ADV
ftr-397	761	85	,	,	PUNCT
ftr-397	761	86	for	for	ADP
ftr-397	761	87	taxpayers	taxpayer	NOUN
ftr-397	761	88	other	other	ADJ
ftr-397	761	89	than	than	ADP
ftr-397	761	90	corporations	corporation	NOUN
ftr-397	761	91	,	,	PUNCT
ftr-397	761	92	a	a	DET
ftr-397	761	93	certain	certain	ADJ
ftr-397	761	94	fraction	fraction	NOUN
ftr-397	761	95	of	of	ADP
ftr-397	761	96	the	the	DET
ftr-397	761	97	capital	capital	NOUN
ftr-397	761	98	gain	gain	NOUN
ftr-397	761	99	or	or	CCONJ
ftr-397	761	100	loss	loss	NOUN
ftr-397	761	101	was	be	AUX
ftr-397	761	102	not	not	PART
ftr-397	761	103	taken	take	VERB
ftr-397	761	104	into	into	ADP
ftr-397	761	105	account	account	NOUN
ftr-397	761	106	in	in	ADP
ftr-397	761	107	computing	compute	VERB
ftr-397	761	108	net	net	ADJ
ftr-397	761	109	income	income	NOUN
ftr-397	761	110	,	,	PUNCT
ftr-397	761	111	depending	depend	VERB
ftr-397	761	112	on	on	ADP
ftr-397	761	113	the	the	DET
ftr-397	761	114	holding	hold	VERB
ftr-397	761	115	period	period	NOUN
ftr-397	761	116	of	of	ADP
ftr-397	761	117	the	the	DET
ftr-397	761	118	capital	capital	NOUN
ftr-397	761	119	asset	asset	NOUN
ftr-397	761	120	,	,	PUNCT
ftr-397	761	121	but	but	CCONJ
ftr-397	761	122	the	the	DET
ftr-397	761	123	rest	rest	NOUN
ftr-397	761	124	was	be	AUX
ftr-397	761	125	taxed	tax	VERB
ftr-397	761	126	at	at	ADP
ftr-397	761	127	ordinary	ordinary	ADJ
ftr-397	761	128	income	income	NOUN
ftr-397	761	129	rates.169	rates.169	NOUN
ftr-397	762	1	so	so	ADV
ftr-397	762	2	,	,	PUNCT
ftr-397	762	3	for	for	ADP
ftr-397	762	4	example	example	NOUN
ftr-397	762	5	,	,	PUNCT
ftr-397	762	6	100	100	NUM
ftr-397	762	7	%	%	NOUN
ftr-397	762	8	of	of	ADP
ftr-397	762	9	the	the	DET
ftr-397	762	10	gain	gain	NOUN
ftr-397	762	11	or	or	CCONJ
ftr-397	762	12	loss	loss	NOUN
ftr-397	762	13	was	be	AUX
ftr-397	762	14	recognized	recognize	VERB
ftr-397	762	15	with	with	ADP
ftr-397	762	16	respect	respect	NOUN
ftr-397	762	17	to	to	ADP
ftr-397	762	18	capital	capital	NOUN
ftr-397	762	19	assets	asset	NOUN
ftr-397	762	20	held	hold	VERB
ftr-397	762	21	for	for	ADP
ftr-397	762	22	a	a	DET
ftr-397	762	23	year	year	NOUN
ftr-397	762	24	or	or	CCONJ
ftr-397	762	25	less	less	ADJ
ftr-397	762	26	,	,	PUNCT
ftr-397	762	27	80	80	NUM
ftr-397	762	28	%	%	NOUN
ftr-397	762	29	of	of	ADP
ftr-397	762	30	the	the	DET
ftr-397	762	31	gain	gain	NOUN
ftr-397	762	32	or	or	CCONJ
ftr-397	762	33	loss	loss	NOUN
ftr-397	762	34	was	be	AUX
ftr-397	762	35	recognized	recognize	VERB
ftr-397	762	36	for	for	ADP
ftr-397	762	37	capital	capital	NOUN
ftr-397	762	38	assets	asset	NOUN
ftr-397	762	39	held	hold	VERB
ftr-397	762	40	for	for	ADP
ftr-397	762	41	more	more	ADJ
ftr-397	762	42	than	than	ADP
ftr-397	762	43	a	a	PRON
ftr-397	762	44	year	year	NOUN
ftr-397	762	45	but	but	CCONJ
ftr-397	762	46	not	not	PART
ftr-397	762	47	more	more	ADJ
ftr-397	762	48	than	than	ADP
ftr-397	762	49	two	two	NUM
ftr-397	762	50	years	year	NOUN
ftr-397	762	51	,	,	PUNCT
ftr-397	762	52	60	60	NUM
ftr-397	762	53	%	%	NOUN
ftr-397	762	54	for	for	ADP
ftr-397	762	55	capital	capital	NOUN
ftr-397	762	56	assets	asset	NOUN
ftr-397	762	57	held	hold	VERB
ftr-397	762	58	for	for	ADP
ftr-397	762	59	more	more	ADJ
ftr-397	762	60	than	than	ADP
ftr-397	762	61	two	two	NUM
ftr-397	762	62	but	but	CCONJ
ftr-397	762	63	not	not	PART
ftr-397	762	64	more	more	ADJ
ftr-397	762	65	than	than	ADP
ftr-397	762	66	five	five	NUM
ftr-397	762	67	years	year	NOUN
ftr-397	762	68	,	,	PUNCT
ftr-397	762	69	and	and	CCONJ
ftr-397	762	70	so	so	ADV
ftr-397	762	71	forth.170	forth.170	ADV
ftr-397	762	72	under	under	ADP
ftr-397	762	73	the	the	DET
ftr-397	762	74	system	system	NOUN
ftr-397	762	75	of	of	ADP
ftr-397	762	76	taxing	tax	VERB
ftr-397	762	77	capital	capital	NOUN
ftr-397	762	78	gains	gain	NOUN
ftr-397	762	79	then	then	ADV
ftr-397	762	80	in	in	ADP
ftr-397	762	81	existence	existence	NOUN
ftr-397	762	82	,	,	PUNCT
ftr-397	762	83	a	a	DET
ftr-397	762	84	trader	trader	NOUN
ftr-397	762	85	in	in	ADP
ftr-397	762	86	1934	1934	NUM
ftr-397	762	87	holding	hold	VERB
ftr-397	762	88	capital	capital	NOUN
ftr-397	762	89	assets	asset	NOUN
ftr-397	762	90	for	for	ADP
ftr-397	762	91	slightly	slightly	ADV
ftr-397	762	92	over	over	ADP
ftr-397	762	93	a	a	PRON
ftr-397	762	94	year	year	NOUN
ftr-397	762	95	would	would	AUX
ftr-397	762	96	have	have	AUX
ftr-397	762	97	been	be	AUX
ftr-397	762	98	not	not	PART
ftr-397	762	99	have	have	AUX
ftr-397	762	100	been	be	AUX
ftr-397	762	101	taxed	tax	VERB
ftr-397	762	102	at	at	ADP
ftr-397	762	103	as	as	ADV
ftr-397	762	104	low	low	ADJ
ftr-397	762	105	an	an	DET
ftr-397	762	106	effective	effective	ADJ
ftr-397	762	107	tax	tax	NOUN
ftr-397	762	108	rate	rate	NOUN
ftr-397	762	109	as	as	ADP
ftr-397	762	110	a	a	DET
ftr-397	762	111	present	present	ADJ
ftr-397	762	112	-	-	PUNCT
ftr-397	762	113	day	day	NOUN
ftr-397	762	114	trader.171	trader.171	NOUN
ftr-397	762	115	put	put	VERB
ftr-397	762	116	another	another	DET
ftr-397	762	117	way	way	NOUN
ftr-397	762	118	,	,	PUNCT
ftr-397	762	119	if	if	SCONJ
ftr-397	762	120	the	the	DET
ftr-397	762	121	1934	1934	NUM
ftr-397	762	122	system	system	NOUN
ftr-397	762	123	of	of	ADP
ftr-397	762	124	taxing	tax	VERB
ftr-397	762	125	capital	capital	NOUN
ftr-397	762	126	gains	gain	NOUN
ftr-397	762	127	were	be	AUX
ftr-397	762	128	in	in	ADP
ftr-397	762	129	effect	effect	NOUN
ftr-397	762	130	today	today	NOUN
ftr-397	762	131	,	,	PUNCT
ftr-397	762	132	then	then	ADV
ftr-397	762	133	an	an	DET
ftr-397	762	134	individual	individual	ADJ
ftr-397	762	135	trader	trader	NOUN
ftr-397	762	136	taxed	tax	VERB
ftr-397	762	137	at	at	ADP
ftr-397	762	138	a	a	DET
ftr-397	762	139	maximum	maximum	ADJ
ftr-397	762	140	marginal	marginal	ADJ
ftr-397	762	141	rate	rate	NOUN
ftr-397	762	142	of	of	ADP
ftr-397	762	143	35	35	NUM
ftr-397	762	144	%	%	NOUN
ftr-397	762	145	would	would	AUX
ftr-397	762	146	be	be	AUX
ftr-397	762	147	taxed	tax	VERB
ftr-397	762	148	at	at	ADP
ftr-397	762	149	an	an	DET
ftr-397	762	150	effective	effective	ADJ
ftr-397	762	151	rate	rate	NOUN
ftr-397	762	152	of	of	ADP
ftr-397	762	153	28	28	NUM
ftr-397	762	154	%	%	NOUN
ftr-397	762	155	on	on	ADP
ftr-397	762	156	securities	security	NOUN
ftr-397	762	157	held	hold	VERB
ftr-397	762	158	for	for	ADP
ftr-397	762	159	just	just	ADV
ftr-397	762	160	over	over	ADP
ftr-397	762	161	a	a	DET
ftr-397	762	162	year.172	year.172	NOUN
ftr-397	762	163	166	166	NUM
ftr-397	762	164	.	.	PUNCT
ftr-397	763	1	miller	miller	PROPN
ftr-397	763	2	,	,	PUNCT
ftr-397	763	3	supra	supra	PROPN
ftr-397	763	4	note	note	NOUN
ftr-397	763	5	125	125	NUM
ftr-397	763	6	,	,	PUNCT
ftr-397	763	7	at	at	ADP
ftr-397	763	8	845	845	NUM
ftr-397	763	9	(	(	PUNCT
ftr-397	763	10	citing	cite	VERB
ftr-397	763	11	hendricks	hendrick	NOUN
ftr-397	763	12	,	,	PUNCT
ftr-397	763	13	federal	federal	ADJ
ftr-397	763	14	income	income	NOUN
ftr-397	763	15	tax	tax	NOUN
ftr-397	763	16	:	:	PUNCT
ftr-397	763	17	capital	capital	NOUN
ftr-397	763	18	gains	gain	NOUN
ftr-397	763	19	and	and	CCONJ
ftr-397	763	20	losses	loss	NOUN
ftr-397	763	21	,	,	PUNCT
ftr-397	763	22	49	49	NUM
ftr-397	763	23	harv	harv	NOUN
ftr-397	763	24	.	.	PUNCT
ftr-397	764	1	l.	l.	PROPN
ftr-397	764	2	rev	rev	PROPN
ftr-397	764	3	.	.	PROPN
ftr-397	765	1	262	262	NUM
ftr-397	765	2	(	(	PUNCT
ftr-397	765	3	1935	1935	NUM
ftr-397	765	4	)	)	PUNCT
ftr-397	765	5	)	)	PUNCT
ftr-397	766	1	(	(	PUNCT
ftr-397	766	2	noting	note	VERB
ftr-397	766	3	that	that	SCONJ
ftr-397	766	4	despite	despite	SCONJ
ftr-397	766	5	capital	capital	NOUN
ftr-397	766	6	classification	classification	NOUN
ftr-397	766	7	,	,	PUNCT
ftr-397	766	8	a	a	DET
ftr-397	766	9	1934	1934	NUM
ftr-397	766	10	trader	trader	NOUN
ftr-397	766	11	would	would	AUX
ftr-397	766	12	have	have	AUX
ftr-397	766	13	had	have	VERB
ftr-397	766	14	a	a	DET
ftr-397	766	15	large	large	ADJ
ftr-397	766	16	proportion	proportion	NOUN
ftr-397	766	17	of	of	ADP
ftr-397	766	18	capital	capital	NOUN
ftr-397	766	19	gains	gain	NOUN
ftr-397	766	20	taxed	tax	VERB
ftr-397	766	21	at	at	ADP
ftr-397	766	22	ordinary	ordinary	ADJ
ftr-397	766	23	income	income	NOUN
ftr-397	766	24	rates	rate	NOUN
ftr-397	766	25	)	)	PUNCT
ftr-397	766	26	.	.	PUNCT
ftr-397	767	1	167	167	NUM
ftr-397	767	2	.	.	PUNCT
ftr-397	767	3	compare	compare	VERB
ftr-397	767	4	irc	irc	PROPN
ftr-397	767	5	§	§	PROPN
ftr-397	767	6	1(h)(1	1(h)(1	NUM
ftr-397	767	7	)	)	PUNCT
ftr-397	767	8	with	with	ADP
ftr-397	767	9	revenue	revenue	NOUN
ftr-397	767	10	act	act	NOUN
ftr-397	767	11	of	of	ADP
ftr-397	767	12	1934	1934	NUM
ftr-397	767	13	,	,	PUNCT
ftr-397	768	1	pub	pub	NOUN
ftr-397	768	2	l.	l.	NOUN
ftr-397	768	3	no	no	INTJ
ftr-397	768	4	.	.	PUNCT
ftr-397	769	1	73	73	NUM
ftr-397	769	2	-	-	SYM
ftr-397	769	3	216	216	NUM
ftr-397	769	4	,	,	PUNCT
ftr-397	769	5	§	§	PROPN
ftr-397	769	6	117(a	117(a	NUM
ftr-397	769	7	)	)	PUNCT
ftr-397	769	8	,	,	PUNCT
ftr-397	769	9	48	48	NUM
ftr-397	769	10	stat	stat	NOUN
ftr-397	769	11	.	.	PUNCT
ftr-397	770	1	680	680	NUM
ftr-397	770	2	,	,	PUNCT
ftr-397	770	3	714	714	NUM
ftr-397	770	4	.	.	PUNCT
ftr-397	771	1	168	168	NUM
ftr-397	771	2	.	.	PUNCT
ftr-397	772	1	i	i	PRON
ftr-397	772	2	d.	d.	PROPN
ftr-397	772	3	169	169	NUM
ftr-397	772	4	.	.	PUNCT
ftr-397	773	1	i	i	PRON
ftr-397	773	2	d.	d.	PROPN
ftr-397	773	3	see	see	VERB
ftr-397	773	4	generally	generally	ADV
ftr-397	773	5	bonner	bonner	PROPN
ftr-397	773	6	menking	menking	NOUN
ftr-397	773	7	,	,	PUNCT
ftr-397	773	8	making	make	VERB
ftr-397	773	9	sense	sense	NOUN
ftr-397	773	10	of	of	ADP
ftr-397	773	11	capital	capital	NOUN
ftr-397	773	12	gains	gain	NOUN
ftr-397	773	13	taxation	taxation	NOUN
ftr-397	773	14	,	,	PUNCT
ftr-397	773	15	39	39	NUM
ftr-397	773	16	u.	u.	PROPN
ftr-397	773	17	kan	kan	PROPN
ftr-397	773	18	.	.	PUNCT
ftr-397	774	1	l.	l.	PROPN
ftr-397	774	2	rev	rev	PROPN
ftr-397	774	3	.	.	PROPN
ftr-397	774	4	175	175	NUM
ftr-397	774	5	,	,	PUNCT
ftr-397	774	6	177	177	NUM
ftr-397	774	7	-	-	SYM
ftr-397	774	8	78	78	NUM
ftr-397	774	9	(	(	PUNCT
ftr-397	774	10	1990	1990	NUM
ftr-397	774	11	)	)	PUNCT
ftr-397	774	12	(	(	PUNCT
ftr-397	774	13	discussing	discuss	VERB
ftr-397	774	14	this	this	DET
ftr-397	774	15	“	"	PUNCT
ftr-397	774	16	inclusion	inclusion	NOUN
ftr-397	774	17	ratio	ratio	NOUN
ftr-397	774	18	”	"	PUNCT
ftr-397	774	19	concept	concept	NOUN
ftr-397	774	20	)	)	PUNCT
ftr-397	774	21	;	;	PUNCT
ftr-397	774	22	frederick	frederick	PROPN
ftr-397	774	23	l.	l.	PROPN
ftr-397	774	24	pearce	pearce	PROPN
ftr-397	774	25	,	,	PUNCT
ftr-397	774	26	capital	capital	NOUN
ftr-397	774	27	gains	gain	NOUN
ftr-397	774	28	and	and	CCONJ
ftr-397	774	29	losses	loss	NOUN
ftr-397	774	30	,	,	PUNCT
ftr-397	774	31	s.c	s.c	PROPN
ftr-397	774	32	.	.	PROPN
ftr-397	774	33	l.	l.	PROPN
ftr-397	774	34	q.	q.	PROPN
ftr-397	774	35	168	168	NUM
ftr-397	774	36	,	,	PUNCT
ftr-397	774	37	170	170	NUM
ftr-397	774	38	(	(	PUNCT
ftr-397	774	39	1953	1953	NUM
ftr-397	774	40	)	)	PUNCT
ftr-397	774	41	.	.	PUNCT
ftr-397	775	1	the	the	DET
ftr-397	775	2	1934	1934	NUM
ftr-397	775	3	code	code	NOUN
ftr-397	775	4	also	also	ADV
ftr-397	775	5	provided	provide	VERB
ftr-397	775	6	that	that	SCONJ
ftr-397	775	7	the	the	DET
ftr-397	775	8	amount	amount	NOUN
ftr-397	775	9	of	of	ADP
ftr-397	775	10	capital	capital	NOUN
ftr-397	775	11	losses	loss	NOUN
ftr-397	775	12	allowed	allow	VERB
ftr-397	775	13	was	be	AUX
ftr-397	775	14	limited	limit	VERB
ftr-397	775	15	to	to	ADP
ftr-397	775	16	the	the	DET
ftr-397	775	17	amount	amount	NOUN
ftr-397	775	18	of	of	ADP
ftr-397	775	19	capital	capital	NOUN
ftr-397	775	20	gains	gain	NOUN
ftr-397	775	21	plus	plus	CCONJ
ftr-397	775	22	$	$	SYM
ftr-397	775	23	2,000	2,000	NUM
ftr-397	775	24	.	.	PUNCT
ftr-397	776	1	irc	irc	PROPN
ftr-397	776	2	§	§	PROPN
ftr-397	776	3	117(d	117(d	PROPN
ftr-397	776	4	)	)	PUNCT
ftr-397	776	5	(	(	PUNCT
ftr-397	776	6	1934	1934	NUM
ftr-397	776	7	)	)	PUNCT
ftr-397	776	8	.	.	PUNCT
ftr-397	777	1	170	170	NUM
ftr-397	777	2	.	.	PUNCT
ftr-397	778	1	revenue	revenue	NOUN
ftr-397	778	2	act	act	NOUN
ftr-397	778	3	of	of	ADP
ftr-397	778	4	1934	1934	NUM
ftr-397	778	5	,	,	PUNCT
ftr-397	779	1	pub	pub	NOUN
ftr-397	779	2	l.	l.	NOUN
ftr-397	779	3	no	no	INTJ
ftr-397	779	4	.	.	PUNCT
ftr-397	780	1	73	73	NUM
ftr-397	780	2	-	-	SYM
ftr-397	780	3	216	216	NUM
ftr-397	780	4	,	,	PUNCT
ftr-397	780	5	§	§	PROPN
ftr-397	780	6	117(a	117(a	NUM
ftr-397	780	7	)	)	PUNCT
ftr-397	780	8	,	,	PUNCT
ftr-397	780	9	48	48	NUM
ftr-397	780	10	stat	stat	NOUN
ftr-397	780	11	.	.	PUNCT
ftr-397	781	1	680	680	NUM
ftr-397	781	2	,	,	PUNCT
ftr-397	781	3	714	714	NUM
ftr-397	781	4	.	.	PUNCT
ftr-397	782	1	a	a	DET
ftr-397	782	2	corporation	corporation	NOUN
ftr-397	782	3	was	be	AUX
ftr-397	782	4	taxed	tax	VERB
ftr-397	782	5	in	in	ADP
ftr-397	782	6	full	full	ADJ
ftr-397	782	7	on	on	ADP
ftr-397	782	8	its	its	PRON
ftr-397	782	9	capital	capital	NOUN
ftr-397	782	10	gains	gain	NOUN
ftr-397	782	11	.	.	PUNCT
ftr-397	783	1	171	171	NUM
ftr-397	783	2	.	.	PUNCT
ftr-397	784	1	miller	miller	PROPN
ftr-397	784	2	,	,	PUNCT
ftr-397	784	3	supra	supra	PROPN
ftr-397	784	4	note	note	NOUN
ftr-397	784	5	125	125	NUM
ftr-397	784	6	,	,	PUNCT
ftr-397	784	7	at	at	ADP
ftr-397	784	8	845	845	NUM
ftr-397	784	9	.	.	NOUN
ftr-397	784	10	172	172	NUM
ftr-397	784	11	.	.	PUNCT
ftr-397	785	1	such	such	DET
ftr-397	785	2	a	a	DET
ftr-397	785	3	hypothetical	hypothetical	ADJ
ftr-397	785	4	trader	trader	NOUN
ftr-397	785	5	would	would	AUX
ftr-397	785	6	be	be	AUX
ftr-397	785	7	taxed	tax	VERB
ftr-397	785	8	on	on	ADP
ftr-397	785	9	80	80	NUM
ftr-397	785	10	%	%	NOUN
ftr-397	785	11	of	of	ADP
ftr-397	785	12	such	such	ADJ
ftr-397	785	13	capital	capital	NOUN
ftr-397	785	14	gain	gain	NOUN
ftr-397	785	15	at	at	ADP
ftr-397	785	16	a	a	DET
ftr-397	785	17	35	35	NUM
ftr-397	785	18	%	%	NOUN
ftr-397	785	19	rate	rate	NOUN
ftr-397	785	20	,	,	PUNCT
ftr-397	785	21	giving	give	VERB
ftr-397	785	22	rise	rise	NOUN
ftr-397	785	23	to	to	ADP
ftr-397	785	24	an	an	DET
ftr-397	785	25	effective	effective	ADJ
ftr-397	785	26	marginal	marginal	ADJ
ftr-397	785	27	rate	rate	NOUN
ftr-397	785	28	of	of	ADP
ftr-397	785	29	28	28	NUM
ftr-397	785	30	%	%	NOUN
ftr-397	785	31	(	(	PUNCT
ftr-397	785	32	because	because	SCONJ
ftr-397	785	33	80	80	NUM
ftr-397	785	34	%	%	NOUN
ftr-397	785	35	x	x	SYM
ftr-397	785	36	35	35	NUM
ftr-397	785	37	%	%	NOUN
ftr-397	785	38	rate	rate	NOUN
ftr-397	785	39	=	=	NOUN
ftr-397	785	40	28	28	NUM
ftr-397	785	41	%	%	NOUN
ftr-397	785	42	)	)	PUNCT
ftr-397	785	43	.	.	PUNCT
ftr-397	786	1	1152	1152	NUM
ftr-397	786	2	florida	florida	PROPN
ftr-397	786	3	tax	tax	NOUN
ftr-397	786	4	review	review	NOUN
ftr-397	786	5	[	[	X
ftr-397	786	6	vol	vol	NOUN
ftr-397	786	7	.	.	PUNCT
ftr-397	787	1	8:10	8:10	NUM
ftr-397	788	1	this	this	PRON
ftr-397	788	2	is	be	AUX
ftr-397	788	3	obviously	obviously	ADV
ftr-397	788	4	a	a	DET
ftr-397	788	5	much	much	ADV
ftr-397	788	6	less	less	ADV
ftr-397	788	7	favorable	favorable	ADJ
ftr-397	788	8	rate	rate	NOUN
ftr-397	788	9	than	than	ADP
ftr-397	788	10	the	the	DET
ftr-397	788	11	current	current	ADJ
ftr-397	788	12	usual	usual	ADJ
ftr-397	788	13	15	15	NUM
ftr-397	788	14	%	%	NOUN
ftr-397	788	15	rate	rate	NOUN
ftr-397	788	16	on	on	ADP
ftr-397	788	17	long	long	ADJ
ftr-397	788	18	-	-	PUNCT
ftr-397	788	19	term	term	NOUN
ftr-397	788	20	capital	capital	NOUN
ftr-397	788	21	assets.173	assets.173	PROPN
ftr-397	788	22	hence	hence	ADV
ftr-397	788	23	,	,	PUNCT
ftr-397	788	24	at	at	ADP
ftr-397	788	25	the	the	DET
ftr-397	788	26	time	time	NOUN
ftr-397	788	27	of	of	ADP
ftr-397	788	28	the	the	DET
ftr-397	788	29	1934	1934	NUM
ftr-397	788	30	addition	addition	NOUN
ftr-397	788	31	of	of	ADP
ftr-397	788	32	the	the	DET
ftr-397	788	33	“	"	PUNCT
ftr-397	788	34	to	to	ADP
ftr-397	788	35	customers	customer	NOUN
ftr-397	788	36	”	"	PUNCT
ftr-397	788	37	requirement	requirement	NOUN
ftr-397	788	38	,	,	PUNCT
ftr-397	788	39	the	the	DET
ftr-397	788	40	prohibition	prohibition	NOUN
ftr-397	788	41	against	against	ADP
ftr-397	788	42	ordinary	ordinary	ADJ
ftr-397	788	43	loss	loss	NOUN
ftr-397	788	44	treatment	treatment	NOUN
ftr-397	788	45	for	for	ADP
ftr-397	788	46	speculator	speculator	NOUN
ftr-397	788	47	losses	loss	NOUN
ftr-397	788	48	that	that	PRON
ftr-397	788	49	was	be	AUX
ftr-397	788	50	enacted	enact	VERB
ftr-397	788	51	by	by	ADP
ftr-397	788	52	that	that	DET
ftr-397	788	53	addition	addition	NOUN
ftr-397	788	54	would	would	AUX
ftr-397	788	55	not	not	PART
ftr-397	788	56	necessarily	necessarily	ADV
ftr-397	788	57	have	have	AUX
ftr-397	788	58	given	give	VERB
ftr-397	788	59	rise	rise	NOUN
ftr-397	788	60	to	to	ADP
ftr-397	788	61	very	very	ADV
ftr-397	788	62	favorable	favorable	ADJ
ftr-397	788	63	treatment	treatment	NOUN
ftr-397	788	64	of	of	ADP
ftr-397	788	65	such	such	ADJ
ftr-397	788	66	speculators	speculator	NOUN
ftr-397	788	67	on	on	ADP
ftr-397	788	68	the	the	DET
ftr-397	788	69	gain	gain	NOUN
ftr-397	788	70	side	side	NOUN
ftr-397	788	71	,	,	PUNCT
ftr-397	788	72	and	and	CCONJ
ftr-397	788	73	there	there	PRON
ftr-397	788	74	would	would	AUX
ftr-397	788	75	presumably	presumably	ADV
ftr-397	788	76	have	have	AUX
ftr-397	788	77	been	be	AUX
ftr-397	788	78	less	less	ADJ
ftr-397	788	79	reason	reason	NOUN
ftr-397	788	80	to	to	PART
ftr-397	788	81	be	be	AUX
ftr-397	788	82	concerned	concern	VERB
ftr-397	788	83	about	about	ADP
ftr-397	788	84	the	the	DET
ftr-397	788	85	flip	flip	ADJ
ftr-397	788	86	side	side	NOUN
ftr-397	788	87	of	of	ADP
ftr-397	788	88	the	the	DET
ftr-397	788	89	new	new	ADJ
ftr-397	788	90	legislation.174	legislation.174	NOUN
ftr-397	788	91	as	as	SCONJ
ftr-397	788	92	discussed	discuss	VERB
ftr-397	788	93	above	above	ADV
ftr-397	788	94	,	,	PUNCT
ftr-397	788	95	however	however	ADV
ftr-397	788	96	,	,	PUNCT
ftr-397	788	97	under	under	ADP
ftr-397	788	98	the	the	DET
ftr-397	788	99	present	present	ADJ
ftr-397	788	100	-	-	PUNCT
ftr-397	788	101	day	day	NOUN
ftr-397	788	102	scheme	scheme	NOUN
ftr-397	788	103	of	of	ADP
ftr-397	788	104	taxing	tax	VERB
ftr-397	788	105	certain	certain	ADJ
ftr-397	788	106	capital	capital	NOUN
ftr-397	788	107	assets	asset	NOUN
ftr-397	788	108	at	at	ADP
ftr-397	788	109	reduced	reduce	VERB
ftr-397	788	110	rates	rate	NOUN
ftr-397	788	111	and	and	CCONJ
ftr-397	788	112	the	the	DET
ftr-397	788	113	rates	rate	NOUN
ftr-397	788	114	currently	currently	ADV
ftr-397	788	115	in	in	ADP
ftr-397	788	116	effect	effect	NOUN
ftr-397	788	117	,	,	PUNCT
ftr-397	788	118	a	a	DET
ftr-397	788	119	trader	trader	NOUN
ftr-397	788	120	with	with	ADP
ftr-397	788	121	capital	capital	NOUN
ftr-397	788	122	gains	gain	NOUN
ftr-397	788	123	held	hold	VERB
ftr-397	788	124	for	for	ADP
ftr-397	788	125	over	over	ADP
ftr-397	788	126	a	a	PRON
ftr-397	788	127	year	year	NOUN
ftr-397	788	128	will	will	AUX
ftr-397	788	129	be	be	AUX
ftr-397	788	130	taxed	tax	VERB
ftr-397	788	131	at	at	ADP
ftr-397	788	132	a	a	DET
ftr-397	788	133	maximum	maximum	ADJ
ftr-397	788	134	rate	rate	NOUN
ftr-397	788	135	of	of	ADP
ftr-397	788	136	15	15	NUM
ftr-397	788	137	%	%	NOUN
ftr-397	788	138	,	,	PUNCT
ftr-397	788	139	which	which	PRON
ftr-397	788	140	is	be	AUX
ftr-397	788	141	significantly	significantly	ADV
ftr-397	788	142	less	less	ADJ
ftr-397	788	143	than	than	ADP
ftr-397	788	144	the	the	DET
ftr-397	788	145	ordinary	ordinary	ADJ
ftr-397	788	146	income	income	NOUN
ftr-397	788	147	tax	tax	NOUN
ftr-397	788	148	rates	rate	NOUN
ftr-397	788	149	that	that	PRON
ftr-397	788	150	would	would	AUX
ftr-397	788	151	be	be	AUX
ftr-397	788	152	experienced	experience	VERB
ftr-397	788	153	by	by	ADP
ftr-397	788	154	dealers	dealer	NOUN
ftr-397	788	155	or	or	CCONJ
ftr-397	788	156	other	other	ADJ
ftr-397	788	157	taxpayers	taxpayer	NOUN
ftr-397	788	158	in	in	ADP
ftr-397	788	159	a	a	DET
ftr-397	788	160	trade	trade	NOUN
ftr-397	788	161	or	or	CCONJ
ftr-397	788	162	business	business	NOUN
ftr-397	788	163	.	.	PUNCT
ftr-397	789	1	the	the	DET
ftr-397	789	2	method	method	NOUN
ftr-397	789	3	of	of	ADP
ftr-397	789	4	taxing	tax	VERB
ftr-397	789	5	traders	trader	NOUN
ftr-397	789	6	that	that	PRON
ftr-397	789	7	has	have	AUX
ftr-397	789	8	continued	continue	VERB
ftr-397	789	9	to	to	ADP
ftr-397	789	10	the	the	DET
ftr-397	789	11	present	present	ADJ
ftr-397	789	12	day	day	NOUN
ftr-397	789	13	therefore	therefore	ADV
ftr-397	789	14	seems	seem	VERB
ftr-397	789	15	particularly	particularly	ADV
ftr-397	789	16	inappropriate	inappropriate	ADJ
ftr-397	789	17	in	in	ADP
ftr-397	789	18	the	the	DET
ftr-397	789	19	light	light	NOUN
ftr-397	789	20	of	of	ADP
ftr-397	789	21	changes	change	NOUN
ftr-397	789	22	in	in	ADP
ftr-397	789	23	the	the	DET
ftr-397	789	24	taxation	taxation	NOUN
ftr-397	789	25	of	of	ADP
ftr-397	789	26	capital	capital	NOUN
ftr-397	789	27	gains	gain	NOUN
ftr-397	789	28	since	since	SCONJ
ftr-397	789	29	1934	1934	NUM
ftr-397	789	30	,	,	PUNCT
ftr-397	789	31	and	and	CCONJ
ftr-397	789	32	not	not	PART
ftr-397	789	33	only	only	ADV
ftr-397	789	34	because	because	SCONJ
ftr-397	789	35	of	of	ADP
ftr-397	789	36	the	the	DET
ftr-397	789	37	magnitude	magnitude	NOUN
ftr-397	789	38	of	of	ADP
ftr-397	789	39	the	the	DET
ftr-397	789	40	rate	rate	NOUN
ftr-397	789	41	differential	differential	NOUN
ftr-397	789	42	under	under	ADP
ftr-397	789	43	current	current	ADJ
ftr-397	789	44	law	law	NOUN
ftr-397	789	45	.	.	PUNCT
ftr-397	790	1	from	from	ADP
ftr-397	790	2	a	a	DET
ftr-397	790	3	structural	structural	ADJ
ftr-397	790	4	point	point	NOUN
ftr-397	790	5	of	of	ADP
ftr-397	790	6	view	view	NOUN
ftr-397	790	7	,	,	PUNCT
ftr-397	790	8	this	this	DET
ftr-397	790	9	inappropriateness	inappropriateness	NOUN
ftr-397	790	10	also	also	ADV
ftr-397	790	11	stems	stem	VERB
ftr-397	790	12	from	from	ADP
ftr-397	790	13	the	the	DET
ftr-397	790	14	fact	fact	NOUN
ftr-397	790	15	that	that	SCONJ
ftr-397	790	16	by	by	ADP
ftr-397	790	17	mandating	mandate	VERB
ftr-397	790	18	capital	capital	NOUN
ftr-397	790	19	asset	asset	NOUN
ftr-397	790	20	treatment	treatment	NOUN
ftr-397	790	21	for	for	ADP
ftr-397	790	22	securities	security	NOUN
ftr-397	790	23	held	hold	VERB
ftr-397	790	24	for	for	ADP
ftr-397	790	25	sale	sale	NOUN
ftr-397	790	26	by	by	ADP
ftr-397	790	27	traders	trader	NOUN
ftr-397	790	28	(	(	PUNCT
ftr-397	790	29	who	who	PRON
ftr-397	790	30	have	have	VERB
ftr-397	790	31	no	no	DET
ftr-397	790	32	“	"	PUNCT
ftr-397	790	33	customers	customer	NOUN
ftr-397	790	34	”	"	PUNCT
ftr-397	790	35	)	)	PUNCT
ftr-397	790	36	,	,	PUNCT
ftr-397	790	37	the	the	DET
ftr-397	790	38	method	method	NOUN
ftr-397	790	39	of	of	ADP
ftr-397	790	40	taxing	tax	VERB
ftr-397	790	41	traders	trader	NOUN
ftr-397	790	42	that	that	PRON
ftr-397	790	43	was	be	AUX
ftr-397	790	44	introduced	introduce	VERB
ftr-397	790	45	by	by	ADP
ftr-397	790	46	congress	congress	PROPN
ftr-397	790	47	in	in	ADP
ftr-397	790	48	1934	1934	NUM
ftr-397	790	49	in	in	ADP
ftr-397	790	50	effect	effect	NOUN
ftr-397	790	51	links	link	NOUN
ftr-397	790	52	the	the	DET
ftr-397	790	53	“	"	PUNCT
ftr-397	790	54	gain	gain	VERB
ftr-397	790	55	side	side	NOUN
ftr-397	790	56	”	"	PUNCT
ftr-397	790	57	of	of	ADP
ftr-397	790	58	trader	trader	NOUN
ftr-397	790	59	taxation	taxation	NOUN
ftr-397	790	60	to	to	ADP
ftr-397	790	61	the	the	DET
ftr-397	790	62	way	way	NOUN
ftr-397	790	63	in	in	ADP
ftr-397	790	64	which	which	PRON
ftr-397	790	65	capital	capital	NOUN
ftr-397	790	66	gains	gain	NOUN
ftr-397	790	67	are	be	AUX
ftr-397	790	68	taxed	tax	VERB
ftr-397	790	69	at	at	ADP
ftr-397	790	70	any	any	DET
ftr-397	790	71	given	give	VERB
ftr-397	790	72	point	point	NOUN
ftr-397	790	73	in	in	ADP
ftr-397	790	74	time	time	NOUN
ftr-397	790	75	.	.	PUNCT
ftr-397	791	1	specifically	specifically	ADV
ftr-397	791	2	,	,	PUNCT
ftr-397	791	3	this	this	DET
ftr-397	791	4	method	method	NOUN
ftr-397	791	5	of	of	ADP
ftr-397	791	6	taxing	tax	VERB
ftr-397	791	7	traders	trader	NOUN
ftr-397	791	8	makes	make	VERB
ftr-397	791	9	the	the	DET
ftr-397	791	10	extent	extent	NOUN
ftr-397	791	11	to	to	PART
ftr-397	791	12	which	which	PRON
ftr-397	791	13	trader	trader	NOUN
ftr-397	791	14	taxation	taxation	NOUN
ftr-397	791	15	is	be	AUX
ftr-397	791	16	more	more	ADV
ftr-397	791	17	or	or	CCONJ
ftr-397	791	18	less	less	ADV
ftr-397	791	19	favorable	favorable	ADJ
ftr-397	791	20	than	than	ADP
ftr-397	791	21	the	the	DET
ftr-397	791	22	taxation	taxation	NOUN
ftr-397	791	23	of	of	ADP
ftr-397	791	24	investors	investor	NOUN
ftr-397	791	25	or	or	CCONJ
ftr-397	791	26	dealers	dealer	NOUN
ftr-397	791	27	dependent	dependent	ADJ
ftr-397	791	28	on	on	ADP
ftr-397	791	29	the	the	DET
ftr-397	791	30	effective	effective	ADJ
ftr-397	791	31	capital	capital	NOUN
ftr-397	791	32	gains	gain	NOUN
ftr-397	791	33	tax	tax	NOUN
ftr-397	791	34	rates	rate	NOUN
ftr-397	791	35	presently	presently	ADV
ftr-397	791	36	in	in	ADP
ftr-397	791	37	existence	existence	NOUN
ftr-397	791	38	.	.	PUNCT
ftr-397	792	1	quite	quite	ADV
ftr-397	792	2	apart	apart	ADV
ftr-397	792	3	from	from	ADP
ftr-397	792	4	being	be	AUX
ftr-397	792	5	a	a	DET
ftr-397	792	6	favorable	favorable	ADJ
ftr-397	792	7	system	system	NOUN
ftr-397	792	8	for	for	ADP
ftr-397	792	9	traders	trader	NOUN
ftr-397	792	10	given	give	VERB
ftr-397	792	11	the	the	DET
ftr-397	792	12	current	current	ADJ
ftr-397	792	13	differential	differential	NOUN
ftr-397	792	14	between	between	ADP
ftr-397	792	15	capital	capital	NOUN
ftr-397	792	16	and	and	CCONJ
ftr-397	792	17	ordinary	ordinary	ADJ
ftr-397	792	18	tax	tax	NOUN
ftr-397	792	19	rates	rate	NOUN
ftr-397	792	20	,	,	PUNCT
ftr-397	792	21	a	a	DET
ftr-397	792	22	system	system	NOUN
ftr-397	792	23	that	that	PRON
ftr-397	792	24	links	link	VERB
ftr-397	792	25	the	the	DET
ftr-397	792	26	degree	degree	NOUN
ftr-397	792	27	of	of	ADP
ftr-397	792	28	favorableness	favorableness	NOUN
ftr-397	792	29	of	of	ADP
ftr-397	792	30	trader	trader	NOUN
ftr-397	792	31	taxation	taxation	NOUN
ftr-397	792	32	to	to	ADP
ftr-397	792	33	the	the	DET
ftr-397	792	34	treatment	treatment	NOUN
ftr-397	792	35	of	of	ADP
ftr-397	792	36	capital	capital	NOUN
ftr-397	792	37	assets	asset	NOUN
ftr-397	792	38	at	at	ADP
ftr-397	792	39	any	any	DET
ftr-397	792	40	given	give	VERB
ftr-397	792	41	point	point	NOUN
ftr-397	792	42	in	in	ADP
ftr-397	792	43	time	time	NOUN
ftr-397	792	44	is	be	AUX
ftr-397	792	45	a	a	DET
ftr-397	792	46	system	system	NOUN
ftr-397	792	47	that	that	PRON
ftr-397	792	48	by	by	ADP
ftr-397	792	49	definition	definition	NOUN
ftr-397	792	50	contains	contain	VERB
ftr-397	792	51	embedded	embed	VERB
ftr-397	792	52	irrationality	irrationality	NOUN
ftr-397	792	53	.	.	PUNCT
ftr-397	793	1	this	this	PRON
ftr-397	793	2	is	be	AUX
ftr-397	793	3	particularly	particularly	ADV
ftr-397	793	4	so	so	ADV
ftr-397	793	5	since	since	SCONJ
ftr-397	793	6	capital	capital	NOUN
ftr-397	793	7	asset	asset	NOUN
ftr-397	793	8	taxation	taxation	NOUN
ftr-397	793	9	is	be	AUX
ftr-397	793	10	a	a	DET
ftr-397	793	11	“	"	PUNCT
ftr-397	793	12	live	live	ADJ
ftr-397	793	13	”	"	PUNCT
ftr-397	793	14	and	and	CCONJ
ftr-397	793	15	hotly	hotly	ADV
ftr-397	793	16	debated	debate	VERB
ftr-397	793	17	area	area	NOUN
ftr-397	793	18	of	of	ADP
ftr-397	793	19	the	the	DET
ftr-397	793	20	law	law	NOUN
ftr-397	793	21	,	,	PUNCT
ftr-397	793	22	and	and	CCONJ
ftr-397	793	23	is	be	AUX
ftr-397	793	24	an	an	DET
ftr-397	793	25	area	area	NOUN
ftr-397	793	26	that	that	PRON
ftr-397	793	27	has	have	AUX
ftr-397	793	28	endured	endure	VERB
ftr-397	793	29	many	many	ADJ
ftr-397	793	30	modifications	modification	NOUN
ftr-397	793	31	and	and	CCONJ
ftr-397	793	32	reversals	reversal	NOUN
ftr-397	793	33	over	over	ADP
ftr-397	793	34	the	the	DET
ftr-397	793	35	years.175	years.175	PROPN
ftr-397	793	36	in	in	ADP
ftr-397	793	37	sum	sum	NOUN
ftr-397	793	38	,	,	PUNCT
ftr-397	793	39	from	from	ADP
ftr-397	793	40	a	a	DET
ftr-397	793	41	structural	structural	ADJ
ftr-397	793	42	standpoint	standpoint	NOUN
ftr-397	793	43	,	,	PUNCT
ftr-397	793	44	pegging	peg	VERB
ftr-397	793	45	the	the	DET
ftr-397	793	46	taxation	taxation	NOUN
ftr-397	793	47	of	of	ADP
ftr-397	793	48	traders	trader	NOUN
ftr-397	793	49	to	to	ADP
ftr-397	793	50	capital	capital	NOUN
ftr-397	793	51	assets	asset	NOUN
ftr-397	793	52	taxation	taxation	NOUN
ftr-397	793	53	therefore	therefore	ADV
ftr-397	793	54	ensures	ensure	VERB
ftr-397	793	55	an	an	DET
ftr-397	793	56	innate	innate	ADJ
ftr-397	793	57	volatility	volatility	NOUN
ftr-397	793	58	in	in	ADP
ftr-397	793	59	the	the	DET
ftr-397	793	60	treatment	treatment	NOUN
ftr-397	793	61	of	of	ADP
ftr-397	793	62	traders	trader	NOUN
ftr-397	793	63	as	as	ADP
ftr-397	793	64	compared	compare	VERB
ftr-397	793	65	to	to	ADP
ftr-397	793	66	other	other	ADJ
ftr-397	793	67	types	type	NOUN
ftr-397	793	68	of	of	ADP
ftr-397	793	69	investors	investor	NOUN
ftr-397	793	70	.	.	PUNCT
ftr-397	794	1	if	if	SCONJ
ftr-397	794	2	the	the	DET
ftr-397	794	3	tax	tax	NOUN
ftr-397	794	4	rate	rate	NOUN
ftr-397	794	5	on	on	ADP
ftr-397	794	6	capital	capital	NOUN
ftr-397	794	7	gains	gain	NOUN
ftr-397	794	8	were	be	AUX
ftr-397	794	9	to	to	PART
ftr-397	794	10	fall	fall	VERB
ftr-397	794	11	as	as	ADP
ftr-397	794	12	compared	compare	VERB
ftr-397	794	13	to	to	ADP
ftr-397	794	14	the	the	DET
ftr-397	794	15	rates	rate	NOUN
ftr-397	794	16	on	on	ADP
ftr-397	794	17	ordinary	ordinary	ADJ
ftr-397	794	18	income	income	NOUN
ftr-397	794	19	taxation	taxation	NOUN
ftr-397	794	20	,	,	PUNCT
ftr-397	794	21	then	then	ADV
ftr-397	794	22	traders	trader	NOUN
ftr-397	794	23	would	would	AUX
ftr-397	794	24	be	be	AUX
ftr-397	794	25	afforded	afford	VERB
ftr-397	794	26	a	a	DET
ftr-397	794	27	correspondingly	correspondingly	ADV
ftr-397	794	28	larger	large	ADJ
ftr-397	794	29	advantage	advantage	NOUN
ftr-397	794	30	over	over	ADP
ftr-397	794	31	other	other	ADJ
ftr-397	794	32	taxpayers	taxpayer	NOUN
ftr-397	794	33	in	in	ADP
ftr-397	794	34	a	a	DET
ftr-397	794	35	trade	trade	NOUN
ftr-397	794	36	or	or	CCONJ
ftr-397	794	37	business	business	NOUN
ftr-397	794	38	;	;	PUNCT
ftr-397	794	39	if	if	SCONJ
ftr-397	794	40	the	the	DET
ftr-397	794	41	capital	capital	NOUN
ftr-397	794	42	gain	gain	VERB
ftr-397	794	43	tax	tax	NOUN
ftr-397	794	44	preference	preference	NOUN
ftr-397	794	45	were	be	AUX
ftr-397	794	46	to	to	PART
ftr-397	794	47	be	be	AUX
ftr-397	794	48	173	173	NUM
ftr-397	794	49	.	.	PUNCT
ftr-397	795	1	irc	irc	PROPN
ftr-397	795	2	§	§	PROPN
ftr-397	795	3	1(h	1(h	NUM
ftr-397	795	4	)	)	PUNCT
ftr-397	795	5	.	.	PUNCT
ftr-397	796	1	174	174	NUM
ftr-397	796	2	.	.	PUNCT
ftr-397	797	1	this	this	DET
ftr-397	797	2	observation	observation	NOUN
ftr-397	797	3	has	have	AUX
ftr-397	797	4	been	be	AUX
ftr-397	797	5	made	make	VERB
ftr-397	797	6	by	by	ADP
ftr-397	797	7	at	at	ADV
ftr-397	797	8	least	least	ADV
ftr-397	797	9	one	one	NUM
ftr-397	797	10	commentator	commentator	NOUN
ftr-397	797	11	.	.	PUNCT
ftr-397	798	1	miller	miller	PROPN
ftr-397	798	2	,	,	PUNCT
ftr-397	798	3	supra	supra	PROPN
ftr-397	798	4	note	note	NOUN
ftr-397	798	5	125	125	NUM
ftr-397	798	6	,	,	PUNCT
ftr-397	798	7	at	at	ADP
ftr-397	798	8	845	845	NUM
ftr-397	798	9	.	.	NOUN
ftr-397	798	10	175	175	NUM
ftr-397	798	11	.	.	PUNCT
ftr-397	799	1	see	see	VERB
ftr-397	799	2	,	,	PUNCT
ftr-397	799	3	e.g.	e.g.	ADV
ftr-397	799	4	,	,	PUNCT
ftr-397	799	5	gregg	gregg	PROPN
ftr-397	799	6	a.	a.	PROPN
ftr-397	799	7	esenwein	esenwein	PROPN
ftr-397	799	8	,	,	PUNCT
ftr-397	799	9	capital	capital	NOUN
ftr-397	799	10	gains	gain	NOUN
ftr-397	799	11	tax	tax	NOUN
ftr-397	799	12	rates	rate	NOUN
ftr-397	799	13	and	and	CCONJ
ftr-397	799	14	revenues	revenue	NOUN
ftr-397	799	15	,	,	PUNCT
ftr-397	799	16	cong	cong	NOUN
ftr-397	799	17	.	.	PUNCT
ftr-397	800	1	research	research	NOUN
ftr-397	800	2	.	.	PUNCT
ftr-397	801	1	serv	serv	PROPN
ftr-397	801	2	.	.	PUNCT
ftr-397	801	3	rep	rep	PROPN
ftr-397	801	4	.	.	PROPN
ftr-397	801	5	rs	rs	PROPN
ftr-397	801	6	20250	20250	NUM
ftr-397	801	7	(	(	PUNCT
ftr-397	801	8	apr	apr	NOUN
ftr-397	801	9	.	.	PROPN
ftr-397	801	10	4	4	NUM
ftr-397	801	11	,	,	PUNCT
ftr-397	801	12	2007	2007	NUM
ftr-397	801	13	)	)	PUNCT
ftr-397	801	14	,	,	PUNCT
ftr-397	801	15	available	available	ADJ
ftr-397	801	16	at	at	ADP
ftr-397	801	17	tax	tax	NOUN
ftr-397	801	18	analysts	analyst	NOUN
ftr-397	801	19	2007	2007	NUM
ftr-397	801	20	tnt	tnt	PROPN
ftr-397	801	21	74	74	NUM
ftr-397	801	22	-	-	SYM
ftr-397	801	23	16	16	NUM
ftr-397	801	24	;	;	PUNCT
ftr-397	801	25	burman	burman	NOUN
ftr-397	801	26	,	,	PUNCT
ftr-397	801	27	supra	supra	PROPN
ftr-397	801	28	note	note	NOUN
ftr-397	801	29	2	2	NUM
ftr-397	801	30	;	;	PUNCT
ftr-397	801	31	menking	menking	NOUN
ftr-397	801	32	,	,	PUNCT
ftr-397	801	33	supra	supra	PROPN
ftr-397	801	34	note	note	PROPN
ftr-397	801	35	169	169	NUM
ftr-397	801	36	,	,	PUNCT
ftr-397	801	37	at	at	ADP
ftr-397	801	38	177	177	NUM
ftr-397	801	39	-	-	SYM
ftr-397	801	40	78	78	NUM
ftr-397	801	41	(	(	PUNCT
ftr-397	801	42	1990	1990	NUM
ftr-397	801	43	)	)	PUNCT
ftr-397	801	44	;	;	PUNCT
ftr-397	801	45	see	see	VERB
ftr-397	801	46	also	also	ADV
ftr-397	801	47	,	,	PUNCT
ftr-397	801	48	generally	generally	ADV
ftr-397	801	49	,	,	PUNCT
ftr-397	801	50	john	john	PROPN
ftr-397	801	51	w.	w.	PROPN
ftr-397	801	52	lee	lee	PROPN
ftr-397	801	53	iii	iii	PROPN
ftr-397	801	54	,	,	PUNCT
ftr-397	801	55	supra	supra	PROPN
ftr-397	801	56	note	note	NOUN
ftr-397	801	57	157	157	NUM
ftr-397	801	58	.	.	PUNCT
ftr-397	801	59	2008	2008	NUM
ftr-397	801	60	]	]	PUNCT
ftr-397	801	61	a	a	DET
ftr-397	801	62	structural	structural	ADJ
ftr-397	801	63	critique	critique	NOUN
ftr-397	801	64	of	of	ADP
ftr-397	801	65	trader	trader	NOUN
ftr-397	801	66	taxation	taxation	NOUN
ftr-397	801	67	1153	1153	NUM
ftr-397	801	68	repealed	repeal	VERB
ftr-397	801	69	entirely	entirely	ADV
ftr-397	801	70	,	,	PUNCT
ftr-397	801	71	then	then	ADV
ftr-397	801	72	the	the	DET
ftr-397	801	73	taxation	taxation	NOUN
ftr-397	801	74	of	of	ADP
ftr-397	801	75	traders	trader	NOUN
ftr-397	801	76	would	would	AUX
ftr-397	801	77	presumably	presumably	ADV
ftr-397	801	78	be	be	AUX
ftr-397	801	79	more	more	ADV
ftr-397	801	80	in	in	ADP
ftr-397	801	81	alignment	alignment	NOUN
ftr-397	801	82	with	with	ADP
ftr-397	801	83	the	the	DET
ftr-397	801	84	taxation	taxation	NOUN
ftr-397	801	85	of	of	ADP
ftr-397	801	86	other	other	ADJ
ftr-397	801	87	taxpayers.176	taxpayers.176	PROPN
ftr-397	801	88	ii	ii	PROPN
ftr-397	801	89	.	.	PUNCT
ftr-397	802	1	structural	structural	ADJ
ftr-397	802	2	proliferation	proliferation	NOUN
ftr-397	802	3	a	a	DET
ftr-397	802	4	second	second	ADJ
ftr-397	802	5	and	and	CCONJ
ftr-397	802	6	related	related	ADJ
ftr-397	802	7	structural	structural	ADJ
ftr-397	802	8	defect	defect	NOUN
ftr-397	802	9	in	in	ADP
ftr-397	802	10	the	the	DET
ftr-397	802	11	treatment	treatment	NOUN
ftr-397	802	12	of	of	ADP
ftr-397	802	13	traders	trader	NOUN
ftr-397	802	14	is	be	AUX
ftr-397	802	15	that	that	SCONJ
ftr-397	802	16	the	the	DET
ftr-397	802	17	embedded	embed	VERB
ftr-397	802	18	volatility	volatility	NOUN
ftr-397	802	19	in	in	ADP
ftr-397	802	20	the	the	DET
ftr-397	802	21	structure	structure	NOUN
ftr-397	802	22	of	of	ADP
ftr-397	802	23	trader	trader	NOUN
ftr-397	802	24	taxation	taxation	NOUN
ftr-397	802	25	has	have	VERB
ftr-397	802	26	the	the	DET
ftr-397	802	27	potential	potential	NOUN
ftr-397	802	28	to	to	PART
ftr-397	802	29	be	be	AUX
ftr-397	802	30	more	more	ADV
ftr-397	802	31	problematic	problematic	ADJ
ftr-397	802	32	and	and	CCONJ
ftr-397	802	33	widespread	widespread	ADJ
ftr-397	802	34	than	than	ADP
ftr-397	802	35	ever	ever	ADV
ftr-397	802	36	before	before	ADV
ftr-397	802	37	,	,	PUNCT
ftr-397	802	38	given	give	VERB
ftr-397	802	39	current	current	ADJ
ftr-397	802	40	-	-	PUNCT
ftr-397	802	41	day	day	NOUN
ftr-397	802	42	exigencies	exigency	NOUN
ftr-397	802	43	.	.	PUNCT
ftr-397	803	1	first	first	ADV
ftr-397	803	2	,	,	PUNCT
ftr-397	803	3	there	there	PRON
ftr-397	803	4	are	be	VERB
ftr-397	803	5	many	many	ADJ
ftr-397	803	6	more	more	ADJ
ftr-397	803	7	taxpayers	taxpayer	NOUN
ftr-397	803	8	who	who	PRON
ftr-397	803	9	have	have	VERB
ftr-397	803	10	the	the	DET
ftr-397	803	11	potential	potential	NOUN
ftr-397	803	12	to	to	PART
ftr-397	803	13	qualify	qualify	VERB
ftr-397	803	14	as	as	ADP
ftr-397	803	15	traders	trader	NOUN
ftr-397	803	16	today	today	NOUN
ftr-397	803	17	than	than	SCONJ
ftr-397	803	18	there	there	PRON
ftr-397	803	19	were	be	VERB
ftr-397	803	20	in	in	ADP
ftr-397	803	21	1934	1934	NUM
ftr-397	803	22	.	.	PUNCT
ftr-397	804	1	commentators	commentator	NOUN
ftr-397	804	2	have	have	AUX
ftr-397	804	3	pointed	point	VERB
ftr-397	804	4	out	out	ADP
ftr-397	804	5	the	the	DET
ftr-397	804	6	role	role	NOUN
ftr-397	804	7	of	of	ADP
ftr-397	804	8	the	the	DET
ftr-397	804	9	internet	internet	NOUN
ftr-397	804	10	and	and	CCONJ
ftr-397	804	11	other	other	ADJ
ftr-397	804	12	economic	economic	ADJ
ftr-397	804	13	factors	factor	NOUN
ftr-397	804	14	,	,	PUNCT
ftr-397	804	15	which	which	PRON
ftr-397	804	16	have	have	AUX
ftr-397	804	17	led	lead	VERB
ftr-397	804	18	to	to	ADP
ftr-397	804	19	a	a	DET
ftr-397	804	20	vast	vast	ADJ
ftr-397	804	21	increase	increase	NOUN
ftr-397	804	22	in	in	ADP
ftr-397	804	23	the	the	DET
ftr-397	804	24	amount	amount	NOUN
ftr-397	804	25	of	of	ADP
ftr-397	804	26	trading	trading	NOUN
ftr-397	804	27	done	do	VERB
ftr-397	804	28	by	by	ADP
ftr-397	804	29	individuals	individual	NOUN
ftr-397	804	30	and	and	CCONJ
ftr-397	804	31	in	in	ADP
ftr-397	804	32	the	the	DET
ftr-397	804	33	number	number	NOUN
ftr-397	804	34	of	of	ADP
ftr-397	804	35	traders.177	traders.177	ADJ
ftr-397	804	36	this	this	PRON
ftr-397	804	37	means	mean	VERB
ftr-397	804	38	that	that	SCONJ
ftr-397	804	39	any	any	DET
ftr-397	804	40	problems	problem	NOUN
ftr-397	804	41	caused	cause	VERB
ftr-397	804	42	by	by	ADP
ftr-397	804	43	the	the	DET
ftr-397	804	44	asymmetry	asymmetry	NOUN
ftr-397	804	45	and	and	CCONJ
ftr-397	804	46	potential	potential	ADJ
ftr-397	804	47	volatility	volatility	NOUN
ftr-397	804	48	of	of	ADP
ftr-397	804	49	trader	trader	NOUN
ftr-397	804	50	taxation	taxation	NOUN
ftr-397	804	51	under	under	ADP
ftr-397	804	52	the	the	DET
ftr-397	804	53	law	law	NOUN
ftr-397	804	54	have	have	VERB
ftr-397	804	55	the	the	DET
ftr-397	804	56	potential	potential	NOUN
ftr-397	804	57	to	to	PART
ftr-397	804	58	be	be	AUX
ftr-397	804	59	multiplied	multiply	VERB
ftr-397	804	60	in	in	ADP
ftr-397	804	61	scope	scope	NOUN
ftr-397	804	62	.	.	PUNCT
ftr-397	805	1	in	in	ADP
ftr-397	805	2	contrast	contrast	NOUN
ftr-397	805	3	to	to	ADP
ftr-397	805	4	1934	1934	NUM
ftr-397	805	5	,	,	PUNCT
ftr-397	805	6	rather	rather	ADV
ftr-397	805	7	than	than	ADP
ftr-397	805	8	the	the	DET
ftr-397	805	9	handful	handful	NOUN
ftr-397	805	10	of	of	ADP
ftr-397	805	11	speculators	speculator	NOUN
ftr-397	805	12	whose	whose	DET
ftr-397	805	13	attempts	attempt	NOUN
ftr-397	805	14	at	at	ADP
ftr-397	805	15	using	use	VERB
ftr-397	805	16	their	their	PRON
ftr-397	805	17	losses	loss	NOUN
ftr-397	805	18	against	against	ADP
ftr-397	805	19	ordinary	ordinary	ADJ
ftr-397	805	20	income	income	NOUN
ftr-397	805	21	needed	need	VERB
ftr-397	805	22	to	to	PART
ftr-397	805	23	be	be	AUX
ftr-397	805	24	thwarted	thwart	VERB
ftr-397	805	25	,	,	PUNCT
ftr-397	805	26	there	there	PRON
ftr-397	805	27	is	be	VERB
ftr-397	805	28	now	now	ADV
ftr-397	805	29	a	a	DET
ftr-397	805	30	larger	large	ADJ
ftr-397	805	31	number	number	NOUN
ftr-397	805	32	of	of	ADP
ftr-397	805	33	traders	trader	NOUN
ftr-397	805	34	who	who	PRON
ftr-397	805	35	have	have	VERB
ftr-397	805	36	the	the	DET
ftr-397	805	37	potential	potential	NOUN
ftr-397	805	38	to	to	PART
ftr-397	805	39	treat	treat	VERB
ftr-397	805	40	their	their	PRON
ftr-397	805	41	gains	gain	NOUN
ftr-397	805	42	as	as	ADP
ftr-397	805	43	capital	capital	NOUN
ftr-397	805	44	gains	gain	NOUN
ftr-397	805	45	,	,	PUNCT
ftr-397	805	46	while	while	SCONJ
ftr-397	805	47	attempting	attempt	VERB
ftr-397	805	48	to	to	PART
ftr-397	805	49	deduct	deduct	VERB
ftr-397	805	50	trade	trade	NOUN
ftr-397	805	51	or	or	CCONJ
ftr-397	805	52	business	business	NOUN
ftr-397	805	53	expenses	expense	NOUN
ftr-397	805	54	from	from	ADP
ftr-397	805	55	these	these	DET
ftr-397	805	56	same	same	ADJ
ftr-397	805	57	activities	activity	NOUN
ftr-397	805	58	.	.	PUNCT
ftr-397	806	1	with	with	ADP
ftr-397	806	2	the	the	DET
ftr-397	806	3	growth	growth	NOUN
ftr-397	806	4	of	of	ADP
ftr-397	806	5	the	the	DET
ftr-397	806	6	“	"	PUNCT
ftr-397	806	7	trader	trader	NOUN
ftr-397	806	8	”	"	PUNCT
ftr-397	806	9	phenomenon	phenomenon	NOUN
ftr-397	806	10	,	,	PUNCT
ftr-397	806	11	the	the	DET
ftr-397	806	12	problems	problem	NOUN
ftr-397	806	13	caused	cause	VERB
ftr-397	806	14	by	by	ADP
ftr-397	806	15	the	the	DET
ftr-397	806	16	embedded	embed	VERB
ftr-397	806	17	volatility	volatility	NOUN
ftr-397	806	18	inherent	inherent	ADJ
ftr-397	806	19	in	in	ADP
ftr-397	806	20	trader	trader	NOUN
ftr-397	806	21	taxation	taxation	NOUN
ftr-397	806	22	discussed	discuss	VERB
ftr-397	806	23	above	above	ADV
ftr-397	806	24	have	have	VERB
ftr-397	806	25	the	the	DET
ftr-397	806	26	potential	potential	NOUN
ftr-397	806	27	to	to	PART
ftr-397	806	28	be	be	AUX
ftr-397	806	29	seriously	seriously	ADV
ftr-397	806	30	magnified	magnify	VERB
ftr-397	806	31	.	.	PUNCT
ftr-397	807	1	second	second	X
ftr-397	807	2	,	,	PUNCT
ftr-397	807	3	it	it	PRON
ftr-397	807	4	should	should	AUX
ftr-397	807	5	also	also	ADV
ftr-397	807	6	be	be	AUX
ftr-397	807	7	noted	note	VERB
ftr-397	807	8	that	that	SCONJ
ftr-397	807	9	while	while	SCONJ
ftr-397	807	10	this	this	DET
ftr-397	807	11	article	article	NOUN
ftr-397	807	12	focuses	focus	VERB
ftr-397	807	13	mainly	mainly	ADV
ftr-397	807	14	on	on	ADP
ftr-397	807	15	what	what	PRON
ftr-397	807	16	may	may	AUX
ftr-397	807	17	be	be	AUX
ftr-397	807	18	thought	think	VERB
ftr-397	807	19	of	of	ADP
ftr-397	807	20	as	as	ADP
ftr-397	807	21	the	the	DET
ftr-397	807	22	“	"	PUNCT
ftr-397	807	23	base	base	NOUN
ftr-397	807	24	case	case	NOUN
ftr-397	807	25	”	"	PUNCT
ftr-397	807	26	of	of	ADP
ftr-397	807	27	trader	trader	NOUN
ftr-397	807	28	taxation	taxation	NOUN
ftr-397	807	29	–	–	PUNCT
ftr-397	807	30	the	the	DET
ftr-397	807	31	case	case	NOUN
ftr-397	807	32	of	of	ADP
ftr-397	807	33	an	an	DET
ftr-397	807	34	individual	individual	ADJ
ftr-397	807	35	trader	trader	NOUN
ftr-397	807	36	filing	filing	NOUN
ftr-397	807	37	form	form	NOUN
ftr-397	807	38	1040	1040	NUM
ftr-397	807	39	with	with	ADP
ftr-397	807	40	schedules	schedule	NOUN
ftr-397	807	41	c	c	PROPN
ftr-397	807	42	and	and	CCONJ
ftr-397	807	43	d	d	PROPN
ftr-397	807	44	–	–	PUNCT
ftr-397	807	45	modern	modern	ADJ
ftr-397	807	46	-	-	PUNCT
ftr-397	807	47	day	day	NOUN
ftr-397	807	48	exigencies	exigency	NOUN
ftr-397	807	49	have	have	AUX
ftr-397	807	50	ensured	ensure	VERB
ftr-397	807	51	that	that	SCONJ
ftr-397	807	52	the	the	DET
ftr-397	807	53	structure	structure	NOUN
ftr-397	807	54	of	of	ADP
ftr-397	807	55	the	the	DET
ftr-397	807	56	tax	tax	NOUN
ftr-397	807	57	rules	rule	NOUN
ftr-397	807	58	concerning	concern	VERB
ftr-397	807	59	traders	trader	NOUN
ftr-397	807	60	will	will	AUX
ftr-397	807	61	have	have	VERB
ftr-397	807	62	implications	implication	NOUN
ftr-397	807	63	far	far	ADV
ftr-397	807	64	beyond	beyond	ADP
ftr-397	807	65	the	the	DET
ftr-397	807	66	basic	basic	ADJ
ftr-397	807	67	scenario	scenario	NOUN
ftr-397	807	68	involving	involve	VERB
ftr-397	807	69	the	the	DET
ftr-397	807	70	prevention	prevention	NOUN
ftr-397	807	71	of	of	ADP
ftr-397	807	72	a	a	DET
ftr-397	807	73	lone	lone	ADJ
ftr-397	807	74	speculator	speculator	NOUN
ftr-397	807	75	from	from	ADP
ftr-397	807	76	offsetting	offset	VERB
ftr-397	807	77	ordinary	ordinary	ADJ
ftr-397	807	78	income	income	NOUN
ftr-397	807	79	with	with	ADP
ftr-397	807	80	trading	trading	NOUN
ftr-397	807	81	losses	loss	NOUN
ftr-397	807	82	.	.	PUNCT
ftr-397	808	1	unlike	unlike	ADP
ftr-397	808	2	in	in	ADP
ftr-397	808	3	1934	1934	NUM
ftr-397	808	4	,	,	PUNCT
ftr-397	808	5	today	today	NOUN
ftr-397	808	6	’s	’s	PART
ftr-397	808	7	traders	trader	NOUN
ftr-397	808	8	are	be	AUX
ftr-397	808	9	not	not	PART
ftr-397	808	10	just	just	ADV
ftr-397	808	11	individual	individual	ADJ
ftr-397	808	12	taxpayers	taxpayer	NOUN
ftr-397	808	13	speculating	speculate	VERB
ftr-397	808	14	in	in	ADP
ftr-397	808	15	securities	security	NOUN
ftr-397	808	16	but	but	CCONJ
ftr-397	808	17	may	may	AUX
ftr-397	808	18	also	also	ADV
ftr-397	808	19	include	include	VERB
ftr-397	808	20	several	several	ADJ
ftr-397	808	21	individuals	individual	NOUN
ftr-397	808	22	grouped	group	VERB
ftr-397	808	23	together	together	ADV
ftr-397	808	24	to	to	PART
ftr-397	808	25	engage	engage	VERB
ftr-397	808	26	in	in	ADP
ftr-397	808	27	trading	trading	NOUN
ftr-397	808	28	via	via	ADP
ftr-397	808	29	entities	entity	NOUN
ftr-397	808	30	such	such	ADJ
ftr-397	808	31	as	as	ADP
ftr-397	808	32	investment	investment	NOUN
ftr-397	808	33	funds	fund	NOUN
ftr-397	808	34	or	or	CCONJ
ftr-397	808	35	other	other	ADJ
ftr-397	808	36	investment	investment	NOUN
ftr-397	808	37	pools	pool	NOUN
ftr-397	808	38	.	.	PUNCT
ftr-397	809	1	most	most	ADV
ftr-397	809	2	notably	notably	ADV
ftr-397	809	3	,	,	PUNCT
ftr-397	809	4	the	the	DET
ftr-397	809	5	statutory	statutory	ADJ
ftr-397	809	6	rules	rule	NOUN
ftr-397	809	7	governing	govern	VERB
ftr-397	809	8	the	the	DET
ftr-397	809	9	taxation	taxation	NOUN
ftr-397	809	10	of	of	ADP
ftr-397	809	11	traders	trader	NOUN
ftr-397	809	12	apply	apply	VERB
ftr-397	809	13	not	not	PART
ftr-397	809	14	only	only	ADV
ftr-397	809	15	to	to	ADP
ftr-397	809	16	the	the	DET
ftr-397	809	17	solo	solo	NOUN
ftr-397	809	18	trader	trader	NOUN
ftr-397	809	19	but	but	CCONJ
ftr-397	809	20	may	may	AUX
ftr-397	809	21	also	also	ADV
ftr-397	809	22	apply	apply	VERB
ftr-397	809	23	to	to	ADP
ftr-397	809	24	the	the	DET
ftr-397	809	25	taxation	taxation	NOUN
ftr-397	809	26	of	of	ADP
ftr-397	809	27	partnership	partnership	NOUN
ftr-397	809	28	traders	trader	NOUN
ftr-397	809	29	such	such	ADJ
ftr-397	809	30	as	as	ADP
ftr-397	809	31	hedge	hedge	NOUN
ftr-397	809	32	funds	fund	NOUN
ftr-397	809	33	and	and	CCONJ
ftr-397	809	34	other	other	ADJ
ftr-397	809	35	investment	investment	NOUN
ftr-397	809	36	funds	fund	NOUN
ftr-397	809	37	(	(	PUNCT
ftr-397	809	38	typically	typically	ADV
ftr-397	809	39	176	176	NUM
ftr-397	809	40	.	.	PUNCT
ftr-397	810	1	for	for	ADP
ftr-397	810	2	an	an	DET
ftr-397	810	3	illustration	illustration	NOUN
ftr-397	810	4	of	of	ADP
ftr-397	810	5	how	how	SCONJ
ftr-397	810	6	the	the	DET
ftr-397	810	7	gap	gap	NOUN
ftr-397	810	8	between	between	ADP
ftr-397	810	9	ordinary	ordinary	ADJ
ftr-397	810	10	income	income	NOUN
ftr-397	810	11	and	and	CCONJ
ftr-397	810	12	capital	capital	NOUN
ftr-397	810	13	gain	gain	NOUN
ftr-397	810	14	has	have	AUX
ftr-397	810	15	changed	change	VERB
ftr-397	810	16	between	between	ADP
ftr-397	810	17	1998	1998	NUM
ftr-397	810	18	and	and	CCONJ
ftr-397	810	19	2010	2010	NUM
ftr-397	810	20	(	(	PUNCT
ftr-397	810	21	hypothetically	hypothetically	ADV
ftr-397	810	22	)	)	PUNCT
ftr-397	810	23	,	,	PUNCT
ftr-397	810	24	see	see	VERB
ftr-397	810	25	joann	joann	PROPN
ftr-397	810	26	m.	m.	PROPN
ftr-397	810	27	weiner	weiner	NOUN
ftr-397	810	28	,	,	PUNCT
ftr-397	810	29	news	news	NOUN
ftr-397	810	30	analysis	analysis	NOUN
ftr-397	810	31	:	:	PUNCT
ftr-397	810	32	saving	save	VERB
ftr-397	810	33	private	private	ADJ
ftr-397	810	34	equity	equity	NOUN
ftr-397	810	35	,	,	PUNCT
ftr-397	810	36	117	117	NUM
ftr-397	810	37	tax	tax	NOUN
ftr-397	810	38	notes	note	NOUN
ftr-397	810	39	309	309	NUM
ftr-397	810	40	,	,	PUNCT
ftr-397	810	41	311	311	NUM
ftr-397	810	42	(	(	PUNCT
ftr-397	810	43	oct	oct	PROPN
ftr-397	810	44	.	.	PROPN
ftr-397	810	45	22	22	NUM
ftr-397	810	46	,	,	PUNCT
ftr-397	810	47	2007	2007	NUM
ftr-397	810	48	)	)	PUNCT
ftr-397	810	49	(	(	PUNCT
ftr-397	810	50	figure	figure	NOUN
ftr-397	810	51	1	1	NUM
ftr-397	810	52	)	)	PUNCT
ftr-397	810	53	.	.	PUNCT
ftr-397	811	1	177	177	NUM
ftr-397	811	2	.	.	PUNCT
ftr-397	812	1	see	see	VERB
ftr-397	812	2	,	,	PUNCT
ftr-397	812	3	e.g.	e.g.	ADV
ftr-397	812	4	,	,	PUNCT
ftr-397	812	5	schwartz	schwartz	PROPN
ftr-397	812	6	,	,	PUNCT
ftr-397	812	7	supra	supra	PROPN
ftr-397	812	8	note	note	PROPN
ftr-397	812	9	5	5	NUM
ftr-397	812	10	,	,	PUNCT
ftr-397	812	11	at	at	ADP
ftr-397	812	12	399	399	NUM
ftr-397	812	13	;	;	PUNCT
ftr-397	812	14	robinson	robinson	PROPN
ftr-397	812	15	&	&	CCONJ
ftr-397	812	16	mark	mark	PROPN
ftr-397	812	17	,	,	PUNCT
ftr-397	812	18	supra	supra	PROPN
ftr-397	812	19	note	note	PROPN
ftr-397	812	20	165	165	NUM
ftr-397	812	21	;	;	PUNCT
ftr-397	812	22	see	see	VERB
ftr-397	812	23	also	also	ADV
ftr-397	812	24	,	,	PUNCT
ftr-397	812	25	generally	generally	ADV
ftr-397	812	26	,	,	PUNCT
ftr-397	812	27	http://www.etrade.com	http://www.etrade.com	X
ftr-397	813	1	(	(	PUNCT
ftr-397	813	2	last	last	ADV
ftr-397	813	3	visited	visit	VERB
ftr-397	813	4	jan	jan	PROPN
ftr-397	813	5	.	.	PROPN
ftr-397	813	6	19	19	NUM
ftr-397	813	7	,	,	PUNCT
ftr-397	813	8	2008	2008	NUM
ftr-397	813	9	)	)	PUNCT
ftr-397	813	10	,	,	PUNCT
ftr-397	813	11	http://www.tdameritrade.com	http://www.tdameritrade.com	X
ftr-397	814	1	(	(	PUNCT
ftr-397	814	2	last	last	ADV
ftr-397	814	3	visited	visit	VERB
ftr-397	814	4	jan	jan	PROPN
ftr-397	814	5	.	.	PROPN
ftr-397	814	6	19	19	NUM
ftr-397	814	7	,	,	PUNCT
ftr-397	814	8	2008	2008	NUM
ftr-397	814	9	)	)	PUNCT
ftr-397	814	10	,	,	PUNCT
ftr-397	814	11	http://www.fidelity.com	http://www.fidelity.com	X
ftr-397	815	1	(	(	PUNCT
ftr-397	815	2	last	last	ADV
ftr-397	815	3	visited	visit	VERB
ftr-397	815	4	jan	jan	PROPN
ftr-397	815	5	.	.	PROPN
ftr-397	815	6	19	19	NUM
ftr-397	815	7	,	,	PUNCT
ftr-397	815	8	2008	2008	NUM
ftr-397	815	9	)	)	PUNCT
ftr-397	815	10	,	,	PUNCT
ftr-397	815	11	http://www.schwab.com	http://www.schwab.com	X
ftr-397	815	12	(	(	PUNCT
ftr-397	815	13	last	last	ADV
ftr-397	815	14	visited	visit	VERB
ftr-397	815	15	jan	jan	PROPN
ftr-397	815	16	.	.	PROPN
ftr-397	815	17	19	19	NUM
ftr-397	815	18	,	,	PUNCT
ftr-397	815	19	2008	2008	NUM
ftr-397	815	20	)	)	PUNCT
ftr-397	815	21	,	,	PUNCT
ftr-397	815	22	as	as	ADP
ftr-397	815	23	examples	example	NOUN
ftr-397	815	24	of	of	ADP
ftr-397	815	25	websites	website	NOUN
ftr-397	815	26	via	via	ADP
ftr-397	815	27	which	which	PRON
ftr-397	815	28	an	an	DET
ftr-397	815	29	individual	individual	NOUN
ftr-397	815	30	sitting	sit	VERB
ftr-397	815	31	at	at	ADP
ftr-397	815	32	home	home	NOUN
ftr-397	815	33	may	may	AUX
ftr-397	815	34	easily	easily	ADV
ftr-397	815	35	be	be	AUX
ftr-397	815	36	able	able	ADJ
ftr-397	815	37	to	to	PART
ftr-397	815	38	trade	trade	VERB
ftr-397	815	39	in	in	ADP
ftr-397	815	40	stocks	stock	NOUN
ftr-397	815	41	and	and	CCONJ
ftr-397	815	42	securities	security	NOUN
ftr-397	815	43	.	.	PUNCT
ftr-397	816	1	1154	1154	NUM
ftr-397	816	2	florida	florida	PROPN
ftr-397	816	3	tax	tax	PROPN
ftr-397	816	4	review	review	NOUN
ftr-397	816	5	[	[	X
ftr-397	816	6	vol	vol	NOUN
ftr-397	816	7	.	.	PUNCT
ftr-397	817	1	8:10	8:10	NUM
ftr-397	817	2	non	non	ADJ
ftr-397	817	3	-	-	ADJ
ftr-397	817	4	registered	registered	ADJ
ftr-397	817	5	investment	investment	NOUN
ftr-397	817	6	funds	fund	NOUN
ftr-397	817	7	that	that	PRON
ftr-397	817	8	are	be	AUX
ftr-397	817	9	formed	form	VERB
ftr-397	817	10	as	as	ADP
ftr-397	817	11	offshore	offshore	ADJ
ftr-397	817	12	partnerships	partnership	NOUN
ftr-397	817	13	and	and	CCONJ
ftr-397	817	14	that	that	PRON
ftr-397	817	15	employ	employ	VERB
ftr-397	817	16	various	various	ADJ
ftr-397	817	17	investment	investment	NOUN
ftr-397	817	18	strategies	strategy	NOUN
ftr-397	817	19	to	to	PART
ftr-397	817	20	make	make	VERB
ftr-397	817	21	gains	gain	NOUN
ftr-397	817	22	)	)	PUNCT
ftr-397	817	23	.	.	PUNCT
ftr-397	818	1	the	the	DET
ftr-397	818	2	fund	fund	NOUN
ftr-397	818	3	partnership	partnership	NOUN
ftr-397	818	4	itself	itself	PRON
ftr-397	818	5	typically	typically	ADV
ftr-397	818	6	receives	receive	VERB
ftr-397	818	7	capital	capital	NOUN
ftr-397	818	8	treatment	treatment	NOUN
ftr-397	818	9	on	on	ADP
ftr-397	818	10	the	the	DET
ftr-397	818	11	profits	profit	NOUN
ftr-397	818	12	from	from	ADP
ftr-397	818	13	the	the	DET
ftr-397	818	14	sales	sale	NOUN
ftr-397	818	15	or	or	CCONJ
ftr-397	818	16	exchanges	exchange	NOUN
ftr-397	818	17	of	of	ADP
ftr-397	818	18	their	their	PRON
ftr-397	818	19	investments	investment	NOUN
ftr-397	818	20	,	,	PUNCT
ftr-397	818	21	since	since	SCONJ
ftr-397	818	22	the	the	DET
ftr-397	818	23	assets	asset	NOUN
ftr-397	818	24	held	hold	VERB
ftr-397	818	25	by	by	ADP
ftr-397	818	26	hedge	hedge	NOUN
ftr-397	818	27	funds	fund	NOUN
ftr-397	818	28	are	be	AUX
ftr-397	818	29	generally	generally	ADV
ftr-397	818	30	capital	capital	NOUN
ftr-397	818	31	assets.178	assets.178	PROPN
ftr-397	818	32	under	under	ADP
ftr-397	818	33	the	the	DET
ftr-397	818	34	partnership	partnership	NOUN
ftr-397	818	35	tax	tax	NOUN
ftr-397	818	36	rules	rule	NOUN
ftr-397	818	37	,	,	PUNCT
ftr-397	818	38	this	this	DET
ftr-397	818	39	treatment	treatment	NOUN
ftr-397	818	40	would	would	AUX
ftr-397	818	41	generally	generally	ADV
ftr-397	818	42	be	be	AUX
ftr-397	818	43	passed	pass	VERB
ftr-397	818	44	through	through	ADP
ftr-397	818	45	the	the	DET
ftr-397	818	46	partnership	partnership	NOUN
ftr-397	818	47	to	to	ADP
ftr-397	818	48	the	the	DET
ftr-397	818	49	partners	partner	NOUN
ftr-397	818	50	therein.179	therein.179	PRON
ftr-397	818	51	therefore	therefore	ADV
ftr-397	818	52	,	,	PUNCT
ftr-397	818	53	investors	investor	NOUN
ftr-397	818	54	in	in	ADP
ftr-397	818	55	the	the	DET
ftr-397	818	56	fund	fund	NOUN
ftr-397	818	57	will	will	AUX
ftr-397	818	58	also	also	ADV
ftr-397	818	59	be	be	AUX
ftr-397	818	60	taxed	tax	VERB
ftr-397	818	61	on	on	ADP
ftr-397	818	62	their	their	PRON
ftr-397	818	63	distributive	distributive	ADJ
ftr-397	818	64	share	share	NOUN
ftr-397	818	65	of	of	ADP
ftr-397	818	66	the	the	DET
ftr-397	818	67	gain	gain	NOUN
ftr-397	818	68	realized	realize	VERB
ftr-397	818	69	by	by	ADP
ftr-397	818	70	the	the	DET
ftr-397	818	71	fund	fund	NOUN
ftr-397	818	72	at	at	ADP
ftr-397	818	73	capital	capital	NOUN
ftr-397	818	74	gain	gain	NOUN
ftr-397	818	75	rates	rate	NOUN
ftr-397	818	76	,	,	PUNCT
ftr-397	818	77	with	with	ADP
ftr-397	818	78	any	any	DET
ftr-397	818	79	losses	loss	NOUN
ftr-397	818	80	being	be	AUX
ftr-397	818	81	treated	treat	VERB
ftr-397	818	82	as	as	ADP
ftr-397	818	83	capital	capital	NOUN
ftr-397	818	84	losses.180	losses.180	PROPN
ftr-397	818	85	similarly	similarly	ADV
ftr-397	818	86	,	,	PUNCT
ftr-397	818	87	under	under	ADP
ftr-397	818	88	current	current	ADJ
ftr-397	818	89	law	law	NOUN
ftr-397	818	90	,	,	PUNCT
ftr-397	818	91	fund	fund	NOUN
ftr-397	818	92	managers	manager	NOUN
ftr-397	818	93	,	,	PUNCT
ftr-397	818	94	as	as	SCONJ
ftr-397	818	95	“	"	PUNCT
ftr-397	818	96	carried	carry	VERB
ftr-397	818	97	interest	interest	NOUN
ftr-397	818	98	”	"	PUNCT
ftr-397	818	99	partners	partner	NOUN
ftr-397	818	100	,	,	PUNCT
ftr-397	818	101	also	also	ADV
ftr-397	818	102	receive	receive	VERB
ftr-397	818	103	capital	capital	NOUN
ftr-397	818	104	gain	gain	NOUN
ftr-397	818	105	and	and	CCONJ
ftr-397	818	106	loss	loss	NOUN
ftr-397	818	107	treatment	treatment	NOUN
ftr-397	818	108	on	on	ADP
ftr-397	818	109	such	such	ADJ
ftr-397	818	110	sales	sale	NOUN
ftr-397	818	111	and	and	CCONJ
ftr-397	818	112	exchanges	exchange	NOUN
ftr-397	818	113	that	that	PRON
ftr-397	818	114	are	be	AUX
ftr-397	818	115	allocable	allocable	ADJ
ftr-397	818	116	to	to	ADP
ftr-397	818	117	the	the	DET
ftr-397	818	118	carried	carry	VERB
ftr-397	818	119	interest	interest	NOUN
ftr-397	818	120	that	that	PRON
ftr-397	818	121	they	they	PRON
ftr-397	818	122	usually	usually	ADV
ftr-397	818	123	hold	hold	VERB
ftr-397	818	124	in	in	ADP
ftr-397	818	125	the	the	DET
ftr-397	818	126	fund	fund	NOUN
ftr-397	818	127	,	,	PUNCT
ftr-397	818	128	since	since	SCONJ
ftr-397	818	129	the	the	DET
ftr-397	818	130	carried	carry	VERB
ftr-397	818	131	interest	interest	NOUN
ftr-397	818	132	is	be	AUX
ftr-397	818	133	characterized	characterize	VERB
ftr-397	818	134	as	as	ADP
ftr-397	818	135	a	a	DET
ftr-397	818	136	share	share	NOUN
ftr-397	818	137	of	of	ADP
ftr-397	818	138	partnership	partnership	NOUN
ftr-397	818	139	profits	profit	NOUN
ftr-397	818	140	,	,	PUNCT
ftr-397	818	141	rather	rather	ADV
ftr-397	818	142	than	than	ADP
ftr-397	818	143	as	as	ADP
ftr-397	818	144	compensation	compensation	NOUN
ftr-397	818	145	,	,	PUNCT
ftr-397	818	146	under	under	ADP
ftr-397	818	147	present	present	ADJ
ftr-397	818	148	law.181	law.181	NOUN
ftr-397	818	149	as	as	SCONJ
ftr-397	818	150	is	be	AUX
ftr-397	818	151	the	the	DET
ftr-397	818	152	case	case	NOUN
ftr-397	818	153	for	for	ADP
ftr-397	818	154	individual	individual	ADJ
ftr-397	818	155	traders	trader	NOUN
ftr-397	818	156	,	,	PUNCT
ftr-397	818	157	gain	gain	NOUN
ftr-397	818	158	from	from	ADP
ftr-397	818	159	the	the	DET
ftr-397	818	160	sale	sale	NOUN
ftr-397	818	161	of	of	ADP
ftr-397	818	162	capital	capital	NOUN
ftr-397	818	163	assets	asset	NOUN
ftr-397	818	164	held	hold	VERB
ftr-397	818	165	for	for	ADP
ftr-397	818	166	more	more	ADJ
ftr-397	818	167	than	than	ADP
ftr-397	818	168	a	a	PRON
ftr-397	818	169	year	year	NOUN
ftr-397	818	170	will	will	AUX
ftr-397	818	171	therefore	therefore	ADV
ftr-397	818	172	normally	normally	ADV
ftr-397	818	173	qualify	qualify	VERB
ftr-397	818	174	for	for	ADP
ftr-397	818	175	the	the	DET
ftr-397	818	176	15	15	NUM
ftr-397	818	177	%	%	NOUN
ftr-397	818	178	long	long	ADJ
ftr-397	818	179	-	-	PUNCT
ftr-397	818	180	term	term	NOUN
ftr-397	818	181	capital	capital	NOUN
ftr-397	818	182	gain	gain	NOUN
ftr-397	818	183	rates	rate	NOUN
ftr-397	818	184	under	under	ADP
ftr-397	818	185	current	current	ADJ
ftr-397	818	186	law.182	law.182	NOUN
ftr-397	818	187	at	at	ADP
ftr-397	818	188	the	the	DET
ftr-397	818	189	same	same	ADJ
ftr-397	818	190	time	time	NOUN
ftr-397	818	191	,	,	PUNCT
ftr-397	818	192	some	some	DET
ftr-397	818	193	funds	fund	NOUN
ftr-397	818	194	may	may	AUX
ftr-397	818	195	also	also	ADV
ftr-397	818	196	take	take	VERB
ftr-397	818	197	the	the	DET
ftr-397	818	198	position	position	NOUN
ftr-397	818	199	that	that	SCONJ
ftr-397	818	200	they	they	PRON
ftr-397	818	201	are	be	AUX
ftr-397	818	202	traders	trader	NOUN
ftr-397	818	203	for	for	ADP
ftr-397	818	204	tax	tax	NOUN
ftr-397	818	205	purposes.183	purposes.183	PROPN
ftr-397	818	206	as	as	ADP
ftr-397	818	207	with	with	ADP
ftr-397	818	208	any	any	DET
ftr-397	818	209	other	other	ADJ
ftr-397	818	210	taxpayer	taxpayer	NOUN
ftr-397	818	211	attempting	attempt	VERB
ftr-397	818	212	to	to	PART
ftr-397	818	213	qualify	qualify	VERB
ftr-397	818	214	as	as	ADP
ftr-397	818	215	a	a	DET
ftr-397	818	216	trader	trader	NOUN
ftr-397	818	217	,	,	PUNCT
ftr-397	818	218	however	however	ADV
ftr-397	818	219	,	,	PUNCT
ftr-397	818	220	the	the	DET
ftr-397	818	221	determination	determination	NOUN
ftr-397	818	222	of	of	ADP
ftr-397	818	223	whether	whether	SCONJ
ftr-397	818	224	the	the	DET
ftr-397	818	225	partnership	partnership	NOUN
ftr-397	818	226	is	be	AUX
ftr-397	818	227	in	in	ADP
ftr-397	818	228	fact	fact	NOUN
ftr-397	818	229	a	a	DET
ftr-397	818	230	trader	trader	NOUN
ftr-397	818	231	will	will	AUX
ftr-397	818	232	largely	largely	ADV
ftr-397	818	233	be	be	AUX
ftr-397	818	234	based	base	VERB
ftr-397	818	235	on	on	ADP
ftr-397	818	236	the	the	DET
ftr-397	818	237	fund	fund	NOUN
ftr-397	818	238	’s	’s	PART
ftr-397	818	239	holding	hold	VERB
ftr-397	818	240	period	period	NOUN
ftr-397	818	241	of	of	ADP
ftr-397	818	242	its	its	PRON
ftr-397	818	243	assets	asset	NOUN
ftr-397	818	244	,	,	PUNCT
ftr-397	818	245	with	with	ADP
ftr-397	818	246	longer	long	ADJ
ftr-397	818	247	-	-	PUNCT
ftr-397	818	248	term	term	NOUN
ftr-397	818	249	holding	hold	VERB
ftr-397	818	250	periods	period	NOUN
ftr-397	818	251	suggesting	suggest	VERB
ftr-397	818	252	investor	investor	NOUN
ftr-397	818	253	rather	rather	ADV
ftr-397	818	254	than	than	ADP
ftr-397	818	255	trader	trader	NOUN
ftr-397	818	256	status	status	NOUN
ftr-397	818	257	,	,	PUNCT
ftr-397	818	258	as	as	ADV
ftr-397	818	259	well	well	ADV
ftr-397	818	260	as	as	ADP
ftr-397	818	261	on	on	ADP
ftr-397	818	262	the	the	DET
ftr-397	818	263	frequency	frequency	NOUN
ftr-397	818	264	,	,	PUNCT
ftr-397	818	265	178	178	NUM
ftr-397	818	266	.	.	PUNCT
ftr-397	819	1	weiner	weiner	NOUN
ftr-397	819	2	,	,	PUNCT
ftr-397	819	3	supra	supra	PROPN
ftr-397	819	4	note	note	PROPN
ftr-397	819	5	176	176	NUM
ftr-397	819	6	,	,	PUNCT
ftr-397	819	7	at	at	ADP
ftr-397	819	8	310	310	NUM
ftr-397	819	9	(	(	PUNCT
ftr-397	819	10	describing	describe	VERB
ftr-397	819	11	the	the	DET
ftr-397	819	12	capital	capital	NOUN
ftr-397	819	13	asset	asset	NOUN
ftr-397	819	14	treatment	treatment	NOUN
ftr-397	819	15	of	of	ADP
ftr-397	819	16	general	general	ADJ
ftr-397	819	17	partner	partner	NOUN
ftr-397	819	18	interests	interest	NOUN
ftr-397	819	19	in	in	ADP
ftr-397	819	20	private	private	ADJ
ftr-397	819	21	investment	investment	NOUN
ftr-397	819	22	fund	fund	NOUN
ftr-397	819	23	structures	structure	NOUN
ftr-397	819	24	)	)	PUNCT
ftr-397	819	25	.	.	PUNCT
ftr-397	820	1	179	179	NUM
ftr-397	820	2	.	.	PUNCT
ftr-397	821	1	i	i	PRON
ftr-397	821	2	d.	d.	PROPN
ftr-397	821	3	;	;	PUNCT
ftr-397	821	4	see	see	VERB
ftr-397	821	5	also	also	ADV
ftr-397	821	6	irc	irc	ADV
ftr-397	821	7	§	§	PROPN
ftr-397	821	8	§	§	PROPN
ftr-397	821	9	702	702	NUM
ftr-397	821	10	,	,	PUNCT
ftr-397	821	11	703	703	NUM
ftr-397	821	12	,	,	PUNCT
ftr-397	821	13	704	704	NUM
ftr-397	821	14	.	.	PUNCT
ftr-397	822	1	180	180	NUM
ftr-397	822	2	.	.	PUNCT
ftr-397	822	3	irc	irc	PROPN
ftr-397	822	4	§	§	PROPN
ftr-397	822	5	§	§	PROPN
ftr-397	822	6	702	702	NUM
ftr-397	822	7	,	,	PUNCT
ftr-397	822	8	703	703	NUM
ftr-397	822	9	,	,	PUNCT
ftr-397	822	10	704	704	NUM
ftr-397	822	11	.	.	PUNCT
ftr-397	823	1	181	181	NUM
ftr-397	823	2	.	.	PUNCT
ftr-397	824	1	see	see	AUX
ftr-397	824	2	rev	rev	PROPN
ftr-397	824	3	.	.	PROPN
ftr-397	824	4	proc	proc	PROPN
ftr-397	824	5	.	.	PUNCT
ftr-397	825	1	93	93	NUM
ftr-397	825	2	-	-	SYM
ftr-397	825	3	27	27	NUM
ftr-397	825	4	,	,	PUNCT
ftr-397	825	5	1993	1993	NUM
ftr-397	825	6	-	-	SYM
ftr-397	825	7	2	2	NUM
ftr-397	825	8	cb	cb	NOUN
ftr-397	825	9	343	343	NUM
ftr-397	825	10	(	(	PUNCT
ftr-397	825	11	ruling	rule	VERB
ftr-397	825	12	that	that	SCONJ
ftr-397	825	13	the	the	DET
ftr-397	825	14	receipt	receipt	NOUN
ftr-397	825	15	of	of	ADP
ftr-397	825	16	a	a	DET
ftr-397	825	17	partnership	partnership	NOUN
ftr-397	825	18	profits	profit	VERB
ftr-397	825	19	interest	interest	NOUN
ftr-397	825	20	for	for	ADP
ftr-397	825	21	services	service	NOUN
ftr-397	825	22	is	be	AUX
ftr-397	825	23	not	not	PART
ftr-397	825	24	a	a	DET
ftr-397	825	25	taxable	taxable	ADJ
ftr-397	825	26	event	event	NOUN
ftr-397	825	27	so	so	ADV
ftr-397	825	28	long	long	ADV
ftr-397	825	29	as	as	SCONJ
ftr-397	825	30	the	the	DET
ftr-397	825	31	person	person	NOUN
ftr-397	825	32	receives	receive	VERB
ftr-397	825	33	that	that	DET
ftr-397	825	34	interest	interest	NOUN
ftr-397	825	35	either	either	CCONJ
ftr-397	825	36	as	as	ADP
ftr-397	825	37	a	a	DET
ftr-397	825	38	partner	partner	NOUN
ftr-397	825	39	or	or	CCONJ
ftr-397	825	40	in	in	ADP
ftr-397	825	41	anticipation	anticipation	NOUN
ftr-397	825	42	of	of	ADP
ftr-397	825	43	becoming	become	VERB
ftr-397	825	44	one	one	NUM
ftr-397	825	45	.	.	PUNCT
ftr-397	826	1	the	the	DET
ftr-397	826	2	procedure	procedure	NOUN
ftr-397	826	3	does	do	AUX
ftr-397	826	4	not	not	PART
ftr-397	826	5	apply	apply	VERB
ftr-397	826	6	if	if	SCONJ
ftr-397	826	7	(	(	PUNCT
ftr-397	826	8	1	1	X
ftr-397	826	9	)	)	PUNCT
ftr-397	826	10	the	the	DET
ftr-397	826	11	profits	profit	NOUN
ftr-397	826	12	interest	interest	NOUN
ftr-397	826	13	relates	relate	VERB
ftr-397	826	14	to	to	ADP
ftr-397	826	15	a	a	DET
ftr-397	826	16	substantially	substantially	ADV
ftr-397	826	17	certain	certain	ADJ
ftr-397	826	18	and	and	CCONJ
ftr-397	826	19	predictable	predictable	ADJ
ftr-397	826	20	stream	stream	NOUN
ftr-397	826	21	of	of	ADP
ftr-397	826	22	income	income	NOUN
ftr-397	826	23	from	from	ADP
ftr-397	826	24	partnership	partnership	NOUN
ftr-397	826	25	assets	asset	NOUN
ftr-397	826	26	,	,	PUNCT
ftr-397	826	27	such	such	ADJ
ftr-397	826	28	as	as	ADP
ftr-397	826	29	income	income	NOUN
ftr-397	826	30	from	from	ADP
ftr-397	826	31	highquality	highquality	NOUN
ftr-397	826	32	debt	debt	NOUN
ftr-397	826	33	securities	security	NOUN
ftr-397	826	34	or	or	CCONJ
ftr-397	826	35	a	a	DET
ftr-397	826	36	high	high	ADJ
ftr-397	826	37	-	-	PUNCT
ftr-397	826	38	quality	quality	NOUN
ftr-397	826	39	net	net	ADJ
ftr-397	826	40	lease	lease	NOUN
ftr-397	826	41	;	;	PUNCT
ftr-397	826	42	(	(	PUNCT
ftr-397	826	43	2	2	X
ftr-397	826	44	)	)	PUNCT
ftr-397	826	45	the	the	DET
ftr-397	826	46	partner	partner	NOUN
ftr-397	826	47	disposes	dispose	VERB
ftr-397	826	48	of	of	ADP
ftr-397	826	49	the	the	DET
ftr-397	826	50	profits	profit	NOUN
ftr-397	826	51	interest	interest	NOUN
ftr-397	826	52	within	within	ADP
ftr-397	826	53	two	two	NUM
ftr-397	826	54	years	year	NOUN
ftr-397	826	55	of	of	ADP
ftr-397	826	56	its	its	PRON
ftr-397	826	57	receipt	receipt	NOUN
ftr-397	826	58	;	;	PUNCT
ftr-397	826	59	or	or	CCONJ
ftr-397	826	60	(	(	PUNCT
ftr-397	826	61	3	3	X
ftr-397	826	62	)	)	PUNCT
ftr-397	826	63	the	the	DET
ftr-397	826	64	profits	profit	NOUN
ftr-397	826	65	interest	interest	NOUN
ftr-397	826	66	is	be	AUX
ftr-397	826	67	a	a	DET
ftr-397	826	68	limited	limited	ADJ
ftr-397	826	69	partnership	partnership	NOUN
ftr-397	826	70	interest	interest	NOUN
ftr-397	826	71	in	in	ADP
ftr-397	826	72	a	a	DET
ftr-397	826	73	publicly	publicly	ADV
ftr-397	826	74	traded	trade	VERB
ftr-397	826	75	partnership	partnership	NOUN
ftr-397	826	76	under	under	ADP
ftr-397	826	77	section	section	NOUN
ftr-397	826	78	7704	7704	NUM
ftr-397	826	79	)	)	PUNCT
ftr-397	826	80	,	,	PUNCT
ftr-397	826	81	clarified	clarify	VERB
ftr-397	826	82	by	by	ADP
ftr-397	826	83	rev	rev	PROPN
ftr-397	826	84	.	.	PROPN
ftr-397	826	85	proc	proc	PROPN
ftr-397	826	86	.	.	PUNCT
ftr-397	827	1	2001	2001	NUM
ftr-397	827	2	-	-	SYM
ftr-397	827	3	43	43	NUM
ftr-397	827	4	,	,	PUNCT
ftr-397	827	5	2001	2001	NUM
ftr-397	827	6	-	-	SYM
ftr-397	827	7	2	2	NUM
ftr-397	827	8	cb	cb	NOUN
ftr-397	827	9	191	191	NUM
ftr-397	827	10	,	,	PUNCT
ftr-397	827	11	8/03/2001	8/03/2001	NUM
ftr-397	827	12	.	.	PUNCT
ftr-397	827	13	contrast	contrast	NOUN
ftr-397	827	14	campbell	campbell	PROPN
ftr-397	828	1	v.	v.	ADP
ftr-397	828	2	comm’r	comm’r	PROPN
ftr-397	828	3	,	,	PUNCT
ftr-397	828	4	59	59	NUM
ftr-397	828	5	t.c.m	t.c.m	NOUN
ftr-397	828	6	.	.	PUNCT
ftr-397	829	1	(	(	PUNCT
ftr-397	829	2	cch	cch	NOUN
ftr-397	829	3	)	)	PUNCT
ftr-397	829	4	236	236	NUM
ftr-397	829	5	,	,	PUNCT
ftr-397	829	6	rev’d	rev’d	NOUN
ftr-397	829	7	,	,	PUNCT
ftr-397	829	8	943	943	NUM
ftr-397	829	9	f.2d	f.2d	SYM
ftr-397	829	10	815	815	NUM
ftr-397	829	11	(	(	PUNCT
ftr-397	829	12	8th	8th	ADJ
ftr-397	829	13	cir	cir	NOUN
ftr-397	829	14	.	.	PROPN
ftr-397	829	15	1991	1991	NUM
ftr-397	829	16	)	)	PUNCT
ftr-397	829	17	;	;	PUNCT
ftr-397	830	1	st	st	PROPN
ftr-397	830	2	.	.	PROPN
ftr-397	830	3	john	john	PROPN
ftr-397	830	4	v.	v.	PROPN
ftr-397	830	5	united	united	PROPN
ftr-397	830	6	states	states	PROPN
ftr-397	830	7	,	,	PUNCT
ftr-397	830	8	no	no	INTJ
ftr-397	830	9	.	.	NOUN
ftr-397	830	10	82	82	NUM
ftr-397	830	11	-	-	PUNCT
ftr-397	830	12	1134	1134	NUM
ftr-397	830	13	(	(	PUNCT
ftr-397	830	14	c.d	c.d	PROPN
ftr-397	830	15	.	.	PROPN
ftr-397	830	16	ill	ill	PROPN
ftr-397	830	17	.	.	PUNCT
ftr-397	830	18	nov	nov	PROPN
ftr-397	830	19	.	.	PROPN
ftr-397	830	20	16	16	NUM
ftr-397	830	21	,	,	PUNCT
ftr-397	830	22	1983	1983	NUM
ftr-397	830	23	)	)	PUNCT
ftr-397	830	24	(	(	PUNCT
ftr-397	830	25	holding	hold	VERB
ftr-397	830	26	that	that	DET
ftr-397	830	27	receipt	receipt	NOUN
ftr-397	830	28	of	of	ADP
ftr-397	830	29	partnership	partnership	NOUN
ftr-397	830	30	profits	profit	NOUN
ftr-397	830	31	interest	interest	NOUN
ftr-397	830	32	is	be	AUX
ftr-397	830	33	a	a	DET
ftr-397	830	34	taxable	taxable	ADJ
ftr-397	830	35	event	event	NOUN
ftr-397	830	36	under	under	ADP
ftr-397	830	37	irc	irc	PROPN
ftr-397	830	38	§	§	PROPN
ftr-397	830	39	83	83	NUM
ftr-397	830	40	)	)	PUNCT
ftr-397	830	41	.	.	PUNCT
ftr-397	831	1	182	182	NUM
ftr-397	831	2	.	.	PUNCT
ftr-397	831	3	irc	irc	PROPN
ftr-397	831	4	§	§	PROPN
ftr-397	831	5	§	§	PROPN
ftr-397	831	6	1(h)(1	1(h)(1	NUM
ftr-397	831	7	)	)	PUNCT
ftr-397	831	8	,	,	PUNCT
ftr-397	831	9	1222(3	1222(3	NUM
ftr-397	831	10	)	)	PUNCT
ftr-397	831	11	,	,	PUNCT
ftr-397	831	12	1222(4	1222(4	PROPN
ftr-397	831	13	)	)	PUNCT
ftr-397	831	14	.	.	PUNCT
ftr-397	832	1	183	183	NUM
ftr-397	832	2	.	.	PUNCT
ftr-397	833	1	see	see	VERB
ftr-397	833	2	,	,	PUNCT
ftr-397	833	3	e.g.	e.g.	ADV
ftr-397	833	4	,	,	PUNCT
ftr-397	833	5	rev	rev	PROPN
ftr-397	833	6	.	.	PROPN
ftr-397	834	1	rul	rul	PROPN
ftr-397	834	2	.	.	PUNCT
ftr-397	834	3	2008	2008	NUM
ftr-397	834	4	-	-	SYM
ftr-397	834	5	12	12	NUM
ftr-397	834	6	,	,	PUNCT
ftr-397	834	7	2008	2008	NUM
ftr-397	834	8	-	-	SYM
ftr-397	834	9	10	10	NUM
ftr-397	834	10	irb	irb	NOUN
ftr-397	834	11	520	520	NUM
ftr-397	834	12	(	(	PUNCT
ftr-397	834	13	feb	feb	PROPN
ftr-397	834	14	.	.	PROPN
ftr-397	834	15	19	19	NUM
ftr-397	834	16	,	,	PUNCT
ftr-397	834	17	2008	2008	NUM
ftr-397	834	18	)	)	PUNCT
ftr-397	834	19	(	(	PUNCT
ftr-397	834	20	partnership	partnership	NOUN
ftr-397	834	21	trader	trader	NOUN
ftr-397	834	22	in	in	ADP
ftr-397	834	23	securities	security	NOUN
ftr-397	834	24	)	)	PUNCT
ftr-397	834	25	;	;	PUNCT
ftr-397	834	26	see	see	VERB
ftr-397	834	27	lee	lee	PROPN
ftr-397	834	28	a.	a.	PROPN
ftr-397	834	29	sheppard	sheppard	PROPN
ftr-397	834	30	,	,	PUNCT
ftr-397	834	31	are	be	AUX
ftr-397	834	32	hedge	hedge	NOUN
ftr-397	834	33	funds	fund	NOUN
ftr-397	834	34	in	in	ADP
ftr-397	834	35	a	a	DET
ftr-397	834	36	trade	trade	NOUN
ftr-397	834	37	or	or	CCONJ
ftr-397	834	38	business	business	NOUN
ftr-397	834	39	?	?	PUNCT
ftr-397	834	40	,	,	PUNCT
ftr-397	834	41	114	114	NUM
ftr-397	834	42	tax	tax	NOUN
ftr-397	834	43	notes	note	NOUN
ftr-397	834	44	140	140	NUM
ftr-397	834	45	(	(	PUNCT
ftr-397	834	46	jan	jan	PROPN
ftr-397	834	47	.	.	PROPN
ftr-397	834	48	15	15	NUM
ftr-397	834	49	,	,	PUNCT
ftr-397	834	50	2007	2007	NUM
ftr-397	834	51	)	)	PUNCT
ftr-397	835	1	[	[	X
ftr-397	835	2	hereinafter	hereinafter	NOUN
ftr-397	835	3	sheppard	sheppard	NOUN
ftr-397	835	4	,	,	PUNCT
ftr-397	835	5	trade	trade	NOUN
ftr-397	835	6	or	or	CCONJ
ftr-397	835	7	business	business	NOUN
ftr-397	835	8	]	]	PUNCT
ftr-397	835	9	(	(	PUNCT
ftr-397	835	10	citing	cite	VERB
ftr-397	835	11	arden	arden	PROPN
ftr-397	835	12	dale	dale	PROPN
ftr-397	835	13	,	,	PUNCT
ftr-397	835	14	moving	move	VERB
ftr-397	835	15	the	the	DET
ftr-397	835	16	market	market	NOUN
ftr-397	835	17	–	–	PUNCT
ftr-397	835	18	tracking	track	VERB
ftr-397	835	19	the	the	DET
ftr-397	835	20	numbers	number	NOUN
ftr-397	835	21	/	/	SYM
ftr-397	835	22	outside	outside	ADJ
ftr-397	835	23	audit	audit	NOUN
ftr-397	835	24	:	:	PUNCT
ftr-397	835	25	hedge	hedge	NOUN
ftr-397	835	26	-	-	PUNCT
ftr-397	835	27	fund	fund	NOUN
ftr-397	835	28	tax	tax	NOUN
ftr-397	835	29	break	break	NOUN
ftr-397	835	30	raises	raise	VERB
ftr-397	835	31	flags	flag	NOUN
ftr-397	835	32	;	;	PUNCT
ftr-397	835	33	come	come	VERB
ftr-397	835	34	april	april	PROPN
ftr-397	835	35	15	15	NUM
ftr-397	835	36	,	,	PUNCT
ftr-397	835	37	the	the	DET
ftr-397	835	38	difference	difference	NOUN
ftr-397	835	39	between	between	ADP
ftr-397	835	40	“	"	PUNCT
ftr-397	835	41	trader	trader	NOUN
ftr-397	835	42	,	,	PUNCT
ftr-397	835	43	”	"	PUNCT
ftr-397	835	44	“	"	PUNCT
ftr-397	835	45	investor	investor	NOUN
ftr-397	835	46	”	"	PUNCT
ftr-397	835	47	can	can	AUX
ftr-397	835	48	be	be	AUX
ftr-397	835	49	a	a	DET
ftr-397	835	50	substantial	substantial	ADJ
ftr-397	835	51	sum	sum	NOUN
ftr-397	835	52	,	,	PUNCT
ftr-397	835	53	wall	wall	PROPN
ftr-397	835	54	.	.	PUNCT
ftr-397	836	1	st	st	PROPN
ftr-397	836	2	.	.	PROPN
ftr-397	836	3	j.	j.	PROPN
ftr-397	836	4	,	,	PUNCT
ftr-397	836	5	dec	dec	PROPN
ftr-397	836	6	.	.	PROPN
ftr-397	836	7	26	26	NUM
ftr-397	836	8	,	,	PUNCT
ftr-397	836	9	2006	2006	NUM
ftr-397	836	10	,	,	PUNCT
ftr-397	836	11	at	at	ADP
ftr-397	836	12	c-3	c-3	NOUN
ftr-397	836	13	)	)	PUNCT
ftr-397	836	14	.	.	PUNCT
ftr-397	837	1	2008	2008	NUM
ftr-397	837	2	]	]	PUNCT
ftr-397	838	1	a	a	DET
ftr-397	838	2	structural	structural	ADJ
ftr-397	838	3	critique	critique	NOUN
ftr-397	838	4	of	of	ADP
ftr-397	838	5	trader	trader	NOUN
ftr-397	838	6	taxation	taxation	NOUN
ftr-397	838	7	1155	1155	NUM
ftr-397	838	8	regularity	regularity	NOUN
ftr-397	838	9	,	,	PUNCT
ftr-397	838	10	and	and	CCONJ
ftr-397	838	11	continuity	continuity	NOUN
ftr-397	838	12	of	of	ADP
ftr-397	838	13	the	the	DET
ftr-397	838	14	fund	fund	NOUN
ftr-397	838	15	’s	’s	PART
ftr-397	838	16	trades.184	trades.184	NOUN
ftr-397	838	17	as	as	ADP
ftr-397	838	18	with	with	ADP
ftr-397	838	19	individual	individual	ADJ
ftr-397	838	20	investors	investor	NOUN
ftr-397	838	21	,	,	PUNCT
ftr-397	838	22	if	if	SCONJ
ftr-397	838	23	the	the	DET
ftr-397	838	24	fund	fund	NOUN
ftr-397	838	25	is	be	AUX
ftr-397	838	26	a	a	DET
ftr-397	838	27	trader	trader	NOUN
ftr-397	838	28	(	(	PUNCT
ftr-397	838	29	i.e.	i.e.	X
ftr-397	838	30	,	,	PUNCT
ftr-397	838	31	is	be	AUX
ftr-397	838	32	in	in	ADP
ftr-397	838	33	a	a	DET
ftr-397	838	34	trade	trade	NOUN
ftr-397	838	35	or	or	CCONJ
ftr-397	838	36	business	business	NOUN
ftr-397	838	37	of	of	ADP
ftr-397	838	38	trading	trading	NOUN
ftr-397	838	39	)	)	PUNCT
ftr-397	838	40	,	,	PUNCT
ftr-397	838	41	it	it	PRON
ftr-397	838	42	may	may	AUX
ftr-397	838	43	take	take	VERB
ftr-397	838	44	irc	irc	PROPN
ftr-397	838	45	section	section	NOUN
ftr-397	838	46	162	162	NUM
ftr-397	838	47	business	business	NOUN
ftr-397	838	48	deductions	deduction	NOUN
ftr-397	838	49	and	and	CCONJ
ftr-397	838	50	other	other	ADJ
ftr-397	838	51	business	business	NOUN
ftr-397	838	52	deductions	deduction	NOUN
ftr-397	838	53	,	,	PUNCT
ftr-397	838	54	which	which	PRON
ftr-397	838	55	are	be	AUX
ftr-397	838	56	passed	pass	VERB
ftr-397	838	57	through	through	ADP
ftr-397	838	58	to	to	ADP
ftr-397	838	59	its	its	PRON
ftr-397	838	60	partners	partner	NOUN
ftr-397	838	61	.	.	PUNCT
ftr-397	839	1	if	if	SCONJ
ftr-397	839	2	the	the	DET
ftr-397	839	3	fund	fund	NOUN
ftr-397	839	4	is	be	AUX
ftr-397	839	5	instead	instead	ADV
ftr-397	839	6	an	an	DET
ftr-397	839	7	investor	investor	NOUN
ftr-397	839	8	,	,	PUNCT
ftr-397	839	9	its	its	PRON
ftr-397	839	10	partners	partner	NOUN
ftr-397	839	11	will	will	AUX
ftr-397	839	12	be	be	AUX
ftr-397	839	13	limited	limit	VERB
ftr-397	839	14	to	to	PART
ftr-397	839	15	irc	irc	VERB
ftr-397	839	16	section	section	NOUN
ftr-397	839	17	212	212	NUM
ftr-397	839	18	deductions	deduction	NOUN
ftr-397	839	19	.	.	PUNCT
ftr-397	840	1	it	it	PRON
ftr-397	840	2	is	be	AUX
ftr-397	840	3	therefore	therefore	ADV
ftr-397	840	4	possible	possible	ADJ
ftr-397	840	5	that	that	SCONJ
ftr-397	840	6	a	a	DET
ftr-397	840	7	“	"	PUNCT
ftr-397	840	8	trader	trader	NOUN
ftr-397	840	9	”	"	PUNCT
ftr-397	840	10	fund	fund	NOUN
ftr-397	840	11	will	will	AUX
ftr-397	840	12	be	be	AUX
ftr-397	840	13	allowed	allow	VERB
ftr-397	840	14	trade	trade	NOUN
ftr-397	840	15	or	or	CCONJ
ftr-397	840	16	business	business	NOUN
ftr-397	840	17	–	–	PUNCT
ftr-397	840	18	type	type	NOUN
ftr-397	840	19	deductions	deduction	NOUN
ftr-397	840	20	,	,	PUNCT
ftr-397	840	21	while	while	SCONJ
ftr-397	840	22	simultaneously	simultaneously	ADV
ftr-397	840	23	being	be	AUX
ftr-397	840	24	taxed	tax	VERB
ftr-397	840	25	at	at	ADP
ftr-397	840	26	reduced	reduce	VERB
ftr-397	840	27	rates	rate	NOUN
ftr-397	840	28	on	on	ADP
ftr-397	840	29	the	the	DET
ftr-397	840	30	disposition	disposition	NOUN
ftr-397	840	31	of	of	ADP
ftr-397	840	32	those	those	DET
ftr-397	840	33	assets	asset	NOUN
ftr-397	840	34	with	with	ADP
ftr-397	840	35	a	a	DET
ftr-397	840	36	long	long	ADJ
ftr-397	840	37	-	-	PUNCT
ftr-397	840	38	term	term	NOUN
ftr-397	840	39	holding	hold	VERB
ftr-397	840	40	period	period	NOUN
ftr-397	840	41	.	.	PUNCT
ftr-397	841	1	needless	needless	ADJ
ftr-397	841	2	to	to	PART
ftr-397	841	3	say	say	VERB
ftr-397	841	4	,	,	PUNCT
ftr-397	841	5	the	the	DET
ftr-397	841	6	amounts	amount	NOUN
ftr-397	841	7	at	at	ADP
ftr-397	841	8	stake	stake	NOUN
ftr-397	841	9	will	will	AUX
ftr-397	841	10	be	be	AUX
ftr-397	841	11	much	much	ADV
ftr-397	841	12	larger	large	ADJ
ftr-397	841	13	in	in	ADP
ftr-397	841	14	the	the	DET
ftr-397	841	15	partnership	partnership	NOUN
ftr-397	841	16	–	–	PUNCT
ftr-397	841	17	trader	trader	NOUN
ftr-397	841	18	context	context	NOUN
ftr-397	841	19	than	than	ADP
ftr-397	841	20	in	in	ADP
ftr-397	841	21	the	the	DET
ftr-397	841	22	individual	individual	ADJ
ftr-397	841	23	trader	trader	NOUN
ftr-397	841	24	context	context	NOUN
ftr-397	841	25	,	,	PUNCT
ftr-397	841	26	since	since	SCONJ
ftr-397	841	27	partnerships	partnership	NOUN
ftr-397	841	28	involve	involve	VERB
ftr-397	841	29	funds	fund	NOUN
ftr-397	841	30	contributed	contribute	VERB
ftr-397	841	31	from	from	ADP
ftr-397	841	32	multiple	multiple	ADJ
ftr-397	841	33	partners	partner	NOUN
ftr-397	841	34	.	.	PUNCT
ftr-397	842	1	the	the	DET
ftr-397	842	2	favorable	favorable	ADJ
ftr-397	842	3	capital	capital	NOUN
ftr-397	842	4	asset	asset	NOUN
ftr-397	842	5	treatment	treatment	NOUN
ftr-397	842	6	that	that	PRON
ftr-397	842	7	hedge	hedge	NOUN
ftr-397	842	8	fund	fund	NOUN
ftr-397	842	9	managers	manager	NOUN
ftr-397	842	10	get	get	VERB
ftr-397	842	11	on	on	ADP
ftr-397	842	12	their	their	PRON
ftr-397	842	13	carried	carry	VERB
ftr-397	842	14	interest	interest	NOUN
ftr-397	842	15	,	,	PUNCT
ftr-397	842	16	especially	especially	ADV
ftr-397	842	17	as	as	SCONJ
ftr-397	842	18	compared	compare	VERB
ftr-397	842	19	to	to	ADP
ftr-397	842	20	other	other	ADJ
ftr-397	842	21	taxpayers	taxpayer	NOUN
ftr-397	842	22	who	who	PRON
ftr-397	842	23	receive	receive	VERB
ftr-397	842	24	amounts	amount	NOUN
ftr-397	842	25	as	as	ADP
ftr-397	842	26	compensation	compensation	NOUN
ftr-397	842	27	and	and	CCONJ
ftr-397	842	28	are	be	AUX
ftr-397	842	29	taxed	tax	VERB
ftr-397	842	30	at	at	ADP
ftr-397	842	31	ordinary	ordinary	ADJ
ftr-397	842	32	rates	rate	NOUN
ftr-397	842	33	,	,	PUNCT
ftr-397	842	34	has	have	AUX
ftr-397	842	35	recently	recently	ADV
ftr-397	842	36	been	be	AUX
ftr-397	842	37	subject	subject	ADJ
ftr-397	842	38	to	to	ADP
ftr-397	842	39	a	a	DET
ftr-397	842	40	good	good	ADJ
ftr-397	842	41	deal	deal	NOUN
ftr-397	842	42	of	of	ADP
ftr-397	842	43	criticism	criticism	NOUN
ftr-397	842	44	and	and	CCONJ
ftr-397	842	45	the	the	DET
ftr-397	842	46	threat	threat	NOUN
ftr-397	842	47	of	of	ADP
ftr-397	842	48	reform.185	reform.185	NOUN
ftr-397	842	49	a	a	DET
ftr-397	842	50	variety	variety	NOUN
ftr-397	842	51	of	of	ADP
ftr-397	842	52	proposals	proposal	NOUN
ftr-397	842	53	to	to	PART
ftr-397	842	54	tax	tax	VERB
ftr-397	842	55	hedge	hedge	NOUN
ftr-397	842	56	fund	fund	NOUN
ftr-397	842	57	managers	manager	NOUN
ftr-397	842	58	at	at	ADP
ftr-397	842	59	ordinary	ordinary	ADJ
ftr-397	842	60	income	income	NOUN
ftr-397	842	61	rates	rate	NOUN
ftr-397	842	62	have	have	AUX
ftr-397	842	63	already	already	ADV
ftr-397	842	64	been	be	AUX
ftr-397	842	65	brought	bring	VERB
ftr-397	842	66	to	to	ADP
ftr-397	842	67	the	the	DET
ftr-397	842	68	table.186	table.186	NOUN
ftr-397	842	69	to	to	ADP
ftr-397	842	70	the	the	DET
ftr-397	842	71	extent	extent	NOUN
ftr-397	842	72	that	that	SCONJ
ftr-397	842	73	one	one	NOUN
ftr-397	842	74	is	be	AUX
ftr-397	842	75	already	already	ADV
ftr-397	842	76	concerned	concerned	ADJ
ftr-397	842	77	about	about	ADP
ftr-397	842	78	the	the	DET
ftr-397	842	79	allegedly	allegedly	ADV
ftr-397	842	80	inequitable	inequitable	ADJ
ftr-397	842	81	treatment	treatment	NOUN
ftr-397	842	82	with	with	ADP
ftr-397	842	83	respect	respect	NOUN
ftr-397	842	84	to	to	ADP
ftr-397	842	85	the	the	DET
ftr-397	842	86	character	character	NOUN
ftr-397	842	87	of	of	ADP
ftr-397	842	88	income	income	NOUN
ftr-397	842	89	received	receive	VERB
ftr-397	842	90	by	by	ADP
ftr-397	842	91	fund	fund	NOUN
ftr-397	842	92	managers	manager	NOUN
ftr-397	842	93	,	,	PUNCT
ftr-397	842	94	the	the	DET
ftr-397	842	95	fact	fact	NOUN
ftr-397	842	96	that	that	SCONJ
ftr-397	842	97	the	the	DET
ftr-397	842	98	fund	fund	NOUN
ftr-397	842	99	may	may	AUX
ftr-397	842	100	simultaneously	simultaneously	ADV
ftr-397	842	101	be	be	AUX
ftr-397	842	102	allowed	allow	VERB
ftr-397	842	103	to	to	PART
ftr-397	842	104	claim	claim	VERB
ftr-397	842	105	trade	trade	NOUN
ftr-397	842	106	or	or	CCONJ
ftr-397	842	107	business	business	NOUN
ftr-397	842	108	–	–	PUNCT
ftr-397	842	109	type	type	NOUN
ftr-397	842	110	deductions	deduction	NOUN
ftr-397	842	111	upon	upon	SCONJ
ftr-397	842	112	claiming	claim	VERB
ftr-397	842	113	trader	trader	NOUN
ftr-397	842	114	status	status	NOUN
ftr-397	842	115	makes	make	VERB
ftr-397	842	116	the	the	DET
ftr-397	842	117	inequity	inequity	NOUN
ftr-397	842	118	even	even	ADV
ftr-397	842	119	worse	bad	ADJ
ftr-397	842	120	.	.	PUNCT
ftr-397	843	1	disgruntlement	disgruntlement	NOUN
ftr-397	843	2	regarding	regard	VERB
ftr-397	843	3	fund	fund	NOUN
ftr-397	843	4	entitlement	entitlement	NOUN
ftr-397	843	5	to	to	ADP
ftr-397	843	6	the	the	DET
ftr-397	843	7	trade	trade	NOUN
ftr-397	843	8	or	or	CCONJ
ftr-397	843	9	business	business	NOUN
ftr-397	843	10	deductions	deduction	NOUN
ftr-397	843	11	that	that	PRON
ftr-397	843	12	come	come	VERB
ftr-397	843	13	with	with	ADP
ftr-397	843	14	trader	trader	NOUN
ftr-397	843	15	status	status	NOUN
ftr-397	843	16	may	may	AUX
ftr-397	843	17	be	be	AUX
ftr-397	843	18	further	far	ADV
ftr-397	843	19	fueled	fuel	VERB
ftr-397	843	20	in	in	ADP
ftr-397	843	21	the	the	DET
ftr-397	843	22	case	case	NOUN
ftr-397	843	23	of	of	ADP
ftr-397	843	24	hedge	hedge	NOUN
ftr-397	843	25	funds	fund	NOUN
ftr-397	843	26	that	that	PRON
ftr-397	843	27	change	change	VERB
ftr-397	843	28	from	from	ADP
ftr-397	843	29	a	a	DET
ftr-397	843	30	short	short	ADJ
ftr-397	843	31	-	-	PUNCT
ftr-397	843	32	term	term	NOUN
ftr-397	843	33	to	to	ADP
ftr-397	843	34	a	a	DET
ftr-397	843	35	long	long	ADJ
ftr-397	843	36	-	-	PUNCT
ftr-397	843	37	term	term	NOUN
ftr-397	843	38	strategy	strategy	NOUN
ftr-397	843	39	(	(	PUNCT
ftr-397	843	40	for	for	ADP
ftr-397	843	41	example	example	NOUN
ftr-397	843	42	,	,	PUNCT
ftr-397	843	43	a	a	DET
ftr-397	843	44	fund	fund	NOUN
ftr-397	843	45	shifting	shift	VERB
ftr-397	843	46	toward	toward	ADP
ftr-397	843	47	private	private	ADJ
ftr-397	843	48	equity	equity	NOUN
ftr-397	843	49	investments	investment	NOUN
ftr-397	843	50	)	)	PUNCT
ftr-397	843	51	.	.	PUNCT
ftr-397	844	1	the	the	DET
ftr-397	844	2	changing	change	VERB
ftr-397	844	3	investment	investment	NOUN
ftr-397	844	4	strategies	strategy	NOUN
ftr-397	844	5	of	of	ADP
ftr-397	844	6	such	such	ADJ
ftr-397	844	7	funds	fund	NOUN
ftr-397	844	8	(	(	PUNCT
ftr-397	844	9	which	which	PRON
ftr-397	844	10	may	may	AUX
ftr-397	844	11	depend	depend	VERB
ftr-397	844	12	on	on	ADP
ftr-397	844	13	factors	factor	NOUN
ftr-397	844	14	such	such	ADJ
ftr-397	844	15	as	as	ADP
ftr-397	844	16	the	the	DET
ftr-397	844	17	current	current	ADJ
ftr-397	844	18	economic	economic	ADJ
ftr-397	844	19	climate	climate	NOUN
ftr-397	844	20	)	)	PUNCT
ftr-397	844	21	may	may	AUX
ftr-397	844	22	raise	raise	VERB
ftr-397	844	23	further	further	ADJ
ftr-397	844	24	questions	question	NOUN
ftr-397	844	25	regarding	regard	VERB
ftr-397	844	26	the	the	DET
ftr-397	844	27	continuing	continue	VERB
ftr-397	844	28	eligibility	eligibility	NOUN
ftr-397	844	29	of	of	ADP
ftr-397	844	30	such	such	ADJ
ftr-397	844	31	funds	fund	NOUN
ftr-397	844	32	for	for	ADP
ftr-397	844	33	“	"	PUNCT
ftr-397	844	34	trader	trader	NOUN
ftr-397	844	35	”	"	PUNCT
ftr-397	844	36	classification	classification	NOUN
ftr-397	844	37	in	in	ADP
ftr-397	844	38	the	the	DET
ftr-397	844	39	light	light	NOUN
ftr-397	844	40	of	of	ADP
ftr-397	844	41	their	their	PRON
ftr-397	844	42	longer	long	ADJ
ftr-397	844	43	-	-	PUNCT
ftr-397	844	44	term	term	NOUN
ftr-397	844	45	holding	hold	VERB
ftr-397	844	46	184	184	NUM
ftr-397	844	47	.	.	PUNCT
ftr-397	845	1	see	see	VERB
ftr-397	845	2	,	,	PUNCT
ftr-397	845	3	e.g.	e.g.	ADV
ftr-397	845	4	,	,	PUNCT
ftr-397	845	5	yaeger	yaeger	PROPN
ftr-397	845	6	,	,	PUNCT
ftr-397	845	7	889	889	NUM
ftr-397	845	8	f.2d	f.2d	NOUN
ftr-397	845	9	at	at	ADP
ftr-397	845	10	33	33	NUM
ftr-397	845	11	;	;	PUNCT
ftr-397	845	12	moller	moller	PROPN
ftr-397	845	13	,	,	PUNCT
ftr-397	845	14	721	721	NUM
ftr-397	845	15	f.2d	f.2d	NOUN
ftr-397	845	16	at	at	ADP
ftr-397	845	17	813	813	NUM
ftr-397	845	18	-	-	SYM
ftr-397	845	19	14	14	NUM
ftr-397	845	20	;	;	PUNCT
ftr-397	845	21	see	see	VERB
ftr-397	845	22	also	also	ADV
ftr-397	845	23	sheppard	sheppard	NOUN
ftr-397	845	24	,	,	PUNCT
ftr-397	845	25	trade	trade	NOUN
ftr-397	845	26	or	or	CCONJ
ftr-397	845	27	business	business	NOUN
ftr-397	845	28	,	,	PUNCT
ftr-397	845	29	supra	supra	PROPN
ftr-397	845	30	note	note	NOUN
ftr-397	845	31	183	183	NUM
ftr-397	845	32	,	,	PUNCT
ftr-397	845	33	at	at	ADP
ftr-397	845	34	143	143	NUM
ftr-397	845	35	.	.	PUNCT
ftr-397	846	1	such	such	ADJ
ftr-397	846	2	determination	determination	NOUN
ftr-397	846	3	may	may	AUX
ftr-397	846	4	also	also	ADV
ftr-397	846	5	,	,	PUNCT
ftr-397	846	6	in	in	ADP
ftr-397	846	7	reality	reality	NOUN
ftr-397	846	8	,	,	PUNCT
ftr-397	846	9	be	be	AUX
ftr-397	846	10	decided	decide	VERB
ftr-397	846	11	by	by	ADP
ftr-397	846	12	how	how	SCONJ
ftr-397	846	13	zealously	zealously	ADV
ftr-397	846	14	irs	irs	PROPN
ftr-397	846	15	enforcement	enforcement	NOUN
ftr-397	846	16	accurate	accurate	ADJ
ftr-397	846	17	classification	classification	NOUN
ftr-397	846	18	upon	upon	SCONJ
ftr-397	846	19	examining	examine	VERB
ftr-397	846	20	the	the	DET
ftr-397	846	21	returns	return	NOUN
ftr-397	846	22	.	.	PUNCT
ftr-397	847	1	185	185	NUM
ftr-397	847	2	.	.	PUNCT
ftr-397	848	1	see	see	VERB
ftr-397	848	2	,	,	PUNCT
ftr-397	848	3	e.g.	e.g.	ADV
ftr-397	848	4	,	,	PUNCT
ftr-397	848	5	lee	lee	PROPN
ftr-397	848	6	a.	a.	PROPN
ftr-397	848	7	sheppard	sheppard	PROPN
ftr-397	848	8	,	,	PUNCT
ftr-397	848	9	hedge	hedge	NOUN
ftr-397	848	10	funds	fund	NOUN
ftr-397	848	11	managers	manager	NOUN
ftr-397	848	12	’	’	PART
ftr-397	848	13	15	15	NUM
ftr-397	848	14	percent	percent	NOUN
ftr-397	848	15	tax	tax	NOUN
ftr-397	848	16	on	on	ADP
ftr-397	848	17	20	20	NUM
ftr-397	848	18	percent	percent	NOUN
ftr-397	848	19	of	of	ADP
ftr-397	848	20	the	the	DET
ftr-397	848	21	profits	profit	NOUN
ftr-397	848	22	,	,	PUNCT
ftr-397	848	23	110	110	NUM
ftr-397	848	24	tax	tax	NOUN
ftr-397	848	25	notes	note	NOUN
ftr-397	848	26	1380	1380	NUM
ftr-397	848	27	(	(	PUNCT
ftr-397	848	28	mar	mar	PROPN
ftr-397	848	29	.	.	PROPN
ftr-397	848	30	27	27	NUM
ftr-397	848	31	,	,	PUNCT
ftr-397	848	32	2006	2006	NUM
ftr-397	848	33	)	)	PUNCT
ftr-397	849	1	[	[	X
ftr-397	849	2	hereinafter	hereinafter	NOUN
ftr-397	849	3	sheppard	sheppard	NOUN
ftr-397	849	4	,	,	PUNCT
ftr-397	849	5	hedge	hedge	NOUN
ftr-397	849	6	funds	fund	NOUN
ftr-397	849	7	managers	manager	NOUN
ftr-397	849	8	]	]	PUNCT
ftr-397	849	9	;	;	PUNCT
ftr-397	849	10	darryl	darryl	PROPN
ftr-397	849	11	k.	k.	PROPN
ftr-397	849	12	jones	jones	PROPN
ftr-397	849	13	,	,	PUNCT
ftr-397	849	14	debunking	debunk	VERB
ftr-397	849	15	the	the	DET
ftr-397	849	16	carried	carry	VERB
ftr-397	849	17	interests	interest	NOUN
ftr-397	849	18	myths	myth	NOUN
ftr-397	849	19	:	:	PUNCT
ftr-397	849	20	part	part	NOUN
ftr-397	849	21	i	i	PRON
ftr-397	849	22	,	,	PUNCT
ftr-397	849	23	116	116	NUM
ftr-397	849	24	tax	tax	NOUN
ftr-397	849	25	notes	note	NOUN
ftr-397	849	26	799	799	NUM
ftr-397	849	27	(	(	PUNCT
ftr-397	849	28	aug	aug	PROPN
ftr-397	849	29	.	.	PROPN
ftr-397	849	30	27	27	NUM
ftr-397	849	31	,	,	PUNCT
ftr-397	849	32	2007	2007	NUM
ftr-397	849	33	)	)	PUNCT
ftr-397	849	34	;	;	PUNCT
ftr-397	849	35	but	but	CCONJ
ftr-397	849	36	see	see	VERB
ftr-397	849	37	press	press	NOUN
ftr-397	849	38	release	release	NOUN
ftr-397	849	39	,	,	PUNCT
ftr-397	849	40	united	united	PROPN
ftr-397	849	41	states	states	PROPN
ftr-397	849	42	treasury	treasury	PROPN
ftr-397	849	43	,	,	PUNCT
ftr-397	849	44	testimony	testimony	NOUN
ftr-397	849	45	of	of	ADP
ftr-397	849	46	treasury	treasury	PROPN
ftr-397	849	47	assistant	assistant	NOUN
ftr-397	849	48	secretary	secretary	NOUN
ftr-397	849	49	for	for	ADP
ftr-397	849	50	tax	tax	NOUN
ftr-397	849	51	policy	policy	NOUN
ftr-397	849	52	eric	eric	PROPN
ftr-397	849	53	solomon	solomon	PROPN
ftr-397	849	54	on	on	ADP
ftr-397	849	55	the	the	DET
ftr-397	849	56	taxation	taxation	NOUN
ftr-397	849	57	of	of	ADP
ftr-397	849	58	carried	carry	VERB
ftr-397	849	59	interests	interest	NOUN
ftr-397	849	60	,	,	PUNCT
ftr-397	849	61	tpr	tpr	PROPN
ftr-397	849	62	hp-489	hp-489	PROPN
ftr-397	849	63	(	(	PUNCT
ftr-397	849	64	july	july	PROPN
ftr-397	849	65	11	11	NUM
ftr-397	849	66	,	,	PUNCT
ftr-397	849	67	2007	2007	NUM
ftr-397	849	68	)	)	PUNCT
ftr-397	849	69	(	(	PUNCT
ftr-397	849	70	on	on	ADP
ftr-397	849	71	file	file	NOUN
ftr-397	849	72	with	with	ADP
ftr-397	849	73	author	author	NOUN
ftr-397	849	74	)	)	PUNCT
ftr-397	849	75	.	.	PUNCT
ftr-397	850	1	186	186	NUM
ftr-397	850	2	.	.	PUNCT
ftr-397	851	1	jeremiah	jeremiah	PROPN
ftr-397	851	2	coder	coder	PROPN
ftr-397	851	3	,	,	PUNCT
ftr-397	851	4	forum	forum	PROPN
ftr-397	851	5	panelists	panelist	NOUN
ftr-397	851	6	discuss	discuss	VERB
ftr-397	851	7	“	"	PUNCT
ftr-397	851	8	endgame	endgame	NOUN
ftr-397	851	9	”	"	PUNCT
ftr-397	851	10	of	of	ADP
ftr-397	851	11	private	private	ADJ
ftr-397	851	12	equity	equity	NOUN
ftr-397	851	13	tax	tax	NOUN
ftr-397	851	14	debate	debate	NOUN
ftr-397	851	15	,	,	PUNCT
ftr-397	851	16	116	116	NUM
ftr-397	851	17	tax	tax	NOUN
ftr-397	851	18	notes	note	NOUN
ftr-397	851	19	1103	1103	NUM
ftr-397	851	20	(	(	PUNCT
ftr-397	851	21	sept	sept	PROPN
ftr-397	851	22	.	.	PROPN
ftr-397	851	23	24	24	NUM
ftr-397	851	24	,	,	PUNCT
ftr-397	851	25	2007	2007	NUM
ftr-397	851	26	)	)	PUNCT
ftr-397	851	27	.	.	PUNCT
ftr-397	852	1	1156	1156	NUM
ftr-397	852	2	florida	florida	PROPN
ftr-397	852	3	tax	tax	PROPN
ftr-397	852	4	review	review	NOUN
ftr-397	852	5	[	[	X
ftr-397	852	6	vol	vol	NOUN
ftr-397	852	7	.	.	PUNCT
ftr-397	853	1	8:10	8:10	NUM
ftr-397	853	2	period	period	NOUN
ftr-397	853	3	of	of	ADP
ftr-397	853	4	their	their	PRON
ftr-397	853	5	assets.187	assets.187	ADJ
ftr-397	853	6	questions	question	NOUN
ftr-397	853	7	regarding	regard	VERB
ftr-397	853	8	fairness	fairness	NOUN
ftr-397	853	9	may	may	AUX
ftr-397	853	10	also	also	ADV
ftr-397	853	11	arise	arise	VERB
ftr-397	853	12	with	with	ADP
ftr-397	853	13	respect	respect	NOUN
ftr-397	853	14	to	to	ADP
ftr-397	853	15	funds	fund	NOUN
ftr-397	853	16	with	with	ADP
ftr-397	853	17	substantial	substantial	ADJ
ftr-397	853	18	losses	loss	NOUN
ftr-397	853	19	that	that	PRON
ftr-397	853	20	claim	claim	VERB
ftr-397	853	21	trader	trader	NOUN
ftr-397	853	22	status	status	NOUN
ftr-397	853	23	and	and	CCONJ
ftr-397	853	24	make	make	VERB
ftr-397	853	25	a	a	DET
ftr-397	853	26	mark	mark	VERB
ftr-397	853	27	-	-	PUNCT
ftr-397	853	28	to	to	ADP
ftr-397	853	29	-	-	PUNCT
ftr-397	853	30	market	market	NOUN
ftr-397	853	31	election	election	NOUN
ftr-397	853	32	under	under	ADP
ftr-397	853	33	irc	irc	PROPN
ftr-397	853	34	section	section	NOUN
ftr-397	853	35	475(f	475(f	PROPN
ftr-397	853	36	)	)	PUNCT
ftr-397	853	37	in	in	ADP
ftr-397	853	38	order	order	NOUN
ftr-397	853	39	to	to	PART
ftr-397	853	40	convert	convert	VERB
ftr-397	853	41	such	such	ADJ
ftr-397	853	42	losses	loss	NOUN
ftr-397	853	43	from	from	ADP
ftr-397	853	44	capital	capital	NOUN
ftr-397	853	45	to	to	ADP
ftr-397	853	46	ordinary	ordinary	ADJ
ftr-397	853	47	losses.188	losses.188	NOUN
ftr-397	853	48	while	while	SCONJ
ftr-397	853	49	the	the	DET
ftr-397	853	50	rules	rule	NOUN
ftr-397	853	51	applicable	applicable	ADJ
ftr-397	853	52	to	to	PART
ftr-397	853	53	fund	fund	VERB
ftr-397	853	54	partnerships	partnership	NOUN
ftr-397	853	55	claiming	claim	VERB
ftr-397	853	56	to	to	PART
ftr-397	853	57	be	be	AUX
ftr-397	853	58	traders	trader	NOUN
ftr-397	853	59	are	be	AUX
ftr-397	853	60	the	the	DET
ftr-397	853	61	same	same	ADJ
ftr-397	853	62	underlying	underlying	ADJ
ftr-397	853	63	rules	rule	NOUN
ftr-397	853	64	as	as	ADP
ftr-397	853	65	those	those	PRON
ftr-397	853	66	applicable	applicable	ADJ
ftr-397	853	67	to	to	ADP
ftr-397	853	68	individual	individual	ADJ
ftr-397	853	69	traders	trader	NOUN
ftr-397	853	70	(	(	PUNCT
ftr-397	853	71	albeit	albeit	SCONJ
ftr-397	853	72	channeled	channel	VERB
ftr-397	853	73	through	through	ADP
ftr-397	853	74	the	the	DET
ftr-397	853	75	partnership	partnership	NOUN
ftr-397	853	76	tax	tax	NOUN
ftr-397	853	77	rules	rule	NOUN
ftr-397	853	78	)	)	PUNCT
ftr-397	853	79	,	,	PUNCT
ftr-397	853	80	the	the	DET
ftr-397	853	81	aggregate	aggregate	ADJ
ftr-397	853	82	nature	nature	NOUN
ftr-397	853	83	of	of	ADP
ftr-397	853	84	investment	investment	NOUN
ftr-397	853	85	funds	fund	NOUN
ftr-397	853	86	accentuates	accentuate	VERB
ftr-397	853	87	the	the	DET
ftr-397	853	88	magnitude	magnitude	NOUN
ftr-397	853	89	of	of	ADP
ftr-397	853	90	the	the	DET
ftr-397	853	91	problem	problem	NOUN
ftr-397	853	92	with	with	ADP
ftr-397	853	93	respect	respect	NOUN
ftr-397	853	94	to	to	ADP
ftr-397	853	95	the	the	DET
ftr-397	853	96	favorable	favorable	ADJ
ftr-397	853	97	tax	tax	NOUN
ftr-397	853	98	treatment	treatment	NOUN
ftr-397	853	99	that	that	PRON
ftr-397	853	100	traders	trader	NOUN
ftr-397	853	101	receive	receive	VERB
ftr-397	853	102	.	.	PUNCT
ftr-397	854	1	if	if	SCONJ
ftr-397	854	2	nothing	nothing	PRON
ftr-397	854	3	else	else	ADV
ftr-397	854	4	,	,	PUNCT
ftr-397	854	5	the	the	DET
ftr-397	854	6	amounts	amount	NOUN
ftr-397	854	7	at	at	ADP
ftr-397	854	8	issue	issue	NOUN
ftr-397	854	9	are	be	AUX
ftr-397	854	10	larger	large	ADJ
ftr-397	854	11	in	in	ADP
ftr-397	854	12	the	the	DET
ftr-397	854	13	case	case	NOUN
ftr-397	854	14	of	of	ADP
ftr-397	854	15	these	these	DET
ftr-397	854	16	grouped	group	VERB
ftr-397	854	17	investors	investor	NOUN
ftr-397	854	18	than	than	ADP
ftr-397	854	19	ever	ever	ADV
ftr-397	854	20	before	before	ADV
ftr-397	854	21	,	,	PUNCT
ftr-397	854	22	and	and	CCONJ
ftr-397	854	23	the	the	DET
ftr-397	854	24	parties	party	NOUN
ftr-397	854	25	more	more	ADV
ftr-397	854	26	sophisticated	sophisticated	ADJ
ftr-397	854	27	.	.	PUNCT
ftr-397	855	1	in	in	ADP
ftr-397	855	2	sum	sum	NOUN
ftr-397	855	3	,	,	PUNCT
ftr-397	855	4	with	with	ADP
ftr-397	855	5	the	the	DET
ftr-397	855	6	emergence	emergence	NOUN
ftr-397	855	7	of	of	ADP
ftr-397	855	8	various	various	ADJ
ftr-397	855	9	private	private	ADJ
ftr-397	855	10	equity	equity	NOUN
ftr-397	855	11	investment	investment	NOUN
ftr-397	855	12	arrangements	arrangement	NOUN
ftr-397	855	13	,	,	PUNCT
ftr-397	855	14	the	the	DET
ftr-397	855	15	business	business	NOUN
ftr-397	855	16	of	of	ADP
ftr-397	855	17	“	"	PUNCT
ftr-397	855	18	speculating	speculate	VERB
ftr-397	855	19	”	"	PUNCT
ftr-397	855	20	or	or	CCONJ
ftr-397	855	21	“	"	PUNCT
ftr-397	855	22	trading	trading	NOUN
ftr-397	855	23	”	"	PUNCT
ftr-397	855	24	has	have	AUX
ftr-397	855	25	become	become	VERB
ftr-397	855	26	more	more	ADV
ftr-397	855	27	large	large	ADJ
ftr-397	855	28	-	-	PUNCT
ftr-397	855	29	scale	scale	NOUN
ftr-397	855	30	and	and	CCONJ
ftr-397	855	31	common	common	ADJ
ftr-397	855	32	,	,	PUNCT
ftr-397	855	33	with	with	ADP
ftr-397	855	34	the	the	DET
ftr-397	855	35	result	result	NOUN
ftr-397	855	36	that	that	SCONJ
ftr-397	855	37	larger	large	ADJ
ftr-397	855	38	and	and	CCONJ
ftr-397	855	39	larger	large	ADJ
ftr-397	855	40	sums	sum	NOUN
ftr-397	855	41	of	of	ADP
ftr-397	855	42	money	money	NOUN
ftr-397	855	43	are	be	AUX
ftr-397	855	44	at	at	ADP
ftr-397	855	45	stake	stake	NOUN
ftr-397	855	46	.	.	PUNCT
ftr-397	856	1	it	it	PRON
ftr-397	856	2	is	be	AUX
ftr-397	856	3	therefore	therefore	ADV
ftr-397	856	4	probably	probably	ADV
ftr-397	856	5	fair	fair	ADJ
ftr-397	856	6	to	to	PART
ftr-397	856	7	say	say	VERB
ftr-397	856	8	that	that	SCONJ
ftr-397	856	9	the	the	DET
ftr-397	856	10	extension	extension	NOUN
ftr-397	856	11	of	of	ADP
ftr-397	856	12	trader	trader	NOUN
ftr-397	856	13	status	status	NOUN
ftr-397	856	14	on	on	ADP
ftr-397	856	15	a	a	DET
ftr-397	856	16	“	"	PUNCT
ftr-397	856	17	group	group	NOUN
ftr-397	856	18	”	"	PUNCT
ftr-397	856	19	or	or	CCONJ
ftr-397	856	20	systemic	systemic	ADJ
ftr-397	856	21	level	level	NOUN
ftr-397	856	22	to	to	ADP
ftr-397	856	23	entity	entity	NOUN
ftr-397	856	24	or	or	CCONJ
ftr-397	856	25	fund	fund	NOUN
ftr-397	856	26	traders	trader	NOUN
ftr-397	856	27	was	be	AUX
ftr-397	856	28	not	not	PART
ftr-397	856	29	on	on	ADP
ftr-397	856	30	the	the	DET
ftr-397	856	31	radar	radar	NOUN
ftr-397	856	32	screen	screen	NOUN
ftr-397	856	33	in	in	ADP
ftr-397	856	34	1934	1934	NUM
ftr-397	856	35	,	,	PUNCT
ftr-397	856	36	when	when	SCONJ
ftr-397	856	37	the	the	DET
ftr-397	856	38	“	"	PUNCT
ftr-397	856	39	to	to	ADP
ftr-397	856	40	customers	customer	NOUN
ftr-397	856	41	”	"	PUNCT
ftr-397	856	42	requirement	requirement	NOUN
ftr-397	856	43	was	be	AUX
ftr-397	856	44	enacted	enact	VERB
ftr-397	856	45	.	.	PUNCT
ftr-397	857	1	to	to	ADP
ftr-397	857	2	the	the	DET
ftr-397	857	3	extent	extent	NOUN
ftr-397	857	4	that	that	SCONJ
ftr-397	857	5	one	one	PRON
ftr-397	857	6	is	be	AUX
ftr-397	857	7	concerned	concerned	ADJ
ftr-397	857	8	about	about	ADP
ftr-397	857	9	fairness	fairness	NOUN
ftr-397	857	10	in	in	ADP
ftr-397	857	11	the	the	DET
ftr-397	857	12	tax	tax	NOUN
ftr-397	857	13	treatment	treatment	NOUN
ftr-397	857	14	of	of	ADP
ftr-397	857	15	traders	trader	NOUN
ftr-397	857	16	as	as	ADP
ftr-397	857	17	compared	compare	VERB
ftr-397	857	18	with	with	ADP
ftr-397	857	19	other	other	ADJ
ftr-397	857	20	categories	category	NOUN
ftr-397	857	21	of	of	ADP
ftr-397	857	22	taxpayers	taxpayer	NOUN
ftr-397	857	23	,	,	PUNCT
ftr-397	857	24	the	the	DET
ftr-397	857	25	real	real	ADJ
ftr-397	857	26	or	or	CCONJ
ftr-397	857	27	perceived	perceive	VERB
ftr-397	857	28	inequity	inequity	NOUN
ftr-397	857	29	in	in	ADP
ftr-397	857	30	the	the	DET
ftr-397	857	31	trader	trader	NOUN
ftr-397	857	32	tax	tax	NOUN
ftr-397	857	33	rules	rule	NOUN
ftr-397	857	34	may	may	AUX
ftr-397	857	35	be	be	AUX
ftr-397	857	36	magnified	magnify	VERB
ftr-397	857	37	when	when	SCONJ
ftr-397	857	38	applied	apply	VERB
ftr-397	857	39	to	to	ADP
ftr-397	857	40	grouped	group	VERB
ftr-397	857	41	(	(	PUNCT
ftr-397	857	42	rather	rather	ADV
ftr-397	857	43	than	than	ADP
ftr-397	857	44	individual	individual	ADJ
ftr-397	857	45	)	)	PUNCT
ftr-397	857	46	traders	trader	NOUN
ftr-397	857	47	.	.	PUNCT
ftr-397	858	1	c.	c.	PROPN
ftr-397	858	2	summary	summary	PROPN
ftr-397	858	3	despite	despite	SCONJ
ftr-397	858	4	its	its	PRON
ftr-397	858	5	good	good	ADJ
ftr-397	858	6	intentions	intention	NOUN
ftr-397	858	7	,	,	PUNCT
ftr-397	858	8	the	the	DET
ftr-397	858	9	introduction	introduction	NOUN
ftr-397	858	10	of	of	ADP
ftr-397	858	11	the	the	DET
ftr-397	858	12	“	"	PUNCT
ftr-397	858	13	to	to	ADP
ftr-397	858	14	customers	customer	NOUN
ftr-397	858	15	”	"	PUNCT
ftr-397	858	16	requirement	requirement	NOUN
ftr-397	858	17	into	into	ADP
ftr-397	858	18	the	the	DET
ftr-397	858	19	statute	statute	NOUN
ftr-397	858	20	in	in	ADP
ftr-397	858	21	1934	1934	NUM
ftr-397	858	22	has	have	AUX
ftr-397	858	23	wrought	work	VERB
ftr-397	858	24	a	a	DET
ftr-397	858	25	disjuncture	disjuncture	NOUN
ftr-397	858	26	in	in	ADP
ftr-397	858	27	the	the	DET
ftr-397	858	28	previously	previously	ADV
ftr-397	858	29	symmetrical	symmetrical	ADJ
ftr-397	858	30	treatment	treatment	NOUN
ftr-397	858	31	of	of	ADP
ftr-397	858	32	taxpayers	taxpayer	NOUN
ftr-397	858	33	in	in	ADP
ftr-397	858	34	a	a	DET
ftr-397	858	35	trade	trade	NOUN
ftr-397	858	36	or	or	CCONJ
ftr-397	858	37	business	business	NOUN
ftr-397	858	38	,	,	PUNCT
ftr-397	858	39	with	with	ADP
ftr-397	858	40	the	the	DET
ftr-397	858	41	securities	security	NOUN
ftr-397	858	42	trader	trader	NOUN
ftr-397	858	43	’s	’s	PART
ftr-397	858	44	tax	tax	NOUN
ftr-397	858	45	treatment	treatment	NOUN
ftr-397	858	46	squarely	squarely	ADV
ftr-397	858	47	at	at	ADP
ftr-397	858	48	the	the	DET
ftr-397	858	49	heart	heart	NOUN
ftr-397	858	50	of	of	ADP
ftr-397	858	51	this	this	DET
ftr-397	858	52	disjuncture	disjuncture	NOUN
ftr-397	858	53	.	.	PUNCT
ftr-397	859	1	the	the	DET
ftr-397	859	2	treatment	treatment	NOUN
ftr-397	859	3	of	of	ADP
ftr-397	859	4	traders	trader	NOUN
ftr-397	859	5	has	have	AUX
ftr-397	859	6	been	be	AUX
ftr-397	859	7	subject	subject	ADJ
ftr-397	859	8	to	to	ADP
ftr-397	859	9	a	a	DET
ftr-397	859	10	number	number	NOUN
ftr-397	859	11	of	of	ADP
ftr-397	859	12	fairness	fairness	NOUN
ftr-397	859	13	-	-	PUNCT
ftr-397	859	14	based	base	VERB
ftr-397	859	15	criticisms	criticism	NOUN
ftr-397	859	16	.	.	PUNCT
ftr-397	860	1	in	in	ADP
ftr-397	860	2	addition	addition	NOUN
ftr-397	860	3	,	,	PUNCT
ftr-397	860	4	there	there	PRON
ftr-397	860	5	are	be	VERB
ftr-397	860	6	also	also	ADV
ftr-397	860	7	problems	problem	NOUN
ftr-397	860	8	stemming	stem	VERB
ftr-397	860	9	from	from	ADP
ftr-397	860	10	the	the	DET
ftr-397	860	11	structure	structure	NOUN
ftr-397	860	12	of	of	ADP
ftr-397	860	13	the	the	DET
ftr-397	860	14	statute	statute	NOUN
ftr-397	860	15	itself	itself	PRON
ftr-397	860	16	:	:	PUNCT
ftr-397	860	17	trader	trader	NOUN
ftr-397	860	18	taxation	taxation	NOUN
ftr-397	860	19	is	be	AUX
ftr-397	860	20	currently	currently	ADV
ftr-397	860	21	linked	link	VERB
ftr-397	860	22	to	to	ADP
ftr-397	860	23	the	the	DET
ftr-397	860	24	ever	ever	ADV
ftr-397	860	25	-	-	PUNCT
ftr-397	860	26	volatile	volatile	ADJ
ftr-397	860	27	minefield	minefield	NOUN
ftr-397	860	28	of	of	ADP
ftr-397	860	29	capital	capital	NOUN
ftr-397	860	30	asset	asset	NOUN
ftr-397	860	31	taxation	taxation	NOUN
ftr-397	860	32	and	and	CCONJ
ftr-397	860	33	therefore	therefore	ADV
ftr-397	860	34	itself	itself	PRON
ftr-397	860	35	contains	contain	VERB
ftr-397	860	36	innate	innate	ADJ
ftr-397	860	37	volatility	volatility	NOUN
ftr-397	860	38	.	.	PUNCT
ftr-397	861	1	this	this	DET
ftr-397	861	2	volatility	volatility	NOUN
ftr-397	861	3	is	be	AUX
ftr-397	861	4	magnified	magnify	VERB
ftr-397	861	5	,	,	PUNCT
ftr-397	861	6	given	give	VERB
ftr-397	861	7	the	the	DET
ftr-397	861	8	modern	modern	ADJ
ftr-397	861	9	-	-	PUNCT
ftr-397	861	10	day	day	NOUN
ftr-397	861	11	phenomenon	phenomenon	NOUN
ftr-397	861	12	of	of	ADP
ftr-397	861	13	“	"	PUNCT
ftr-397	861	14	grouped	group	VERB
ftr-397	861	15	”	"	PUNCT
ftr-397	861	16	trading	trading	NOUN
ftr-397	861	17	.	.	PUNCT
ftr-397	862	1	from	from	ADP
ftr-397	862	2	a	a	DET
ftr-397	862	3	policy	policy	NOUN
ftr-397	862	4	standpoint	standpoint	NOUN
ftr-397	862	5	,	,	PUNCT
ftr-397	862	6	this	this	PRON
ftr-397	862	7	is	be	AUX
ftr-397	862	8	not	not	PART
ftr-397	862	9	a	a	DET
ftr-397	862	10	desirable	desirable	ADJ
ftr-397	862	11	or	or	CCONJ
ftr-397	862	12	rational	rational	ADJ
ftr-397	862	13	state	state	NOUN
ftr-397	862	14	of	of	ADP
ftr-397	862	15	affairs	affair	NOUN
ftr-397	862	16	.	.	PUNCT
ftr-397	863	1	section	section	NOUN
ftr-397	863	2	v	v	ADP
ftr-397	863	3	of	of	ADP
ftr-397	863	4	this	this	DET
ftr-397	863	5	article	article	NOUN
ftr-397	863	6	argues	argue	VERB
ftr-397	863	7	that	that	SCONJ
ftr-397	863	8	,	,	PUNCT
ftr-397	863	9	from	from	ADP
ftr-397	863	10	a	a	DET
ftr-397	863	11	structural	structural	ADJ
ftr-397	863	12	standpoint	standpoint	NOUN
ftr-397	863	13	,	,	PUNCT
ftr-397	863	14	the	the	DET
ftr-397	863	15	courts	court	NOUN
ftr-397	863	16	and	and	CCONJ
ftr-397	863	17	the	the	DET
ftr-397	863	18	legislature	legislature	NOUN
ftr-397	863	19	have	have	AUX
ftr-397	863	20	,	,	PUNCT
ftr-397	863	21	purposefully	purposefully	ADV
ftr-397	863	22	or	or	CCONJ
ftr-397	863	23	not	not	PART
ftr-397	863	24	,	,	PUNCT
ftr-397	863	25	already	already	ADV
ftr-397	863	26	taken	take	VERB
ftr-397	863	27	steps	step	NOUN
ftr-397	863	28	to	to	PART
ftr-397	863	29	remedy	remedy	VERB
ftr-397	863	30	this	this	DET
ftr-397	863	31	situation	situation	NOUN
ftr-397	863	32	,	,	PUNCT
ftr-397	863	33	and	and	CCONJ
ftr-397	863	34	that	that	SCONJ
ftr-397	863	35	the	the	DET
ftr-397	863	36	structural	structural	ADJ
ftr-397	863	37	problems	problem	NOUN
ftr-397	863	38	caused	cause	VERB
ftr-397	863	39	by	by	ADP
ftr-397	863	40	the	the	DET
ftr-397	863	41	current	current	ADJ
ftr-397	863	42	method	method	NOUN
ftr-397	863	43	of	of	ADP
ftr-397	863	44	taxing	tax	VERB
ftr-397	863	45	traders	trader	NOUN
ftr-397	863	46	would	would	AUX
ftr-397	863	47	be	be	AUX
ftr-397	863	48	even	even	ADV
ftr-397	863	49	more	more	ADV
ftr-397	863	50	severe	severe	ADJ
ftr-397	863	51	but	but	CCONJ
ftr-397	863	52	for	for	ADP
ftr-397	863	53	these	these	DET
ftr-397	863	54	legislative	legislative	ADJ
ftr-397	863	55	and	and	CCONJ
ftr-397	863	56	judicial	judicial	ADJ
ftr-397	863	57	steps	step	NOUN
ftr-397	863	58	.	.	PUNCT
ftr-397	864	1	187	187	NUM
ftr-397	864	2	.	.	PUNCT
ftr-397	864	3	see	see	VERB
ftr-397	864	4	generally	generally	ADV
ftr-397	864	5	dale	dale	ADJ
ftr-397	864	6	,	,	PUNCT
ftr-397	864	7	supra	supra	PROPN
ftr-397	864	8	note	note	PROPN
ftr-397	864	9	183	183	NUM
ftr-397	864	10	;	;	PUNCT
ftr-397	864	11	see	see	VERB
ftr-397	864	12	also	also	ADV
ftr-397	864	13	,	,	PUNCT
ftr-397	864	14	generally	generally	ADV
ftr-397	864	15	,	,	PUNCT
ftr-397	864	16	fuld	fuld	PROPN
ftr-397	864	17	,	,	PUNCT
ftr-397	864	18	139	139	NUM
ftr-397	864	19	f.2d	f.2d	ADP
ftr-397	864	20	465	465	NUM
ftr-397	864	21	(	(	PUNCT
ftr-397	864	22	involving	involve	VERB
ftr-397	864	23	taxpayers	taxpayer	NOUN
ftr-397	864	24	changing	change	VERB
ftr-397	864	25	from	from	ADP
ftr-397	864	26	a	a	DET
ftr-397	864	27	long	long	ADJ
ftr-397	864	28	-	-	PUNCT
ftr-397	864	29	term	term	NOUN
ftr-397	864	30	investment	investment	NOUN
ftr-397	864	31	strategy	strategy	NOUN
ftr-397	864	32	to	to	ADP
ftr-397	864	33	a	a	DET
ftr-397	864	34	shortterm	shortterm	NOUN
ftr-397	864	35	strategy	strategy	NOUN
ftr-397	864	36	)	)	PUNCT
ftr-397	864	37	.	.	PUNCT
ftr-397	865	1	188	188	NUM
ftr-397	865	2	.	.	PUNCT
ftr-397	865	3	irc	irc	PROPN
ftr-397	865	4	§	§	PROPN
ftr-397	865	5	475(f	475(f	PROPN
ftr-397	865	6	)	)	PUNCT
ftr-397	865	7	.	.	PUNCT
ftr-397	866	1	2008	2008	NUM
ftr-397	866	2	]	]	PUNCT
ftr-397	867	1	a	a	DET
ftr-397	867	2	structural	structural	ADJ
ftr-397	867	3	critique	critique	NOUN
ftr-397	867	4	of	of	ADP
ftr-397	867	5	trader	trader	NOUN
ftr-397	867	6	taxation	taxation	NOUN
ftr-397	867	7	1157	1157	NUM
ftr-397	867	8	section	section	NOUN
ftr-397	867	9	v	v	NOUN
ftr-397	867	10	:	:	PUNCT
ftr-397	867	11	structural	structural	ADJ
ftr-397	867	12	remediation	remediation	NOUN
ftr-397	867	13	by	by	ADP
ftr-397	867	14	the	the	DET
ftr-397	867	15	courts	court	NOUN
ftr-397	867	16	and	and	CCONJ
ftr-397	867	17	the	the	DET
ftr-397	867	18	legislature	legislature	NOUN
ftr-397	867	19	as	as	SCONJ
ftr-397	867	20	discussed	discuss	VERB
ftr-397	867	21	in	in	ADP
ftr-397	867	22	section	section	NOUN
ftr-397	867	23	iv	iv	ADP
ftr-397	867	24	above	above	ADV
ftr-397	867	25	,	,	PUNCT
ftr-397	867	26	the	the	DET
ftr-397	867	27	asymmetrical	asymmetrical	ADJ
ftr-397	867	28	tax	tax	NOUN
ftr-397	867	29	rules	rule	NOUN
ftr-397	867	30	applicable	applicable	ADJ
ftr-397	867	31	to	to	ADP
ftr-397	867	32	the	the	DET
ftr-397	867	33	gains	gain	NOUN
ftr-397	867	34	and	and	CCONJ
ftr-397	867	35	deductions	deduction	NOUN
ftr-397	867	36	side	side	NOUN
ftr-397	867	37	of	of	ADP
ftr-397	867	38	trader	trader	NOUN
ftr-397	867	39	taxation	taxation	NOUN
ftr-397	867	40	is	be	AUX
ftr-397	867	41	problematic	problematic	ADJ
ftr-397	867	42	for	for	ADP
ftr-397	867	43	a	a	DET
ftr-397	867	44	variety	variety	NOUN
ftr-397	867	45	of	of	ADP
ftr-397	867	46	reasons	reason	NOUN
ftr-397	867	47	.	.	PUNCT
ftr-397	868	1	this	this	DET
ftr-397	868	2	section	section	NOUN
ftr-397	868	3	argues	argue	VERB
ftr-397	868	4	that	that	SCONJ
ftr-397	868	5	the	the	DET
ftr-397	868	6	reason	reason	NOUN
ftr-397	868	7	the	the	DET
ftr-397	868	8	impact	impact	NOUN
ftr-397	868	9	of	of	ADP
ftr-397	868	10	the	the	DET
ftr-397	868	11	statutory	statutory	ADJ
ftr-397	868	12	asymmetry	asymmetry	NOUN
ftr-397	868	13	is	be	AUX
ftr-397	868	14	not	not	PART
ftr-397	868	15	even	even	ADV
ftr-397	868	16	more	more	ADV
ftr-397	868	17	far	far	ADV
ftr-397	868	18	reaching	reach	VERB
ftr-397	868	19	is	be	AUX
ftr-397	868	20	because	because	SCONJ
ftr-397	868	21	of	of	ADP
ftr-397	868	22	the	the	DET
ftr-397	868	23	actions	action	NOUN
ftr-397	868	24	of	of	ADP
ftr-397	868	25	the	the	DET
ftr-397	868	26	legislature	legislature	NOUN
ftr-397	868	27	and	and	CCONJ
ftr-397	868	28	the	the	DET
ftr-397	868	29	courts	court	NOUN
ftr-397	868	30	(	(	PUNCT
ftr-397	868	31	whether	whether	SCONJ
ftr-397	868	32	or	or	CCONJ
ftr-397	868	33	not	not	PART
ftr-397	868	34	intended	intend	VERB
ftr-397	868	35	)	)	PUNCT
ftr-397	868	36	in	in	ADP
ftr-397	868	37	minimizing	minimize	VERB
ftr-397	868	38	the	the	DET
ftr-397	868	39	effects	effect	NOUN
ftr-397	868	40	of	of	ADP
ftr-397	868	41	the	the	DET
ftr-397	868	42	asymmetry	asymmetry	NOUN
ftr-397	868	43	.	.	PUNCT
ftr-397	869	1	from	from	ADP
ftr-397	869	2	a	a	DET
ftr-397	869	3	structural	structural	ADJ
ftr-397	869	4	standpoint	standpoint	NOUN
ftr-397	869	5	,	,	PUNCT
ftr-397	869	6	such	such	ADJ
ftr-397	869	7	judicial	judicial	ADJ
ftr-397	869	8	and	and	CCONJ
ftr-397	869	9	congressional	congressional	ADJ
ftr-397	869	10	efforts	effort	NOUN
ftr-397	869	11	are	be	AUX
ftr-397	869	12	best	well	ADV
ftr-397	869	13	seen	see	VERB
ftr-397	869	14	as	as	ADP
ftr-397	869	15	effecting	effect	VERB
ftr-397	869	16	an	an	DET
ftr-397	869	17	architectural	architectural	ADJ
ftr-397	869	18	remediation	remediation	NOUN
ftr-397	869	19	in	in	ADP
ftr-397	869	20	order	order	NOUN
ftr-397	869	21	to	to	PART
ftr-397	869	22	inject	inject	VERB
ftr-397	869	23	more	more	ADJ
ftr-397	869	24	symmetry	symmetry	NOUN
ftr-397	869	25	into	into	ADP
ftr-397	869	26	the	the	DET
ftr-397	869	27	statutory	statutory	ADJ
ftr-397	869	28	structure	structure	NOUN
ftr-397	869	29	by	by	ADP
ftr-397	869	30	limiting	limit	VERB
ftr-397	869	31	the	the	DET
ftr-397	869	32	impact	impact	NOUN
ftr-397	869	33	of	of	ADP
ftr-397	869	34	the	the	DET
ftr-397	869	35	asymmetrical	asymmetrical	ADJ
ftr-397	869	36	rules	rule	NOUN
ftr-397	869	37	in	in	ADP
ftr-397	869	38	certain	certain	ADJ
ftr-397	869	39	important	important	ADJ
ftr-397	869	40	situations	situation	NOUN
ftr-397	869	41	,	,	PUNCT
ftr-397	869	42	notwithstanding	notwithstanding	ADP
ftr-397	869	43	the	the	DET
ftr-397	869	44	letter	letter	NOUN
ftr-397	869	45	of	of	ADP
ftr-397	869	46	the	the	DET
ftr-397	869	47	statutory	statutory	ADJ
ftr-397	869	48	tax	tax	NOUN
ftr-397	869	49	rules	rule	NOUN
ftr-397	869	50	.	.	PUNCT
ftr-397	870	1	a.	a.	NOUN
ftr-397	870	2	court	court	NOUN
ftr-397	870	3	decisions	decision	NOUN
ftr-397	870	4	regarding	regard	VERB
ftr-397	870	5	capital	capital	NOUN
ftr-397	870	6	asset	asset	NOUN
ftr-397	870	7	classification	classification	NOUN
ftr-397	870	8	:	:	PUNCT
ftr-397	870	9	minimizing	minimize	VERB
ftr-397	870	10	the	the	DET
ftr-397	870	11	“	"	PUNCT
ftr-397	870	12	to	to	ADP
ftr-397	870	13	customers	customer	NOUN
ftr-397	870	14	”	"	PUNCT
ftr-397	870	15	requirement	requirement	NOUN
ftr-397	870	16	the	the	DET
ftr-397	870	17	structural	structural	ADJ
ftr-397	870	18	problems	problem	NOUN
ftr-397	870	19	inherent	inherent	ADJ
ftr-397	870	20	in	in	ADP
ftr-397	870	21	the	the	DET
ftr-397	870	22	statute	statute	NOUN
ftr-397	870	23	should	should	AUX
ftr-397	870	24	not	not	PART
ftr-397	870	25	be	be	AUX
ftr-397	870	26	limited	limit	VERB
ftr-397	870	27	to	to	ADP
ftr-397	870	28	traders	trader	NOUN
ftr-397	870	29	.	.	PUNCT
ftr-397	871	1	this	this	DET
ftr-397	871	2	statement	statement	NOUN
ftr-397	871	3	may	may	AUX
ftr-397	871	4	appear	appear	VERB
ftr-397	871	5	counterintuitive	counterintuitive	ADJ
ftr-397	871	6	,	,	PUNCT
ftr-397	871	7	since	since	SCONJ
ftr-397	871	8	the	the	DET
ftr-397	871	9	unusual	unusual	ADJ
ftr-397	871	10	result	result	NOUN
ftr-397	871	11	of	of	ADP
ftr-397	871	12	allowing	allow	VERB
ftr-397	871	13	capital	capital	NOUN
ftr-397	871	14	gain	gain	NOUN
ftr-397	871	15	and	and	CCONJ
ftr-397	871	16	loss	loss	NOUN
ftr-397	871	17	treatment	treatment	NOUN
ftr-397	871	18	while	while	SCONJ
ftr-397	871	19	also	also	ADV
ftr-397	871	20	allowing	allow	VERB
ftr-397	871	21	various	various	ADJ
ftr-397	871	22	trade	trade	NOUN
ftr-397	871	23	or	or	CCONJ
ftr-397	871	24	business	business	NOUN
ftr-397	871	25	deductions	deduction	NOUN
ftr-397	871	26	is	be	AUX
ftr-397	871	27	particularly	particularly	ADV
ftr-397	871	28	a	a	DET
ftr-397	871	29	characteristic	characteristic	NOUN
ftr-397	871	30	of	of	ADP
ftr-397	871	31	traders	trader	NOUN
ftr-397	871	32	.	.	PUNCT
ftr-397	872	1	however	however	ADV
ftr-397	872	2	,	,	PUNCT
ftr-397	872	3	the	the	DET
ftr-397	872	4	asymmetrical	asymmetrical	ADJ
ftr-397	872	5	structure	structure	NOUN
ftr-397	872	6	of	of	ADP
ftr-397	872	7	the	the	DET
ftr-397	872	8	statute	statute	NOUN
ftr-397	872	9	has	have	VERB
ftr-397	872	10	the	the	DET
ftr-397	872	11	potential	potential	NOUN
ftr-397	872	12	to	to	PART
ftr-397	872	13	impact	impact	VERB
ftr-397	872	14	classes	class	NOUN
ftr-397	872	15	of	of	ADP
ftr-397	872	16	taxpayers	taxpayer	NOUN
ftr-397	872	17	other	other	ADJ
ftr-397	872	18	than	than	ADP
ftr-397	872	19	traders	trader	NOUN
ftr-397	872	20	.	.	PUNCT
ftr-397	873	1	even	even	ADV
ftr-397	873	2	though	though	SCONJ
ftr-397	873	3	the	the	DET
ftr-397	873	4	legislative	legislative	ADJ
ftr-397	873	5	history	history	NOUN
ftr-397	873	6	of	of	ADP
ftr-397	873	7	the	the	DET
ftr-397	873	8	1934	1934	NUM
ftr-397	873	9	amendment	amendment	NOUN
ftr-397	873	10	to	to	ADP
ftr-397	873	11	the	the	DET
ftr-397	873	12	capital	capital	NOUN
ftr-397	873	13	asset	asset	NOUN
ftr-397	873	14	definition	definition	NOUN
ftr-397	873	15	reflects	reflect	VERB
ftr-397	873	16	that	that	SCONJ
ftr-397	873	17	the	the	DET
ftr-397	873	18	addition	addition	NOUN
ftr-397	873	19	of	of	ADP
ftr-397	873	20	the	the	DET
ftr-397	873	21	“	"	PUNCT
ftr-397	873	22	to	to	ADP
ftr-397	873	23	customers	customer	NOUN
ftr-397	873	24	”	"	PUNCT
ftr-397	873	25	requirement	requirement	NOUN
ftr-397	873	26	was	be	AUX
ftr-397	873	27	aimed	aim	VERB
ftr-397	873	28	squarely	squarely	ADV
ftr-397	873	29	at	at	ADP
ftr-397	873	30	“	"	PUNCT
ftr-397	873	31	speculators	speculator	NOUN
ftr-397	873	32	”	"	PUNCT
ftr-397	873	33	who	who	PRON
ftr-397	873	34	were	be	AUX
ftr-397	873	35	attempting	attempt	VERB
ftr-397	873	36	to	to	PART
ftr-397	873	37	offset	offset	VERB
ftr-397	873	38	other	other	ADJ
ftr-397	873	39	income	income	NOUN
ftr-397	873	40	against	against	ADP
ftr-397	873	41	the	the	DET
ftr-397	873	42	losses	loss	NOUN
ftr-397	873	43	from	from	ADP
ftr-397	873	44	securities	security	NOUN
ftr-397	873	45	speculation	speculation	NOUN
ftr-397	873	46	,	,	PUNCT
ftr-397	873	47	the	the	DET
ftr-397	873	48	actual	actual	ADJ
ftr-397	873	49	language	language	NOUN
ftr-397	873	50	of	of	ADP
ftr-397	873	51	the	the	DET
ftr-397	873	52	statute	statute	NOUN
ftr-397	873	53	as	as	SCONJ
ftr-397	873	54	enacted	enact	VERB
ftr-397	873	55	did	do	AUX
ftr-397	873	56	not	not	PART
ftr-397	873	57	in	in	ADP
ftr-397	873	58	any	any	DET
ftr-397	873	59	way	way	NOUN
ftr-397	873	60	limit	limit	VERB
ftr-397	873	61	the	the	DET
ftr-397	873	62	“	"	PUNCT
ftr-397	873	63	to	to	ADP
ftr-397	873	64	customers	customer	NOUN
ftr-397	873	65	”	"	PUNCT
ftr-397	873	66	requirement	requirement	NOUN
ftr-397	873	67	to	to	ADP
ftr-397	873	68	speculators.189	speculators.189	PROPN
ftr-397	873	69	this	this	PRON
ftr-397	873	70	is	be	AUX
ftr-397	873	71	still	still	ADV
ftr-397	873	72	true	true	ADJ
ftr-397	873	73	of	of	ADP
ftr-397	873	74	the	the	DET
ftr-397	873	75	statute	statute	NOUN
ftr-397	873	76	in	in	ADP
ftr-397	873	77	its	its	PRON
ftr-397	873	78	present	present	ADJ
ftr-397	873	79	form	form	NOUN
ftr-397	873	80	,	,	PUNCT
ftr-397	873	81	which	which	PRON
ftr-397	873	82	merely	merely	ADV
ftr-397	873	83	states	state	VERB
ftr-397	873	84	that	that	SCONJ
ftr-397	873	85	the	the	DET
ftr-397	873	86	term	term	NOUN
ftr-397	873	87	“	"	PUNCT
ftr-397	873	88	capital	capital	NOUN
ftr-397	873	89	asset	asset	NOUN
ftr-397	873	90	”	"	PUNCT
ftr-397	873	91	does	do	AUX
ftr-397	873	92	not	not	PART
ftr-397	873	93	include	include	VERB
ftr-397	873	94	“	"	PUNCT
ftr-397	873	95	property	property	NOUN
ftr-397	873	96	held	hold	VERB
ftr-397	873	97	by	by	ADP
ftr-397	873	98	the	the	DET
ftr-397	873	99	taxpayer	taxpayer	NOUN
ftr-397	873	100	primarily	primarily	ADV
ftr-397	873	101	for	for	ADP
ftr-397	873	102	sale	sale	NOUN
ftr-397	873	103	to	to	ADP
ftr-397	873	104	customers	customer	NOUN
ftr-397	873	105	in	in	ADP
ftr-397	873	106	the	the	DET
ftr-397	873	107	ordinary	ordinary	ADJ
ftr-397	873	108	course	course	NOUN
ftr-397	873	109	of	of	ADP
ftr-397	873	110	his	his	PRON
ftr-397	873	111	trade	trade	NOUN
ftr-397	873	112	or	or	CCONJ
ftr-397	873	113	business	business	NOUN
ftr-397	873	114	.	.	PUNCT
ftr-397	874	1	”190	”190	PROPN
ftr-397	874	2	had	have	AUX
ftr-397	874	3	it	it	PRON
ftr-397	874	4	intended	intend	VERB
ftr-397	874	5	to	to	PART
ftr-397	874	6	do	do	VERB
ftr-397	874	7	so	so	ADV
ftr-397	874	8	,	,	PUNCT
ftr-397	874	9	congress	congress	PROPN
ftr-397	874	10	could	could	AUX
ftr-397	874	11	just	just	ADV
ftr-397	874	12	as	as	ADV
ftr-397	874	13	easily	easily	ADV
ftr-397	874	14	have	have	AUX
ftr-397	874	15	created	create	VERB
ftr-397	874	16	an	an	DET
ftr-397	874	17	exception	exception	NOUN
ftr-397	874	18	to	to	ADP
ftr-397	874	19	“	"	PUNCT
ftr-397	874	20	capital	capital	NOUN
ftr-397	874	21	asset	asset	NOUN
ftr-397	874	22	”	"	PUNCT
ftr-397	874	23	treatment	treatment	NOUN
ftr-397	874	24	exclusively	exclusively	ADV
ftr-397	874	25	applicable	applicable	ADJ
ftr-397	874	26	to	to	ADP
ftr-397	874	27	securities	security	NOUN
ftr-397	874	28	.	.	PUNCT
ftr-397	875	1	this	this	PRON
ftr-397	875	2	,	,	PUNCT
ftr-397	875	3	congress	congress	PROPN
ftr-397	875	4	did	do	AUX
ftr-397	875	5	not	not	PART
ftr-397	875	6	do	do	VERB
ftr-397	875	7	.	.	PUNCT
ftr-397	876	1	it	it	PRON
ftr-397	876	2	is	be	AUX
ftr-397	876	3	an	an	DET
ftr-397	876	4	important	important	ADJ
ftr-397	876	5	tenet	tenet	NOUN
ftr-397	876	6	of	of	ADP
ftr-397	876	7	statutory	statutory	ADJ
ftr-397	876	8	interpretation	interpretation	NOUN
ftr-397	876	9	that	that	SCONJ
ftr-397	876	10	courts	court	NOUN
ftr-397	876	11	should	should	AUX
ftr-397	876	12	give	give	VERB
ftr-397	876	13	effect	effect	NOUN
ftr-397	876	14	to	to	ADP
ftr-397	876	15	each	each	PRON
ftr-397	876	16	and	and	CCONJ
ftr-397	876	17	every	every	DET
ftr-397	876	18	word	word	NOUN
ftr-397	876	19	in	in	ADP
ftr-397	876	20	a	a	DET
ftr-397	876	21	statute	statute	NOUN
ftr-397	876	22	,	,	PUNCT
ftr-397	876	23	and	and	CCONJ
ftr-397	876	24	that	that	SCONJ
ftr-397	876	25	if	if	SCONJ
ftr-397	876	26	the	the	DET
ftr-397	876	27	language	language	NOUN
ftr-397	876	28	of	of	ADP
ftr-397	876	29	a	a	DET
ftr-397	876	30	statute	statute	NOUN
ftr-397	876	31	is	be	AUX
ftr-397	876	32	clear	clear	ADJ
ftr-397	876	33	,	,	PUNCT
ftr-397	876	34	courts	court	NOUN
ftr-397	876	35	should	should	AUX
ftr-397	876	36	not	not	PART
ftr-397	876	37	go	go	VERB
ftr-397	876	38	outside	outside	ADV
ftr-397	876	39	of	of	ADP
ftr-397	876	40	the	the	DET
ftr-397	876	41	statute	statute	NOUN
ftr-397	876	42	’s	’s	PART
ftr-397	876	43	plain	plain	ADJ
ftr-397	876	44	meaning	meaning	NOUN
ftr-397	876	45	in	in	ADP
ftr-397	876	46	189	189	NUM
ftr-397	876	47	.	.	PUNCT
ftr-397	877	1	revenue	revenue	NOUN
ftr-397	877	2	act	act	NOUN
ftr-397	877	3	of	of	ADP
ftr-397	877	4	1934	1934	NUM
ftr-397	877	5	,	,	PUNCT
ftr-397	877	6	pub	pub	NOUN
ftr-397	877	7	.	.	PUNCT
ftr-397	878	1	l.	l.	PROPN
ftr-397	878	2	no	no	INTJ
ftr-397	878	3	.	.	PROPN
ftr-397	879	1	73	73	NUM
ftr-397	879	2	-	-	SYM
ftr-397	879	3	216	216	NUM
ftr-397	879	4	,	,	PUNCT
ftr-397	879	5	§	§	PROPN
ftr-397	879	6	117(b	117(b	PROPN
ftr-397	879	7	)	)	PUNCT
ftr-397	879	8	,	,	PUNCT
ftr-397	879	9	48	48	NUM
ftr-397	879	10	stat	stat	NOUN
ftr-397	879	11	.	.	PUNCT
ftr-397	880	1	680	680	NUM
ftr-397	880	2	,	,	PUNCT
ftr-397	880	3	714	714	NUM
ftr-397	880	4	(	(	PUNCT
ftr-397	880	5	1934	1934	NUM
ftr-397	880	6	)	)	PUNCT
ftr-397	880	7	.	.	PUNCT
ftr-397	881	1	190	190	NUM
ftr-397	881	2	.	.	PUNCT
ftr-397	881	3	irc	irc	PROPN
ftr-397	881	4	§	§	PROPN
ftr-397	881	5	1221(a)(1	1221(a)(1	NUM
ftr-397	881	6	)	)	PUNCT
ftr-397	881	7	.	.	PUNCT
ftr-397	882	1	1158	1158	NUM
ftr-397	882	2	florida	florida	PROPN
ftr-397	882	3	tax	tax	PROPN
ftr-397	882	4	review	review	NOUN
ftr-397	882	5	[	[	X
ftr-397	882	6	vol	vol	NOUN
ftr-397	882	7	.	.	PUNCT
ftr-397	882	8	8:10	8:10	NUM
ftr-397	882	9	interpreting	interpret	VERB
ftr-397	882	10	the	the	DET
ftr-397	882	11	statute.191	statute.191	NOUN
ftr-397	882	12	it	it	PRON
ftr-397	882	13	is	be	AUX
ftr-397	882	14	equally	equally	ADV
ftr-397	882	15	a	a	DET
ftr-397	882	16	statutory	statutory	ADJ
ftr-397	882	17	interpretation	interpretation	NOUN
ftr-397	882	18	tenet	tenet	NOUN
ftr-397	882	19	that	that	SCONJ
ftr-397	882	20	courts	court	NOUN
ftr-397	882	21	should	should	AUX
ftr-397	882	22	only	only	ADV
ftr-397	882	23	resort	resort	VERB
ftr-397	882	24	to	to	ADP
ftr-397	882	25	legislative	legislative	ADJ
ftr-397	882	26	history	history	NOUN
ftr-397	882	27	if	if	SCONJ
ftr-397	882	28	the	the	DET
ftr-397	882	29	plain	plain	ADJ
ftr-397	882	30	meaning	meaning	NOUN
ftr-397	882	31	of	of	ADP
ftr-397	882	32	a	a	DET
ftr-397	882	33	statute	statute	NOUN
ftr-397	882	34	is	be	AUX
ftr-397	882	35	unclear.192	unclear.192	ADJ
ftr-397	882	36	in	in	ADP
ftr-397	882	37	this	this	DET
ftr-397	882	38	case	case	NOUN
ftr-397	882	39	,	,	PUNCT
ftr-397	882	40	the	the	DET
ftr-397	882	41	plain	plain	ADJ
ftr-397	882	42	meaning	meaning	NOUN
ftr-397	882	43	of	of	ADP
ftr-397	882	44	the	the	DET
ftr-397	882	45	statute	statute	NOUN
ftr-397	882	46	is	be	AUX
ftr-397	882	47	perfectly	perfectly	ADV
ftr-397	882	48	clear	clear	ADJ
ftr-397	882	49	:	:	PUNCT
ftr-397	882	50	property	property	NOUN
ftr-397	882	51	must	must	AUX
ftr-397	882	52	be	be	AUX
ftr-397	882	53	held	hold	VERB
ftr-397	882	54	for	for	ADP
ftr-397	882	55	sale	sale	NOUN
ftr-397	882	56	“	"	PUNCT
ftr-397	882	57	to	to	ADP
ftr-397	882	58	customers	customer	NOUN
ftr-397	882	59	”	"	PUNCT
ftr-397	882	60	in	in	ADP
ftr-397	882	61	order	order	NOUN
ftr-397	882	62	to	to	PART
ftr-397	882	63	come	come	VERB
ftr-397	882	64	within	within	ADP
ftr-397	882	65	the	the	DET
ftr-397	882	66	irc	irc	PROPN
ftr-397	882	67	section	section	NOUN
ftr-397	882	68	1221(a)(1	1221(a)(1	NUM
ftr-397	882	69	)	)	PUNCT
ftr-397	882	70	exception	exception	NOUN
ftr-397	882	71	to	to	ADP
ftr-397	882	72	the	the	DET
ftr-397	882	73	capital	capital	NOUN
ftr-397	882	74	asset	asset	NOUN
ftr-397	882	75	definition.193	definition.193	NOUN
ftr-397	882	76	despite	despite	SCONJ
ftr-397	882	77	this	this	DET
ftr-397	882	78	plain	plain	ADJ
ftr-397	882	79	statutory	statutory	ADJ
ftr-397	882	80	requirement	requirement	NOUN
ftr-397	882	81	however	however	ADV
ftr-397	882	82	,	,	PUNCT
ftr-397	882	83	courts	court	NOUN
ftr-397	882	84	have	have	AUX
ftr-397	882	85	simply	simply	ADV
ftr-397	882	86	ignored	ignore	VERB
ftr-397	882	87	the	the	DET
ftr-397	882	88	“	"	PUNCT
ftr-397	882	89	to	to	ADP
ftr-397	882	90	customers	customer	NOUN
ftr-397	882	91	”	"	PUNCT
ftr-397	882	92	requirement	requirement	NOUN
ftr-397	882	93	outside	outside	ADP
ftr-397	882	94	the	the	DET
ftr-397	882	95	securities	security	NOUN
ftr-397	882	96	context.194	context.194	NOUN
ftr-397	882	97	with	with	ADP
ftr-397	882	98	respect	respect	NOUN
ftr-397	882	99	to	to	ADP
ftr-397	882	100	almost	almost	ADV
ftr-397	882	101	every	every	PRON
ftr-397	882	102	other	other	ADJ
ftr-397	882	103	type	type	NOUN
ftr-397	882	104	of	of	ADP
ftr-397	882	105	taxpayer	taxpayer	NOUN
ftr-397	882	106	,	,	PUNCT
ftr-397	882	107	courts	court	NOUN
ftr-397	882	108	have	have	AUX
ftr-397	882	109	held	hold	VERB
ftr-397	882	110	that	that	SCONJ
ftr-397	882	111	anyone	anyone	PRON
ftr-397	882	112	purchasing	purchase	VERB
ftr-397	882	113	from	from	ADP
ftr-397	882	114	a	a	DET
ftr-397	882	115	taxpayer	taxpayer	NOUN
ftr-397	882	116	engaged	engage	VERB
ftr-397	882	117	in	in	ADP
ftr-397	882	118	a	a	DET
ftr-397	882	119	trade	trade	NOUN
ftr-397	882	120	or	or	CCONJ
ftr-397	882	121	business	business	NOUN
ftr-397	882	122	is	be	AUX
ftr-397	882	123	a	a	DET
ftr-397	882	124	“	"	PUNCT
ftr-397	882	125	customer	customer	NOUN
ftr-397	882	126	.	.	PUNCT
ftr-397	882	127	”195	”195	PROPN
ftr-397	882	128	for	for	ADP
ftr-397	882	129	example	example	NOUN
ftr-397	882	130	,	,	PUNCT
ftr-397	882	131	in	in	ADP
ftr-397	882	132	the	the	DET
ftr-397	882	133	real	real	ADJ
ftr-397	882	134	estate	estate	NOUN
ftr-397	882	135	context	context	NOUN
ftr-397	882	136	(	(	PUNCT
ftr-397	882	137	real	real	ADJ
ftr-397	882	138	estate	estate	NOUN
ftr-397	882	139	being	be	AUX
ftr-397	882	140	,	,	PUNCT
ftr-397	882	141	aside	aside	ADV
ftr-397	882	142	from	from	ADP
ftr-397	882	143	stocks	stock	NOUN
ftr-397	882	144	and	and	CCONJ
ftr-397	882	145	securities	security	NOUN
ftr-397	882	146	,	,	PUNCT
ftr-397	882	147	probably	probably	ADV
ftr-397	882	148	the	the	DET
ftr-397	882	149	most	most	ADV
ftr-397	882	150	commonly	commonly	ADV
ftr-397	882	151	analyzed	analyze	VERB
ftr-397	882	152	group	group	NOUN
ftr-397	882	153	of	of	ADP
ftr-397	882	154	capital	capital	NOUN
ftr-397	882	155	assets	asset	NOUN
ftr-397	882	156	)	)	PUNCT
ftr-397	882	157	,	,	PUNCT
ftr-397	882	158	courts	court	NOUN
ftr-397	882	159	have	have	VERB
ftr-397	882	160	not	not	PART
ftr-397	882	161	for	for	ADP
ftr-397	882	162	the	the	DET
ftr-397	882	163	most	most	ADJ
ftr-397	882	164	part	part	NOUN
ftr-397	882	165	given	give	VERB
ftr-397	882	166	effect	effect	NOUN
ftr-397	882	167	to	to	ADP
ftr-397	882	168	the	the	DET
ftr-397	882	169	“	"	PUNCT
ftr-397	882	170	to	to	ADP
ftr-397	882	171	customers	customer	NOUN
ftr-397	882	172	”	"	PUNCT
ftr-397	882	173	requirement	requirement	NOUN
ftr-397	882	174	and	and	CCONJ
ftr-397	882	175	instead	instead	ADV
ftr-397	882	176	have	have	AUX
ftr-397	882	177	understood	understand	VERB
ftr-397	882	178	any	any	DET
ftr-397	882	179	buyer	buyer	NOUN
ftr-397	882	180	of	of	ADP
ftr-397	882	181	a	a	DET
ftr-397	882	182	taxpayer	taxpayer	NOUN
ftr-397	882	183	’s	’s	PART
ftr-397	882	184	property	property	NOUN
ftr-397	882	185	to	to	PART
ftr-397	882	186	be	be	AUX
ftr-397	882	187	a	a	DET
ftr-397	882	188	“	"	PUNCT
ftr-397	882	189	customer	customer	NOUN
ftr-397	882	190	.	.	PUNCT
ftr-397	882	191	”196	”196	NOUN
ftr-397	882	192	with	with	ADP
ftr-397	882	193	respect	respect	NOUN
ftr-397	882	194	to	to	ADP
ftr-397	882	195	real	real	ADJ
ftr-397	882	196	estate	estate	NOUN
ftr-397	882	197	,	,	PUNCT
ftr-397	882	198	courts	court	NOUN
ftr-397	882	199	have	have	AUX
ftr-397	882	200	,	,	PUNCT
ftr-397	882	201	in	in	ADP
ftr-397	882	202	fact	fact	NOUN
ftr-397	882	203	,	,	PUNCT
ftr-397	882	204	held	hold	VERB
ftr-397	882	205	191	191	NUM
ftr-397	882	206	.	.	PUNCT
ftr-397	883	1	2a	2a	PROPN
ftr-397	883	2	norman	norman	PROPN
ftr-397	883	3	j.	j.	PROPN
ftr-397	883	4	singer	singer	PROPN
ftr-397	883	5	,	,	PUNCT
ftr-397	883	6	sutherland	sutherland	PROPN
ftr-397	883	7	states	state	NOUN
ftr-397	883	8	and	and	CCONJ
ftr-397	883	9	statutory	statutory	ADJ
ftr-397	883	10	construction	construction	NOUN
ftr-397	883	11	§	§	PROPN
ftr-397	883	12	46.06	46.06	NUM
ftr-397	883	13	(	(	PUNCT
ftr-397	883	14	6th	6th	ADJ
ftr-397	883	15	ed	ed	NOUN
ftr-397	883	16	.	.	PUNCT
ftr-397	883	17	2006	2006	NUM
ftr-397	883	18	)	)	PUNCT
ftr-397	883	19	(	(	PUNCT
ftr-397	883	20	“	"	PUNCT
ftr-397	883	21	[	[	X
ftr-397	883	22	i]t	i]t	X
ftr-397	883	23	is	be	AUX
ftr-397	883	24	an	an	DET
ftr-397	883	25	elementary	elementary	ADJ
ftr-397	883	26	rule	rule	NOUN
ftr-397	883	27	of	of	ADP
ftr-397	883	28	construction	construction	NOUN
ftr-397	883	29	that	that	DET
ftr-397	883	30	effect	effect	NOUN
ftr-397	883	31	must	must	AUX
ftr-397	883	32	be	be	AUX
ftr-397	883	33	given	give	VERB
ftr-397	883	34	,	,	PUNCT
ftr-397	883	35	if	if	SCONJ
ftr-397	883	36	possible	possible	ADJ
ftr-397	883	37	,	,	PUNCT
ftr-397	883	38	to	to	ADP
ftr-397	883	39	every	every	DET
ftr-397	883	40	word	word	NOUN
ftr-397	883	41	,	,	PUNCT
ftr-397	883	42	clause	clause	NOUN
ftr-397	883	43	and	and	CCONJ
ftr-397	883	44	sentence	sentence	NOUN
ftr-397	883	45	of	of	ADP
ftr-397	883	46	a	a	DET
ftr-397	883	47	statute	statute	NOUN
ftr-397	883	48	.	.	PUNCT
ftr-397	884	1	a	a	DET
ftr-397	884	2	statute	statute	NOUN
ftr-397	884	3	should	should	AUX
ftr-397	884	4	be	be	AUX
ftr-397	884	5	construed	construe	VERB
ftr-397	884	6	so	so	SCONJ
ftr-397	884	7	that	that	DET
ftr-397	884	8	effect	effect	NOUN
ftr-397	884	9	is	be	AUX
ftr-397	884	10	given	give	VERB
ftr-397	884	11	to	to	ADP
ftr-397	884	12	all	all	DET
ftr-397	884	13	its	its	PRON
ftr-397	884	14	provisions	provision	NOUN
ftr-397	884	15	,	,	PUNCT
ftr-397	884	16	so	so	SCONJ
ftr-397	884	17	that	that	SCONJ
ftr-397	884	18	no	no	DET
ftr-397	884	19	part	part	NOUN
ftr-397	884	20	will	will	AUX
ftr-397	884	21	be	be	AUX
ftr-397	884	22	inoperative	inoperative	ADJ
ftr-397	884	23	or	or	CCONJ
ftr-397	884	24	superfluous	superfluous	ADJ
ftr-397	884	25	,	,	PUNCT
ftr-397	884	26	void	void	ADJ
ftr-397	884	27	or	or	CCONJ
ftr-397	884	28	insignificant	insignificant	ADJ
ftr-397	884	29	....	....	PUNCT
ftr-397	885	1	no	no	DET
ftr-397	885	2	clause	clause	NOUN
ftr-397	885	3	sentence	sentence	NOUN
ftr-397	885	4	or	or	CCONJ
ftr-397	885	5	word	word	NOUN
ftr-397	885	6	shall	shall	AUX
ftr-397	885	7	be	be	AUX
ftr-397	885	8	construed	construe	VERB
ftr-397	885	9	as	as	ADP
ftr-397	885	10	superfluous	superfluous	ADJ
ftr-397	885	11	,	,	PUNCT
ftr-397	885	12	void	void	ADJ
ftr-397	885	13	or	or	CCONJ
ftr-397	885	14	insignificant	insignificant	ADJ
ftr-397	885	15	if	if	SCONJ
ftr-397	885	16	the	the	DET
ftr-397	885	17	construction	construction	NOUN
ftr-397	885	18	can	can	AUX
ftr-397	885	19	be	be	AUX
ftr-397	885	20	found	find	VERB
ftr-397	885	21	which	which	PRON
ftr-397	885	22	will	will	AUX
ftr-397	885	23	give	give	VERB
ftr-397	885	24	force	force	NOUN
ftr-397	885	25	to	to	PART
ftr-397	885	26	and	and	CCONJ
ftr-397	885	27	preserve	preserve	VERB
ftr-397	885	28	all	all	DET
ftr-397	885	29	the	the	DET
ftr-397	885	30	words	word	NOUN
ftr-397	885	31	of	of	ADP
ftr-397	885	32	the	the	DET
ftr-397	885	33	statute	statute	NOUN
ftr-397	885	34	”	"	PUNCT
ftr-397	885	35	(	(	PUNCT
ftr-397	885	36	citations	citation	NOUN
ftr-397	885	37	omitted	omit	VERB
ftr-397	885	38	;	;	PUNCT
ftr-397	885	39	internal	internal	ADJ
ftr-397	885	40	quotations	quotation	NOUN
ftr-397	885	41	omitted	omit	VERB
ftr-397	885	42	)	)	PUNCT
ftr-397	885	43	)	)	PUNCT
ftr-397	886	1	;	;	PUNCT
ftr-397	886	2	see	see	VERB
ftr-397	886	3	also	also	ADV
ftr-397	886	4	i	i	PROPN
ftr-397	886	5	d.	d.	PROPN
ftr-397	886	6	at	at	ADP
ftr-397	886	7	§	§	PROPN
ftr-397	886	8	46.01	46.01	NUM
ftr-397	886	9	(	(	PUNCT
ftr-397	886	10	“	"	PUNCT
ftr-397	886	11	when	when	SCONJ
ftr-397	886	12	the	the	DET
ftr-397	886	13	language	language	NOUN
ftr-397	886	14	of	of	ADP
ftr-397	886	15	the	the	DET
ftr-397	886	16	statute	statute	NOUN
ftr-397	886	17	is	be	AUX
ftr-397	886	18	clear	clear	ADJ
ftr-397	886	19	and	and	CCONJ
ftr-397	886	20	not	not	PART
ftr-397	886	21	unreasonable	unreasonable	ADJ
ftr-397	886	22	or	or	CCONJ
ftr-397	886	23	illogical	illogical	ADJ
ftr-397	886	24	in	in	ADP
ftr-397	886	25	its	its	PRON
ftr-397	886	26	operation	operation	NOUN
ftr-397	886	27	,	,	PUNCT
ftr-397	886	28	the	the	DET
ftr-397	886	29	court	court	NOUN
ftr-397	886	30	may	may	AUX
ftr-397	886	31	not	not	PART
ftr-397	886	32	go	go	VERB
ftr-397	886	33	outside	outside	ADP
ftr-397	886	34	the	the	DET
ftr-397	886	35	statute	statute	NOUN
ftr-397	886	36	to	to	PART
ftr-397	886	37	give	give	VERB
ftr-397	886	38	it	it	PRON
ftr-397	886	39	a	a	DET
ftr-397	886	40	different	different	ADJ
ftr-397	886	41	meaning	meaning	NOUN
ftr-397	886	42	.	.	PUNCT
ftr-397	886	43	”	"	PUNCT
ftr-397	886	44	)	)	PUNCT
ftr-397	886	45	.	.	PUNCT
ftr-397	887	1	192	192	NUM
ftr-397	887	2	.	.	PUNCT
ftr-397	887	3	singer	singer	NOUN
ftr-397	887	4	,	,	PUNCT
ftr-397	887	5	supra	supra	PROPN
ftr-397	887	6	note	note	NOUN
ftr-397	887	7	191	191	NUM
ftr-397	887	8	,	,	PUNCT
ftr-397	887	9	at	at	ADP
ftr-397	887	10	§	§	PROPN
ftr-397	887	11	48.01	48.01	NUM
ftr-397	887	12	(	(	PUNCT
ftr-397	887	13	“	"	PUNCT
ftr-397	887	14	[	[	X
ftr-397	887	15	g]enerally	g]enerally	ADV
ftr-397	887	16	,	,	PUNCT
ftr-397	887	17	a	a	DET
ftr-397	887	18	court	court	NOUN
ftr-397	887	19	would	would	AUX
ftr-397	887	20	look	look	VERB
ftr-397	887	21	to	to	ADP
ftr-397	887	22	the	the	DET
ftr-397	887	23	legislative	legislative	ADJ
ftr-397	887	24	history	history	NOUN
ftr-397	887	25	for	for	ADP
ftr-397	887	26	guidance	guidance	NOUN
ftr-397	887	27	when	when	SCONJ
ftr-397	887	28	the	the	DET
ftr-397	887	29	enacted	enact	VERB
ftr-397	887	30	text	text	NOUN
ftr-397	887	31	was	be	AUX
ftr-397	887	32	capable	capable	ADJ
ftr-397	887	33	of	of	ADP
ftr-397	887	34	two	two	NUM
ftr-397	887	35	reasonable	reasonable	ADJ
ftr-397	887	36	readings	reading	NOUN
ftr-397	887	37	or	or	CCONJ
ftr-397	887	38	when	when	SCONJ
ftr-397	887	39	no	no	DET
ftr-397	887	40	one	one	NUM
ftr-397	887	41	path	path	NOUN
ftr-397	887	42	of	of	ADP
ftr-397	887	43	meaning	meaning	NOUN
ftr-397	887	44	was	be	AUX
ftr-397	887	45	clearly	clearly	ADV
ftr-397	887	46	indicated	indicate	VERB
ftr-397	887	47	.	.	PUNCT
ftr-397	887	48	...	...	PUNCT
ftr-397	888	1	it	it	PRON
ftr-397	888	2	is	be	AUX
ftr-397	888	3	said	say	VERB
ftr-397	888	4	that	that	SCONJ
ftr-397	888	5	extrinsic	extrinsic	ADJ
ftr-397	888	6	aids	aid	NOUN
ftr-397	888	7	may	may	AUX
ftr-397	888	8	be	be	AUX
ftr-397	888	9	considered	consider	VERB
ftr-397	888	10	only	only	ADV
ftr-397	888	11	when	when	SCONJ
ftr-397	888	12	a	a	DET
ftr-397	888	13	statute	statute	NOUN
ftr-397	888	14	is	be	AUX
ftr-397	888	15	ambiguous	ambiguous	ADJ
ftr-397	888	16	and	and	CCONJ
ftr-397	888	17	unclear	unclear	ADJ
ftr-397	888	18	.	.	PUNCT
ftr-397	889	1	however	however	ADV
ftr-397	889	2	,	,	PUNCT
ftr-397	889	3	ambiguity	ambiguity	NOUN
ftr-397	889	4	is	be	AUX
ftr-397	889	5	not	not	PART
ftr-397	889	6	always	always	ADV
ftr-397	889	7	considered	consider	VERB
ftr-397	889	8	a	a	DET
ftr-397	889	9	prerequisite	prerequisite	NOUN
ftr-397	889	10	to	to	ADP
ftr-397	889	11	the	the	DET
ftr-397	889	12	use	use	NOUN
ftr-397	889	13	of	of	ADP
ftr-397	889	14	extrinsic	extrinsic	ADJ
ftr-397	889	15	aids	aid	NOUN
ftr-397	889	16	.	.	PUNCT
ftr-397	890	1	…	…	PUNCT
ftr-397	890	2	the	the	DET
ftr-397	890	3	supreme	supreme	PROPN
ftr-397	890	4	court	court	PROPN
ftr-397	890	5	has	have	AUX
ftr-397	890	6	also	also	ADV
ftr-397	890	7	said	say	VERB
ftr-397	890	8	:	:	PUNCT
ftr-397	890	9	‘	'	PUNCT
ftr-397	890	10	unless	unless	SCONJ
ftr-397	890	11	exceptional	exceptional	ADJ
ftr-397	890	12	circumstances	circumstance	NOUN
ftr-397	890	13	dictate	dictate	VERB
ftr-397	890	14	otherwise	otherwise	ADV
ftr-397	890	15	,	,	PUNCT
ftr-397	890	16	judicial	judicial	ADJ
ftr-397	890	17	inquiry	inquiry	NOUN
ftr-397	890	18	into	into	ADP
ftr-397	890	19	the	the	DET
ftr-397	890	20	meaning	meaning	NOUN
ftr-397	890	21	of	of	ADP
ftr-397	890	22	a	a	DET
ftr-397	890	23	statute	statute	NOUN
ftr-397	890	24	is	be	AUX
ftr-397	890	25	complete	complete	ADJ
ftr-397	890	26	once	once	SCONJ
ftr-397	890	27	the	the	DET
ftr-397	890	28	court	court	NOUN
ftr-397	890	29	finds	find	VERB
ftr-397	890	30	that	that	SCONJ
ftr-397	890	31	the	the	DET
ftr-397	890	32	terms	term	NOUN
ftr-397	890	33	of	of	ADP
ftr-397	890	34	the	the	DET
ftr-397	890	35	statute	statute	NOUN
ftr-397	890	36	are	be	AUX
ftr-397	890	37	unambiguous	unambiguous	ADJ
ftr-397	890	38	.	.	PUNCT
ftr-397	890	39	’	'	PUNCT
ftr-397	890	40	”	"	PUNCT
ftr-397	891	1	(	(	PUNCT
ftr-397	891	2	citations	citation	NOUN
ftr-397	891	3	omitted	omit	VERB
ftr-397	891	4	)	)	PUNCT
ftr-397	891	5	.	.	PUNCT
ftr-397	892	1	193	193	NUM
ftr-397	892	2	.	.	PUNCT
ftr-397	893	1	irc	irc	PROPN
ftr-397	893	2	§	§	PROPN
ftr-397	893	3	1221(a)(1	1221(a)(1	NUM
ftr-397	893	4	)	)	PUNCT
ftr-397	893	5	.	.	PUNCT
ftr-397	894	1	194	194	NUM
ftr-397	894	2	.	.	PUNCT
ftr-397	894	3	bittker	bittker	PROPN
ftr-397	894	4	&	&	CCONJ
ftr-397	894	5	lokken	lokken	PROPN
ftr-397	894	6	,	,	PUNCT
ftr-397	894	7	supra	supra	PROPN
ftr-397	894	8	note	note	PROPN
ftr-397	894	9	23	23	NUM
ftr-397	894	10	,	,	PUNCT
ftr-397	894	11	at	at	ADP
ftr-397	894	12	¶	¶	PROPN
ftr-397	894	13	42.2.1	42.2.1	NOUN
ftr-397	894	14	(	(	PUNCT
ftr-397	894	15	“	"	PUNCT
ftr-397	894	16	[	[	X
ftr-397	894	17	t]he	t]he	ADJ
ftr-397	894	18	term	term	NOUN
ftr-397	894	19	[	[	X
ftr-397	894	20	to	to	ADP
ftr-397	894	21	customers]	customers]	NOUN
ftr-397	894	22	…	…	PUNCT
ftr-397	894	23	has	have	AUX
ftr-397	894	24	been	be	AUX
ftr-397	894	25	construed	construe	VERB
ftr-397	894	26	to	to	PART
ftr-397	894	27	embrace	embrace	VERB
ftr-397	894	28	anyone	anyone	PRON
ftr-397	894	29	who	who	PRON
ftr-397	894	30	purchases	purchase	VERB
ftr-397	894	31	the	the	DET
ftr-397	894	32	taxpayer	taxpayer	NOUN
ftr-397	894	33	’s	’s	PART
ftr-397	894	34	assets	asset	NOUN
ftr-397	894	35	,	,	PUNCT
ftr-397	894	36	with	with	ADP
ftr-397	894	37	the	the	DET
ftr-397	894	38	result	result	NOUN
ftr-397	894	39	that	that	SCONJ
ftr-397	894	40	it	it	PRON
ftr-397	894	41	has	have	AUX
ftr-397	894	42	virtually	virtually	ADV
ftr-397	894	43	no	no	DET
ftr-397	894	44	operative	operative	ADJ
ftr-397	894	45	significance	significance	NOUN
ftr-397	894	46	except	except	SCONJ
ftr-397	894	47	in	in	ADP
ftr-397	894	48	the	the	DET
ftr-397	894	49	case	case	NOUN
ftr-397	894	50	of	of	ADP
ftr-397	894	51	traders	trader	NOUN
ftr-397	894	52	in	in	ADP
ftr-397	894	53	securities	security	NOUN
ftr-397	894	54	and	and	CCONJ
ftr-397	894	55	commodities	commodity	NOUN
ftr-397	894	56	,	,	PUNCT
ftr-397	894	57	who	who	PRON
ftr-397	894	58	are	be	AUX
ftr-397	894	59	distinguished	distinguish	VERB
ftr-397	894	60	from	from	ADP
ftr-397	894	61	dealers	dealer	NOUN
ftr-397	894	62	in	in	ADP
ftr-397	894	63	these	these	DET
ftr-397	894	64	assets	asset	NOUN
ftr-397	894	65	on	on	ADP
ftr-397	894	66	the	the	DET
ftr-397	894	67	theory	theory	NOUN
ftr-397	894	68	that	that	SCONJ
ftr-397	894	69	traders	trader	NOUN
ftr-397	894	70	do	do	AUX
ftr-397	894	71	not	not	PART
ftr-397	894	72	sell	sell	VERB
ftr-397	894	73	to	to	ADP
ftr-397	894	74	‘	'	PUNCT
ftr-397	894	75	customers	customer	NOUN
ftr-397	894	76	’	'	PUNCT
ftr-397	894	77	”	"	PUNCT
ftr-397	894	78	)	)	PUNCT
ftr-397	894	79	.	.	PUNCT
ftr-397	895	1	195	195	NUM
ftr-397	895	2	.	.	PUNCT
ftr-397	896	1	i	i	PRON
ftr-397	896	2	d.	d.	PROPN
ftr-397	896	3	196	196	NUM
ftr-397	896	4	.	.	PUNCT
ftr-397	897	1	see	see	VERB
ftr-397	897	2	bittker	bittker	NOUN
ftr-397	897	3	&	&	CCONJ
ftr-397	897	4	lokken	lokken	PROPN
ftr-397	897	5	,	,	PUNCT
ftr-397	897	6	supra	supra	PROPN
ftr-397	897	7	note	note	PROPN
ftr-397	897	8	23	23	NUM
ftr-397	897	9	,	,	PUNCT
ftr-397	897	10	at	at	ADP
ftr-397	897	11	¶	¶	PROPN
ftr-397	897	12	47.2.3	47.2.3	PROPN
ftr-397	897	13	(	(	PUNCT
ftr-397	897	14	“	"	PUNCT
ftr-397	897	15	[	[	X
ftr-397	897	16	b]ecause	b]ecause	ADP
ftr-397	897	17	the	the	DET
ftr-397	897	18	courts	court	NOUN
ftr-397	897	19	have	have	AUX
ftr-397	897	20	not	not	PART
ftr-397	897	21	recognized	recognize	VERB
ftr-397	897	22	a	a	DET
ftr-397	897	23	comparable	comparable	ADJ
ftr-397	897	24	activity	activity	NOUN
ftr-397	897	25	of	of	ADP
ftr-397	897	26	“	"	PUNCT
ftr-397	897	27	trading	trading	NOUN
ftr-397	897	28	”	"	PUNCT
ftr-397	897	29	in	in	ADP
ftr-397	897	30	real	real	ADJ
ftr-397	897	31	estate	estate	NOUN
ftr-397	897	32	,	,	PUNCT
ftr-397	897	33	persons	person	NOUN
ftr-397	897	34	whose	whose	DET
ftr-397	897	35	real	real	ADJ
ftr-397	897	36	estate	estate	NOUN
ftr-397	897	37	transactions	transaction	NOUN
ftr-397	897	38	are	be	AUX
ftr-397	897	39	comparable	comparable	ADJ
ftr-397	897	40	in	in	ADP
ftr-397	897	41	scale	scale	NOUN
ftr-397	897	42	and	and	CCONJ
ftr-397	897	43	frequency	frequency	NOUN
ftr-397	897	44	to	to	ADP
ftr-397	897	45	those	those	PRON
ftr-397	897	46	of	of	ADP
ftr-397	897	47	a	a	DET
ftr-397	897	48	trader	trader	NOUN
ftr-397	897	49	in	in	ADP
ftr-397	897	50	securities	security	NOUN
ftr-397	897	51	are	be	AUX
ftr-397	897	52	almost	almost	ADV
ftr-397	897	53	certain	certain	ADJ
ftr-397	897	54	to	to	PART
ftr-397	897	55	be	be	AUX
ftr-397	897	56	classified	classify	VERB
ftr-397	897	57	as	as	ADP
ftr-397	897	58	dealers	dealer	NOUN
ftr-397	897	59	subject	subject	ADJ
ftr-397	897	60	to	to	ADP
ftr-397	897	61	ordinary	ordinary	ADJ
ftr-397	897	62	income	income	NOUN
ftr-397	897	63	and	and	CCONJ
ftr-397	897	64	loss	loss	NOUN
ftr-397	897	65	treatment	treatment	NOUN
ftr-397	897	66	”	"	PUNCT
ftr-397	897	67	(	(	PUNCT
ftr-397	897	68	citing	cite	VERB
ftr-397	897	69	goodman	goodman	PROPN
ftr-397	897	70	v.	v.	PROPN
ftr-397	897	71	united	united	PROPN
ftr-397	897	72	states	states	PROPN
ftr-397	897	73	,	,	PUNCT
ftr-397	897	74	290	290	NUM
ftr-397	897	75	f.2d	f.2d	SYM
ftr-397	897	76	915	915	NUM
ftr-397	897	77	(	(	PUNCT
ftr-397	897	78	ct	ct	PROPN
ftr-397	897	79	.	.	PUNCT
ftr-397	897	80	cl	cl	NOUN
ftr-397	897	81	.	.	PUNCT
ftr-397	897	82	)	)	PUNCT
ftr-397	897	83	,	,	PUNCT
ftr-397	897	84	cert	cert	PROPN
ftr-397	897	85	.	.	PUNCT
ftr-397	898	1	denied	deny	VERB
ftr-397	898	2	393	393	NUM
ftr-397	898	3	u.s	u.s	PROPN
ftr-397	898	4	.	.	PROPN
ftr-397	898	5	824	824	NUM
ftr-397	898	6	(	(	PUNCT
ftr-397	898	7	1968	1968	NUM
ftr-397	898	8	)	)	PUNCT
ftr-397	898	9	,	,	PUNCT
ftr-397	898	10	a	a	DET
ftr-397	898	11	case	case	NOUN
ftr-397	898	12	in	in	ADP
ftr-397	898	13	which	which	PRON
ftr-397	898	14	lawyers	lawyer	NOUN
ftr-397	898	15	who	who	PRON
ftr-397	898	16	invested	invest	VERB
ftr-397	898	17	in	in	ADP
ftr-397	898	18	real	real	ADJ
ftr-397	898	19	estate	estate	NOUN
ftr-397	898	20	as	as	ADP
ftr-397	898	21	2008	2008	NUM
ftr-397	898	22	]	]	PUNCT
ftr-397	898	23	a	a	DET
ftr-397	898	24	structural	structural	ADJ
ftr-397	898	25	critique	critique	NOUN
ftr-397	898	26	of	of	ADP
ftr-397	898	27	trader	trader	NOUN
ftr-397	898	28	taxation	taxation	NOUN
ftr-397	898	29	1159	1159	NUM
ftr-397	898	30	that	that	SCONJ
ftr-397	898	31	all	all	DET
ftr-397	898	32	sales	sale	NOUN
ftr-397	898	33	are	be	AUX
ftr-397	898	34	sales	sale	NOUN
ftr-397	898	35	“	"	PUNCT
ftr-397	898	36	to	to	ADP
ftr-397	898	37	customers	customer	NOUN
ftr-397	898	38	”	"	PUNCT
ftr-397	898	39	even	even	ADV
ftr-397	898	40	in	in	ADP
ftr-397	898	41	situations	situation	NOUN
ftr-397	898	42	where	where	SCONJ
ftr-397	898	43	the	the	DET
ftr-397	898	44	taxpayer	taxpayer	NOUN
ftr-397	898	45	in	in	ADP
ftr-397	898	46	question	question	NOUN
ftr-397	898	47	has	have	AUX
ftr-397	898	48	had	have	VERB
ftr-397	898	49	only	only	ADV
ftr-397	898	50	one	one	NUM
ftr-397	898	51	customer	customer	NOUN
ftr-397	898	52	.	.	PUNCT
ftr-397	899	1	for	for	ADP
ftr-397	899	2	example	example	NOUN
ftr-397	899	3	,	,	PUNCT
ftr-397	899	4	in	in	ADP
ftr-397	899	5	s.h	s.h	PROPN
ftr-397	899	6	.	.	PROPN
ftr-397	899	7	inc	inc	PROPN
ftr-397	899	8	.	.	PROPN
ftr-397	899	9	v	v	ADP
ftr-397	899	10	comm’r	comm’r	NOUN
ftr-397	899	11	,	,	PUNCT
ftr-397	899	12	the	the	DET
ftr-397	899	13	court	court	NOUN
ftr-397	899	14	held	hold	VERB
ftr-397	899	15	that	that	SCONJ
ftr-397	899	16	a	a	DET
ftr-397	899	17	taxpayer	taxpayer	NOUN
ftr-397	899	18	,	,	PUNCT
ftr-397	899	19	who	who	PRON
ftr-397	899	20	purchased	purchase	VERB
ftr-397	899	21	single	single	ADJ
ftr-397	899	22	plot	plot	NOUN
ftr-397	899	23	of	of	ADP
ftr-397	899	24	land	land	NOUN
ftr-397	899	25	and	and	CCONJ
ftr-397	899	26	improved	improve	VERB
ftr-397	899	27	it	it	PRON
ftr-397	899	28	to	to	ADP
ftr-397	899	29	the	the	DET
ftr-397	899	30	specifications	specification	NOUN
ftr-397	899	31	of	of	ADP
ftr-397	899	32	one	one	NUM
ftr-397	899	33	specific	specific	ADJ
ftr-397	899	34	buyer	buyer	NOUN
ftr-397	899	35	who	who	PRON
ftr-397	899	36	was	be	AUX
ftr-397	899	37	previously	previously	ADV
ftr-397	899	38	committed	commit	VERB
ftr-397	899	39	to	to	ADP
ftr-397	899	40	acquiring	acquire	VERB
ftr-397	899	41	it	it	PRON
ftr-397	899	42	,	,	PUNCT
ftr-397	899	43	had	have	VERB
ftr-397	899	44	customers	customer	NOUN
ftr-397	899	45	and	and	CCONJ
ftr-397	899	46	realized	realize	VERB
ftr-397	899	47	ordinary	ordinary	ADJ
ftr-397	899	48	income	income	NOUN
ftr-397	899	49	,	,	PUNCT
ftr-397	899	50	even	even	ADV
ftr-397	899	51	though	though	SCONJ
ftr-397	899	52	he	he	PRON
ftr-397	899	53	had	have	VERB
ftr-397	899	54	only	only	ADV
ftr-397	899	55	one	one	NUM
ftr-397	899	56	customer	customer	NOUN
ftr-397	899	57	,	,	PUNCT
ftr-397	899	58	and	and	CCONJ
ftr-397	899	59	even	even	ADV
ftr-397	899	60	though	though	SCONJ
ftr-397	899	61	the	the	DET
ftr-397	899	62	sale	sale	NOUN
ftr-397	899	63	was	be	AUX
ftr-397	899	64	not	not	PART
ftr-397	899	65	one	one	NUM
ftr-397	899	66	in	in	ADP
ftr-397	899	67	a	a	DET
ftr-397	899	68	series	series	NOUN
ftr-397	899	69	of	of	ADP
ftr-397	899	70	transactions.197	transactions.197	NUM
ftr-397	899	71	similarly	similarly	ADV
ftr-397	899	72	,	,	PUNCT
ftr-397	899	73	in	in	ADP
ftr-397	899	74	guardian	guardian	PROPN
ftr-397	899	75	industrial	industrial	PROPN
ftr-397	899	76	corp	corp	PROPN
ftr-397	899	77	.	.	PROPN
ftr-397	900	1	v.	v.	ADP
ftr-397	900	2	comm’r	comm’r	NOUN
ftr-397	900	3	,	,	PUNCT
ftr-397	900	4	the	the	DET
ftr-397	900	5	court	court	NOUN
ftr-397	900	6	held	hold	VERB
ftr-397	900	7	that	that	SCONJ
ftr-397	900	8	silver	silver	NOUN
ftr-397	900	9	waste	waste	NOUN
ftr-397	900	10	that	that	PRON
ftr-397	900	11	the	the	DET
ftr-397	900	12	taxpayer	taxpayer	NOUN
ftr-397	900	13	extracted	extract	VERB
ftr-397	900	14	from	from	ADP
ftr-397	900	15	the	the	DET
ftr-397	900	16	chemical	chemical	NOUN
ftr-397	900	17	solution	solution	NOUN
ftr-397	900	18	used	use	VERB
ftr-397	900	19	in	in	ADP
ftr-397	900	20	taxpayer	taxpayer	NOUN
ftr-397	900	21	’s	’s	PART
ftr-397	900	22	photo	photo	NOUN
ftr-397	900	23	-	-	PUNCT
ftr-397	900	24	finishing	finish	VERB
ftr-397	900	25	business	business	NOUN
ftr-397	900	26	was	be	AUX
ftr-397	900	27	for	for	ADP
ftr-397	900	28	sale	sale	NOUN
ftr-397	900	29	“	"	PUNCT
ftr-397	900	30	to	to	ADP
ftr-397	900	31	customers	customer	NOUN
ftr-397	900	32	”	"	PUNCT
ftr-397	900	33	in	in	ADP
ftr-397	900	34	the	the	DET
ftr-397	900	35	trade	trade	NOUN
ftr-397	900	36	or	or	CCONJ
ftr-397	900	37	business	business	NOUN
ftr-397	900	38	,	,	PUNCT
ftr-397	900	39	even	even	ADV
ftr-397	900	40	where	where	SCONJ
ftr-397	900	41	it	it	PRON
ftr-397	900	42	was	be	AUX
ftr-397	900	43	sold	sell	VERB
ftr-397	900	44	to	to	ADP
ftr-397	900	45	only	only	ADV
ftr-397	900	46	one	one	NUM
ftr-397	900	47	customer	customer	NOUN
ftr-397	900	48	under	under	ADP
ftr-397	900	49	a	a	DET
ftr-397	900	50	long	long	ADJ
ftr-397	900	51	-	-	PUNCT
ftr-397	900	52	term	term	NOUN
ftr-397	900	53	contract.198	contract.198	NOUN
ftr-397	900	54	the	the	DET
ftr-397	900	55	court	court	NOUN
ftr-397	900	56	noted	note	VERB
ftr-397	900	57	that	that	SCONJ
ftr-397	900	58	[	[	X
ftr-397	900	59	w]hile	w]hile	ADP
ftr-397	900	60	the	the	DET
ftr-397	900	61	term	term	NOUN
ftr-397	900	62	“	"	PUNCT
ftr-397	900	63	to	to	ADP
ftr-397	900	64	customers	customer	NOUN
ftr-397	900	65	”	"	PUNCT
ftr-397	900	66	sometimes	sometimes	ADV
ftr-397	900	67	has	have	AUX
ftr-397	900	68	been	be	AUX
ftr-397	900	69	analyzed	analyze	VERB
ftr-397	900	70	in	in	ADP
ftr-397	900	71	isolation	isolation	NOUN
ftr-397	900	72	to	to	PART
ftr-397	900	73	determine	determine	VERB
ftr-397	900	74	whether	whether	SCONJ
ftr-397	900	75	property	property	NOUN
ftr-397	900	76	is	be	AUX
ftr-397	900	77	described	describe	VERB
ftr-397	900	78	in	in	ADP
ftr-397	900	79	sec	sec	PROPN
ftr-397	900	80	.	.	PROPN
ftr-397	900	81	1221(1	1221(1	NUM
ftr-397	900	82	)	)	PUNCT
ftr-397	900	83	,	,	PUNCT
ftr-397	900	84	the	the	DET
ftr-397	900	85	question	question	NOUN
ftr-397	900	86	of	of	ADP
ftr-397	900	87	whether	whether	SCONJ
ftr-397	900	88	a	a	DET
ftr-397	900	89	taxpayer	taxpayer	NOUN
ftr-397	900	90	is	be	AUX
ftr-397	900	91	selling	sell	VERB
ftr-397	900	92	to	to	ADP
ftr-397	900	93	customers	customer	NOUN
ftr-397	900	94	is	be	AUX
ftr-397	900	95	relevant	relevant	ADJ
ftr-397	900	96	chiefly	chiefly	ADV
ftr-397	900	97	in	in	ADP
ftr-397	900	98	the	the	DET
ftr-397	900	99	case	case	NOUN
ftr-397	900	100	of	of	ADP
ftr-397	900	101	persons	person	NOUN
ftr-397	900	102	dealing	deal	VERB
ftr-397	900	103	or	or	CCONJ
ftr-397	900	104	trading	trading	NOUN
ftr-397	900	105	in	in	ADP
ftr-397	900	106	securities	security	NOUN
ftr-397	900	107	or	or	CCONJ
ftr-397	900	108	commodities	commodity	NOUN
ftr-397	900	109	…	…	PUNCT
ftr-397	900	110	outside	outside	ADP
ftr-397	900	111	the	the	DET
ftr-397	900	112	dealer	dealer	NOUN
ftr-397	900	113	/	/	SYM
ftr-397	900	114	trader	trader	NOUN
ftr-397	900	115	area	area	NOUN
ftr-397	900	116	,	,	PUNCT
ftr-397	900	117	the	the	DET
ftr-397	900	118	term	term	NOUN
ftr-397	900	119	has	have	AUX
ftr-397	900	120	been	be	AUX
ftr-397	900	121	given	give	VERB
ftr-397	900	122	such	such	DET
ftr-397	900	123	a	a	DET
ftr-397	900	124	broad	broad	ADJ
ftr-397	900	125	meaning	meaning	NOUN
ftr-397	900	126	that	that	SCONJ
ftr-397	900	127	separate	separate	ADJ
ftr-397	900	128	consideration	consideration	NOUN
ftr-397	900	129	of	of	ADP
ftr-397	900	130	it	it	PRON
ftr-397	900	131	would	would	AUX
ftr-397	900	132	not	not	PART
ftr-397	900	133	assist	assist	VERB
ftr-397	900	134	us	we	PRON
ftr-397	900	135	in	in	ADP
ftr-397	900	136	deciding	decide	VERB
ftr-397	900	137	the	the	DET
ftr-397	900	138	instant	instant	NOUN
ftr-397	900	139	case.199	case.199	NOUN
ftr-397	900	140	this	this	DET
ftr-397	900	141	broad	broad	ADJ
ftr-397	900	142	interpretation	interpretation	NOUN
ftr-397	900	143	of	of	ADP
ftr-397	900	144	the	the	DET
ftr-397	900	145	words	word	NOUN
ftr-397	900	146	“	"	PUNCT
ftr-397	900	147	to	to	ADP
ftr-397	900	148	customers	customer	NOUN
ftr-397	900	149	”	"	PUNCT
ftr-397	900	150	in	in	ADP
ftr-397	900	151	the	the	DET
ftr-397	900	152	capital	capital	NOUN
ftr-397	900	153	asset	asset	NOUN
ftr-397	900	154	statute	statute	NOUN
ftr-397	900	155	can	can	AUX
ftr-397	900	156	also	also	ADV
ftr-397	900	157	be	be	AUX
ftr-397	900	158	found	find	VERB
ftr-397	900	159	in	in	ADP
ftr-397	900	160	early	early	ADJ
ftr-397	900	161	court	court	NOUN
ftr-397	900	162	cases	case	NOUN
ftr-397	900	163	.	.	PUNCT
ftr-397	901	1	for	for	ADP
ftr-397	901	2	example	example	NOUN
ftr-397	901	3	,	,	PUNCT
ftr-397	901	4	in	in	ADP
ftr-397	901	5	black	black	ADJ
ftr-397	901	6	v.	v.	CCONJ
ftr-397	901	7	comm’r	comm’r	NOUN
ftr-397	901	8	,	,	PUNCT
ftr-397	901	9	the	the	DET
ftr-397	901	10	tax	tax	NOUN
ftr-397	901	11	court	court	NOUN
ftr-397	901	12	in	in	ADP
ftr-397	901	13	1941	1941	NUM
ftr-397	901	14	held	hold	VERB
ftr-397	901	15	that	that	SCONJ
ftr-397	901	16	a	a	DET
ftr-397	901	17	real	real	ADJ
ftr-397	901	18	estate	estate	NOUN
ftr-397	901	19	developer	developer	NOUN
ftr-397	901	20	of	of	ADP
ftr-397	901	21	residential	residential	ADJ
ftr-397	901	22	property	property	NOUN
ftr-397	901	23	who	who	PRON
ftr-397	901	24	had	have	AUX
ftr-397	901	25	acquired	acquire	VERB
ftr-397	901	26	an	an	DET
ftr-397	901	27	interest	interest	NOUN
ftr-397	901	28	in	in	ADP
ftr-397	901	29	a	a	DET
ftr-397	901	30	building	building	NOUN
ftr-397	901	31	but	but	CCONJ
ftr-397	901	32	incurred	incur	VERB
ftr-397	901	33	losses	loss	NOUN
ftr-397	901	34	when	when	SCONJ
ftr-397	901	35	the	the	DET
ftr-397	901	36	lessee	lessee	NOUN
ftr-397	901	37	of	of	ADP
ftr-397	901	38	the	the	DET
ftr-397	901	39	building	building	NOUN
ftr-397	901	40	became	become	VERB
ftr-397	901	41	insolvent	insolvent	ADJ
ftr-397	901	42	had	have	AUX
ftr-397	901	43	held	hold	VERB
ftr-397	901	44	his	his	PRON
ftr-397	901	45	interest	interest	NOUN
ftr-397	901	46	“	"	PUNCT
ftr-397	901	47	primarily	primarily	ADV
ftr-397	901	48	minority	minority	NOUN
ftr-397	901	49	members	member	NOUN
ftr-397	901	50	recognized	recognize	VERB
ftr-397	901	51	ordinary	ordinary	ADJ
ftr-397	901	52	income	income	NOUN
ftr-397	901	53	on	on	ADP
ftr-397	901	54	the	the	DET
ftr-397	901	55	sale	sale	NOUN
ftr-397	901	56	of	of	ADP
ftr-397	901	57	such	such	ADJ
ftr-397	901	58	interests	interest	NOUN
ftr-397	901	59	,	,	PUNCT
ftr-397	901	60	even	even	ADV
ftr-397	901	61	though	though	SCONJ
ftr-397	901	62	the	the	DET
ftr-397	901	63	properties	property	NOUN
ftr-397	901	64	were	be	AUX
ftr-397	901	65	not	not	PART
ftr-397	901	66	developed	develop	VERB
ftr-397	901	67	,	,	PUNCT
ftr-397	901	68	subdivided	subdivide	VERB
ftr-397	901	69	or	or	CCONJ
ftr-397	901	70	otherwise	otherwise	ADV
ftr-397	901	71	altered	alter	VERB
ftr-397	901	72	but	but	CCONJ
ftr-397	901	73	were	be	AUX
ftr-397	901	74	sold	sell	VERB
ftr-397	901	75	in	in	ADP
ftr-397	901	76	the	the	DET
ftr-397	901	77	same	same	ADJ
ftr-397	901	78	condition	condition	NOUN
ftr-397	901	79	as	as	ADP
ftr-397	901	80	when	when	SCONJ
ftr-397	901	81	acquired	acquire	VERB
ftr-397	901	82	,	,	PUNCT
ftr-397	901	83	and	and	CCONJ
ftr-397	901	84	noting	note	VERB
ftr-397	901	85	that	that	SCONJ
ftr-397	901	86	a	a	DET
ftr-397	901	87	securities	security	NOUN
ftr-397	901	88	trader	trader	NOUN
ftr-397	901	89	in	in	ADP
ftr-397	901	90	the	the	DET
ftr-397	901	91	same	same	ADJ
ftr-397	901	92	situation	situation	NOUN
ftr-397	901	93	with	with	ADP
ftr-397	901	94	respect	respect	NOUN
ftr-397	901	95	to	to	ADP
ftr-397	901	96	his	his	PRON
ftr-397	901	97	securities	security	NOUN
ftr-397	901	98	would	would	AUX
ftr-397	901	99	not	not	PART
ftr-397	901	100	be	be	AUX
ftr-397	901	101	afforded	afford	VERB
ftr-397	901	102	ordinary	ordinary	ADJ
ftr-397	901	103	treatment	treatment	NOUN
ftr-397	901	104	)	)	PUNCT
ftr-397	901	105	)	)	PUNCT
ftr-397	901	106	;	;	PUNCT
ftr-397	901	107	see	see	VERB
ftr-397	901	108	also	also	ADV
ftr-397	901	109	william	william	PROPN
ftr-397	901	110	a.	a.	NOUN
ftr-397	901	111	friedlander	friedlander	PROPN
ftr-397	901	112	,	,	PUNCT
ftr-397	901	113	to	to	ADP
ftr-397	901	114	customers	customer	NOUN
ftr-397	901	115	:	:	PUNCT
ftr-397	901	116	the	the	DET
ftr-397	901	117	forgotten	forget	VERB
ftr-397	901	118	element	element	NOUN
ftr-397	901	119	in	in	ADP
ftr-397	901	120	the	the	DET
ftr-397	901	121	characterization	characterization	NOUN
ftr-397	901	122	of	of	ADP
ftr-397	901	123	gains	gain	NOUN
ftr-397	901	124	on	on	ADP
ftr-397	901	125	sales	sale	NOUN
ftr-397	901	126	of	of	ADP
ftr-397	901	127	real	real	ADJ
ftr-397	901	128	property	property	NOUN
ftr-397	901	129	,	,	PUNCT
ftr-397	901	130	39	39	NUM
ftr-397	901	131	tax	tax	NOUN
ftr-397	901	132	l.	l.	PROPN
ftr-397	901	133	rev	rev	PROPN
ftr-397	901	134	.	.	PROPN
ftr-397	901	135	31	31	NUM
ftr-397	901	136	(	(	PUNCT
ftr-397	901	137	1983	1983	NUM
ftr-397	901	138	)	)	PUNCT
ftr-397	901	139	(	(	PUNCT
ftr-397	901	140	arguing	argue	VERB
ftr-397	901	141	that	that	SCONJ
ftr-397	901	142	courts	court	NOUN
ftr-397	901	143	have	have	AUX
ftr-397	901	144	erroneously	erroneously	ADV
ftr-397	901	145	ignored	ignore	VERB
ftr-397	901	146	the	the	DET
ftr-397	901	147	“	"	PUNCT
ftr-397	901	148	to	to	ADP
ftr-397	901	149	customers	customer	NOUN
ftr-397	901	150	”	"	PUNCT
ftr-397	901	151	requirement	requirement	NOUN
ftr-397	901	152	in	in	ADP
ftr-397	901	153	the	the	DET
ftr-397	901	154	real	real	ADJ
ftr-397	901	155	estate	estate	NOUN
ftr-397	901	156	context	context	NOUN
ftr-397	901	157	and	and	CCONJ
ftr-397	901	158	should	should	AUX
ftr-397	901	159	instead	instead	ADV
ftr-397	901	160	give	give	VERB
ftr-397	901	161	it	it	PRON
ftr-397	901	162	appropriate	appropriate	ADJ
ftr-397	901	163	effect	effect	NOUN
ftr-397	901	164	)	)	PUNCT
ftr-397	901	165	.	.	PUNCT
ftr-397	902	1	197	197	NUM
ftr-397	902	2	.	.	PUNCT
ftr-397	903	1	s.h	s.h	PROPN
ftr-397	903	2	.	.	PROPN
ftr-397	903	3	inc	inc	PROPN
ftr-397	903	4	.	.	PROPN
ftr-397	904	1	v	v	PROPN
ftr-397	904	2	comm’r	comm’r	NOUN
ftr-397	904	3	,	,	PUNCT
ftr-397	904	4	78	78	NUM
ftr-397	904	5	t.c	t.c	PROPN
ftr-397	904	6	.	.	PROPN
ftr-397	904	7	234	234	NUM
ftr-397	904	8	,	,	PUNCT
ftr-397	904	9	243	243	NUM
ftr-397	904	10	(	(	PUNCT
ftr-397	904	11	1982	1982	NUM
ftr-397	904	12	)	)	PUNCT
ftr-397	904	13	(	(	PUNCT
ftr-397	904	14	“	"	PUNCT
ftr-397	904	15	the	the	DET
ftr-397	904	16	fact	fact	NOUN
ftr-397	904	17	that	that	SCONJ
ftr-397	904	18	[	[	X
ftr-397	904	19	buyer	buyer	NOUN
ftr-397	904	20	]	]	PUNCT
ftr-397	904	21	was	be	AUX
ftr-397	904	22	petitioner	petitioner	NOUN
ftr-397	904	23	’s	’s	PART
ftr-397	904	24	only	only	ADJ
ftr-397	904	25	customer	customer	NOUN
ftr-397	904	26	as	as	ADP
ftr-397	904	27	of	of	ADP
ftr-397	904	28	the	the	DET
ftr-397	904	29	time	time	NOUN
ftr-397	904	30	of	of	ADP
ftr-397	904	31	the	the	DET
ftr-397	904	32	sale	sale	NOUN
ftr-397	904	33	does	do	AUX
ftr-397	904	34	not	not	PART
ftr-397	904	35	deny	deny	VERB
ftr-397	904	36	[	[	X
ftr-397	904	37	him	he	PRON
ftr-397	904	38	]	]	PUNCT
ftr-397	904	39	of	of	ADP
ftr-397	904	40	‘	'	PUNCT
ftr-397	904	41	customer	customer	NOUN
ftr-397	904	42	’	'	PUNCT
ftr-397	904	43	status	status	NOUN
ftr-397	904	44	.	.	PUNCT
ftr-397	905	1	a	a	DET
ftr-397	905	2	restricted	restricted	ADJ
ftr-397	905	3	group	group	NOUN
ftr-397	905	4	of	of	ADP
ftr-397	905	5	purchasers	purchaser	NOUN
ftr-397	905	6	may	may	AUX
ftr-397	905	7	qualify	qualify	VERB
ftr-397	905	8	as	as	ADP
ftr-397	905	9	customers	customer	NOUN
ftr-397	905	10	and	and	CCONJ
ftr-397	905	11	it	it	PRON
ftr-397	905	12	has	have	AUX
ftr-397	905	13	been	be	AUX
ftr-397	905	14	said	say	VERB
ftr-397	905	15	that	that	SCONJ
ftr-397	905	16	in	in	ADP
ftr-397	905	17	real	real	ADJ
ftr-397	905	18	estate	estate	NOUN
ftr-397	905	19	transactions	transaction	NOUN
ftr-397	905	20	a	a	DET
ftr-397	905	21	sale	sale	NOUN
ftr-397	905	22	to	to	ADP
ftr-397	905	23	any	any	DET
ftr-397	905	24	purchaser	purchaser	NOUN
ftr-397	905	25	is	be	AUX
ftr-397	905	26	,	,	PUNCT
ftr-397	905	27	in	in	ADP
ftr-397	905	28	effect	effect	NOUN
ftr-397	905	29	,	,	PUNCT
ftr-397	905	30	a	a	DET
ftr-397	905	31	sale	sale	NOUN
ftr-397	905	32	to	to	ADP
ftr-397	905	33	a	a	DET
ftr-397	905	34	customer	customer	NOUN
ftr-397	905	35	”	"	PUNCT
ftr-397	905	36	(	(	PUNCT
ftr-397	905	37	citing	cite	VERB
ftr-397	905	38	pointer	pointer	NOUN
ftr-397	905	39	v.	v.	ADP
ftr-397	905	40	comm’r	comm’r	NOUN
ftr-397	905	41	,	,	PUNCT
ftr-397	905	42	48	48	NUM
ftr-397	905	43	t.c	t.c	PROPN
ftr-397	905	44	.	.	PROPN
ftr-397	905	45	906	906	NUM
ftr-397	905	46	,	,	PUNCT
ftr-397	905	47	917	917	NUM
ftr-397	905	48	(	(	PUNCT
ftr-397	905	49	1967	1967	NUM
ftr-397	905	50	)	)	PUNCT
ftr-397	905	51	)	)	PUNCT
ftr-397	905	52	.	.	PUNCT
ftr-397	906	1	198	198	NUM
ftr-397	906	2	.	.	PUNCT
ftr-397	907	1	guardian	guardian	PROPN
ftr-397	907	2	industrial	industrial	PROPN
ftr-397	907	3	corp	corp	PROPN
ftr-397	907	4	.	.	PROPN
ftr-397	908	1	v.	v.	ADP
ftr-397	908	2	comm’r	comm’r	NOUN
ftr-397	908	3	,	,	PUNCT
ftr-397	908	4	97	97	NUM
ftr-397	908	5	t.c	t.c	PROPN
ftr-397	908	6	.	.	PROPN
ftr-397	908	7	308	308	NUM
ftr-397	908	8	,	,	PUNCT
ftr-397	908	9	317	317	NUM
ftr-397	908	10	n.2	n.2	SYM
ftr-397	908	11	(	(	PUNCT
ftr-397	908	12	1991	1991	NUM
ftr-397	908	13	)	)	PUNCT
ftr-397	908	14	,	,	PUNCT
ftr-397	908	15	aff’d	aff’d	VERB
ftr-397	908	16	,	,	PUNCT
ftr-397	908	17	21	21	NUM
ftr-397	908	18	f.3d	f.3d	NUM
ftr-397	908	19	.	.	PUNCT
ftr-397	909	1	427	427	NUM
ftr-397	909	2	(	(	PUNCT
ftr-397	909	3	6th	6th	ADJ
ftr-397	909	4	cir	cir	NOUN
ftr-397	909	5	.	.	PROPN
ftr-397	909	6	1994	1994	NUM
ftr-397	909	7	)	)	PUNCT
ftr-397	909	8	.	.	PUNCT
ftr-397	910	1	199	199	NUM
ftr-397	910	2	.	.	PUNCT
ftr-397	911	1	guardian	guardian	PROPN
ftr-397	911	2	industrial	industrial	PROPN
ftr-397	911	3	corp	corp	PROPN
ftr-397	911	4	.	.	PROPN
ftr-397	911	5	,	,	PUNCT
ftr-397	911	6	97	97	NUM
ftr-397	911	7	t.c	t.c	PROPN
ftr-397	911	8	.	.	PUNCT
ftr-397	912	1	at	at	ADP
ftr-397	912	2	317	317	NUM
ftr-397	912	3	n.2	n.2	SYM
ftr-397	912	4	(	(	PUNCT
ftr-397	912	5	citations	citation	NOUN
ftr-397	912	6	omitted	omit	VERB
ftr-397	912	7	)	)	PUNCT
ftr-397	912	8	.	.	PUNCT
ftr-397	913	1	1160	1160	NUM
ftr-397	913	2	florida	florida	PROPN
ftr-397	913	3	tax	tax	NOUN
ftr-397	913	4	review	review	NOUN
ftr-397	913	5	[	[	X
ftr-397	913	6	vol	vol	NOUN
ftr-397	913	7	.	.	PUNCT
ftr-397	913	8	8:10	8:10	NUM
ftr-397	913	9	for	for	ADP
ftr-397	913	10	sale	sale	NOUN
ftr-397	913	11	to	to	ADP
ftr-397	913	12	customers	customer	NOUN
ftr-397	913	13	in	in	ADP
ftr-397	913	14	the	the	DET
ftr-397	913	15	ordinary	ordinary	ADJ
ftr-397	913	16	course	course	NOUN
ftr-397	913	17	of	of	ADP
ftr-397	913	18	his	his	PRON
ftr-397	913	19	trade	trade	NOUN
ftr-397	913	20	or	or	CCONJ
ftr-397	913	21	business	business	NOUN
ftr-397	913	22	.	.	PUNCT
ftr-397	913	23	”200	”200	PUNCT
ftr-397	914	1	the	the	DET
ftr-397	914	2	court	court	NOUN
ftr-397	914	3	rejected	reject	VERB
ftr-397	914	4	the	the	DET
ftr-397	914	5	commissioner	commissioner	NOUN
ftr-397	914	6	’s	’s	PART
ftr-397	914	7	theory	theory	NOUN
ftr-397	914	8	that	that	SCONJ
ftr-397	914	9	“	"	PUNCT
ftr-397	914	10	customers	customer	NOUN
ftr-397	914	11	”	"	PUNCT
ftr-397	914	12	only	only	ADV
ftr-397	914	13	included	include	VERB
ftr-397	914	14	customers	customer	NOUN
ftr-397	914	15	for	for	ADP
ftr-397	914	16	residential	residential	ADJ
ftr-397	914	17	sales	sale	NOUN
ftr-397	914	18	(	(	PUNCT
ftr-397	914	19	which	which	PRON
ftr-397	914	20	were	be	AUX
ftr-397	914	21	the	the	DET
ftr-397	914	22	sales	sale	NOUN
ftr-397	914	23	the	the	DET
ftr-397	914	24	taxpayer	taxpayer	NOUN
ftr-397	914	25	primarily	primarily	ADV
ftr-397	914	26	dealt	deal	VERB
ftr-397	914	27	in	in	ADP
ftr-397	914	28	his	his	PRON
ftr-397	914	29	business	business	NOUN
ftr-397	914	30	)	)	PUNCT
ftr-397	914	31	,	,	PUNCT
ftr-397	914	32	and	and	CCONJ
ftr-397	914	33	stated	state	VERB
ftr-397	914	34	that	that	SCONJ
ftr-397	914	35	[	[	X
ftr-397	914	36	w]here	w]here	PROPN
ftr-397	914	37	,	,	PUNCT
ftr-397	914	38	as	as	ADP
ftr-397	914	39	here	here	ADV
ftr-397	914	40	,	,	PUNCT
ftr-397	914	41	one	one	PRON
ftr-397	914	42	is	be	AUX
ftr-397	914	43	regularly	regularly	ADV
ftr-397	914	44	engaged	engage	VERB
ftr-397	914	45	in	in	ADP
ftr-397	914	46	the	the	DET
ftr-397	914	47	business	business	NOUN
ftr-397	914	48	of	of	ADP
ftr-397	914	49	buying	buy	VERB
ftr-397	914	50	and	and	CCONJ
ftr-397	914	51	selling	sell	VERB
ftr-397	914	52	real	real	ADJ
ftr-397	914	53	estate	estate	NOUN
ftr-397	914	54	,	,	PUNCT
ftr-397	914	55	as	as	SCONJ
ftr-397	914	56	was	be	AUX
ftr-397	914	57	petitioner	petitioner	NOUN
ftr-397	914	58	,	,	PUNCT
ftr-397	914	59	any	any	DET
ftr-397	914	60	person	person	NOUN
ftr-397	914	61	who	who	PRON
ftr-397	914	62	can	can	AUX
ftr-397	914	63	be	be	AUX
ftr-397	914	64	found	find	VERB
ftr-397	914	65	to	to	PART
ftr-397	914	66	buy	buy	VERB
ftr-397	914	67	such	such	ADJ
ftr-397	914	68	property	property	NOUN
ftr-397	914	69	is	be	AUX
ftr-397	914	70	a	a	DET
ftr-397	914	71	customer	customer	NOUN
ftr-397	914	72	,	,	PUNCT
ftr-397	914	73	as	as	SCONJ
ftr-397	914	74	that	that	DET
ftr-397	914	75	term	term	NOUN
ftr-397	914	76	is	be	AUX
ftr-397	914	77	ordinarily	ordinarily	ADV
ftr-397	914	78	understood	understand	VERB
ftr-397	914	79	,	,	PUNCT
ftr-397	914	80	and	and	CCONJ
ftr-397	914	81	where	where	SCONJ
ftr-397	914	82	such	such	ADJ
ftr-397	914	83	property	property	NOUN
ftr-397	914	84	is	be	AUX
ftr-397	914	85	held	hold	VERB
ftr-397	914	86	for	for	ADP
ftr-397	914	87	sale	sale	NOUN
ftr-397	914	88	under	under	ADP
ftr-397	914	89	such	such	ADJ
ftr-397	914	90	circumstances	circumstance	NOUN
ftr-397	914	91	it	it	PRON
ftr-397	914	92	must	must	AUX
ftr-397	914	93	be	be	AUX
ftr-397	914	94	deemed	deem	VERB
ftr-397	914	95	to	to	PART
ftr-397	914	96	be	be	AUX
ftr-397	914	97	held	hold	VERB
ftr-397	914	98	for	for	ADP
ftr-397	914	99	sale	sale	NOUN
ftr-397	914	100	to	to	ADP
ftr-397	914	101	customers	customer	NOUN
ftr-397	914	102	within	within	ADP
ftr-397	914	103	the	the	DET
ftr-397	914	104	meaning	meaning	NOUN
ftr-397	914	105	of	of	ADP
ftr-397	914	106	the	the	DET
ftr-397	914	107	statute.201	statute.201	NOUN
ftr-397	914	108	thus	thus	ADV
ftr-397	914	109	,	,	PUNCT
ftr-397	914	110	it	it	PRON
ftr-397	914	111	would	would	AUX
ftr-397	914	112	seem	seem	VERB
ftr-397	914	113	that	that	SCONJ
ftr-397	914	114	almost	almost	ADV
ftr-397	914	115	since	since	SCONJ
ftr-397	914	116	the	the	DET
ftr-397	914	117	enactment	enactment	NOUN
ftr-397	914	118	of	of	ADP
ftr-397	914	119	the	the	DET
ftr-397	914	120	“	"	PUNCT
ftr-397	914	121	to	to	ADP
ftr-397	914	122	customers	customer	NOUN
ftr-397	914	123	”	"	PUNCT
ftr-397	914	124	requirement	requirement	NOUN
ftr-397	914	125	in	in	ADP
ftr-397	914	126	1934	1934	NUM
ftr-397	914	127	,	,	PUNCT
ftr-397	914	128	courts	court	NOUN
ftr-397	914	129	have	have	AUX
ftr-397	914	130	given	give	VERB
ftr-397	914	131	almost	almost	ADV
ftr-397	914	132	no	no	PRON
ftr-397	914	133	effect	effect	NOUN
ftr-397	914	134	to	to	ADP
ftr-397	914	135	those	those	DET
ftr-397	914	136	words	word	NOUN
ftr-397	914	137	outside	outside	ADP
ftr-397	914	138	of	of	ADP
ftr-397	914	139	the	the	DET
ftr-397	914	140	securities	security	NOUN
ftr-397	914	141	context	context	NOUN
ftr-397	914	142	.	.	PUNCT
ftr-397	915	1	furthermore	furthermore	ADV
ftr-397	915	2	,	,	PUNCT
ftr-397	915	3	courts	court	NOUN
ftr-397	915	4	in	in	ADP
ftr-397	915	5	the	the	DET
ftr-397	915	6	real	real	ADJ
ftr-397	915	7	estate	estate	NOUN
ftr-397	915	8	context	context	NOUN
ftr-397	915	9	have	have	AUX
ftr-397	915	10	also	also	ADV
ftr-397	915	11	ignored	ignore	VERB
ftr-397	915	12	the	the	DET
ftr-397	915	13	judicial	judicial	ADJ
ftr-397	915	14	gloss	gloss	NOUN
ftr-397	915	15	placed	place	VERB
ftr-397	915	16	by	by	ADP
ftr-397	915	17	courts	court	NOUN
ftr-397	915	18	such	such	ADJ
ftr-397	915	19	as	as	ADP
ftr-397	915	20	in	in	ADP
ftr-397	915	21	kemon	kemon	NOUN
ftr-397	915	22	in	in	ADP
ftr-397	915	23	the	the	DET
ftr-397	915	24	securities	security	NOUN
ftr-397	915	25	context	context	NOUN
ftr-397	915	26	on	on	ADP
ftr-397	915	27	the	the	DET
ftr-397	915	28	words	word	NOUN
ftr-397	915	29	“	"	PUNCT
ftr-397	915	30	to	to	ADP
ftr-397	915	31	customers	customer	NOUN
ftr-397	915	32	,	,	PUNCT
ftr-397	915	33	”	"	PUNCT
ftr-397	915	34	that	that	PRON
ftr-397	915	35	is	be	AUX
ftr-397	915	36	,	,	PUNCT
ftr-397	915	37	the	the	DET
ftr-397	915	38	courts	court	NOUN
ftr-397	915	39	’	’	PART
ftr-397	915	40	emphasis	emphasis	NOUN
ftr-397	915	41	that	that	SCONJ
ftr-397	915	42	while	while	SCONJ
ftr-397	915	43	traders	trader	NOUN
ftr-397	915	44	sell	sell	VERB
ftr-397	915	45	in	in	ADP
ftr-397	915	46	the	the	DET
ftr-397	915	47	same	same	ADJ
ftr-397	915	48	markets	market	NOUN
ftr-397	915	49	in	in	ADP
ftr-397	915	50	which	which	PRON
ftr-397	915	51	they	they	PRON
ftr-397	915	52	buy	buy	VERB
ftr-397	915	53	the	the	DET
ftr-397	915	54	property	property	NOUN
ftr-397	915	55	for	for	ADP
ftr-397	915	56	sale	sale	NOUN
ftr-397	915	57	(	(	PUNCT
ftr-397	915	58	securities	security	NOUN
ftr-397	915	59	)	)	PUNCT
ftr-397	915	60	and	and	CCONJ
ftr-397	915	61	rely	rely	VERB
ftr-397	915	62	on	on	ADP
ftr-397	915	63	price	price	NOUN
ftr-397	915	64	changes	change	NOUN
ftr-397	915	65	to	to	PART
ftr-397	915	66	make	make	VERB
ftr-397	915	67	a	a	DET
ftr-397	915	68	profit	profit	NOUN
ftr-397	915	69	,	,	PUNCT
ftr-397	915	70	dealers	dealer	NOUN
ftr-397	915	71	tend	tend	VERB
ftr-397	915	72	to	to	PART
ftr-397	915	73	(	(	PUNCT
ftr-397	915	74	like	like	INTJ
ftr-397	915	75	merchants	merchant	NOUN
ftr-397	915	76	)	)	PUNCT
ftr-397	915	77	buy	buy	VERB
ftr-397	915	78	and	and	CCONJ
ftr-397	915	79	sell	sell	VERB
ftr-397	915	80	in	in	ADP
ftr-397	915	81	different	different	ADJ
ftr-397	915	82	markets	market	NOUN
ftr-397	915	83	,	,	PUNCT
ftr-397	915	84	purchasing	purchase	VERB
ftr-397	915	85	stock	stock	NOUN
ftr-397	915	86	with	with	ADP
ftr-397	915	87	the	the	DET
ftr-397	915	88	expectation	expectation	NOUN
ftr-397	915	89	that	that	SCONJ
ftr-397	915	90	they	they	PRON
ftr-397	915	91	will	will	AUX
ftr-397	915	92	make	make	VERB
ftr-397	915	93	a	a	DET
ftr-397	915	94	profit	profit	NOUN
ftr-397	915	95	from	from	ADP
ftr-397	915	96	finding	find	VERB
ftr-397	915	97	a	a	DET
ftr-397	915	98	market	market	NOUN
ftr-397	915	99	of	of	ADP
ftr-397	915	100	buyers	buyer	NOUN
ftr-397	915	101	to	to	PART
ftr-397	915	102	buy	buy	VERB
ftr-397	915	103	the	the	DET
ftr-397	915	104	property	property	NOUN
ftr-397	915	105	in	in	ADP
ftr-397	915	106	excess	excess	NOUN
ftr-397	915	107	of	of	ADP
ftr-397	915	108	cost.202	cost.202	PROPN
ftr-397	915	109	instead	instead	ADV
ftr-397	915	110	of	of	ADP
ftr-397	915	111	giving	give	VERB
ftr-397	915	112	effect	effect	NOUN
ftr-397	915	113	to	to	ADP
ftr-397	915	114	the	the	DET
ftr-397	915	115	judicial	judicial	ADJ
ftr-397	915	116	interpretation	interpretation	NOUN
ftr-397	915	117	of	of	ADP
ftr-397	915	118	the	the	DET
ftr-397	915	119	“	"	PUNCT
ftr-397	915	120	to	to	ADP
ftr-397	915	121	customers	customer	NOUN
ftr-397	915	122	”	"	PUNCT
ftr-397	915	123	in	in	ADP
ftr-397	915	124	kemon	kemon	PROPN
ftr-397	915	125	,	,	PUNCT
ftr-397	915	126	courts	court	NOUN
ftr-397	915	127	in	in	ADP
ftr-397	915	128	the	the	DET
ftr-397	915	129	real	real	ADJ
ftr-397	915	130	estate	estate	NOUN
ftr-397	915	131	context	context	NOUN
ftr-397	915	132	have	have	AUX
ftr-397	915	133	,	,	PUNCT
ftr-397	915	134	instead	instead	ADV
ftr-397	915	135	,	,	PUNCT
ftr-397	915	136	for	for	SCONJ
ftr-397	915	137	the	the	DET
ftr-397	915	138	most	most	ADJ
ftr-397	915	139	part	part	NOUN
ftr-397	915	140	relied	rely	VERB
ftr-397	915	141	on	on	ADP
ftr-397	915	142	a	a	DET
ftr-397	915	143	recitation	recitation	NOUN
ftr-397	915	144	of	of	ADP
ftr-397	915	145	a	a	DET
ftr-397	915	146	list	list	NOUN
ftr-397	915	147	of	of	ADP
ftr-397	915	148	factors	factor	NOUN
ftr-397	915	149	in	in	ADP
ftr-397	915	150	determining	determine	VERB
ftr-397	915	151	whether	whether	SCONJ
ftr-397	915	152	the	the	DET
ftr-397	915	153	taxpayer	taxpayer	NOUN
ftr-397	915	154	is	be	AUX
ftr-397	915	155	in	in	ADP
ftr-397	915	156	a	a	DET
ftr-397	915	157	trade	trade	NOUN
ftr-397	915	158	or	or	CCONJ
ftr-397	915	159	business	business	NOUN
ftr-397	915	160	,	,	PUNCT
ftr-397	915	161	with	with	ADP
ftr-397	915	162	these	these	DET
ftr-397	915	163	same	same	ADJ
ftr-397	915	164	factors	factor	NOUN
ftr-397	915	165	also	also	ADV
ftr-397	915	166	suggesting	suggest	VERB
ftr-397	915	167	ordinary	ordinary	ADJ
ftr-397	915	168	income	income	NOUN
ftr-397	915	169	treatment.203	treatment.203	NUM
ftr-397	915	170	such	such	ADJ
ftr-397	915	171	factors	factor	NOUN
ftr-397	915	172	have	have	AUX
ftr-397	915	173	included	include	VERB
ftr-397	915	174	the	the	DET
ftr-397	915	175	following	following	NOUN
ftr-397	915	176	:	:	PUNCT
ftr-397	915	177	the	the	DET
ftr-397	915	178	200	200	NUM
ftr-397	915	179	.	.	PUNCT
ftr-397	916	1	black	black	ADJ
ftr-397	916	2	v.	v.	ADP
ftr-397	916	3	comm’r	comm’r	NOUN
ftr-397	916	4	,	,	PUNCT
ftr-397	916	5	45	45	NUM
ftr-397	916	6	b.t.a	b.t.a	NOUN
ftr-397	916	7	.	.	PROPN
ftr-397	916	8	204	204	NUM
ftr-397	916	9	(	(	PUNCT
ftr-397	916	10	1941	1941	NUM
ftr-397	916	11	)	)	PUNCT
ftr-397	916	12	.	.	PUNCT
ftr-397	917	1	201	201	NUM
ftr-397	917	2	.	.	PUNCT
ftr-397	918	1	black	black	ADJ
ftr-397	918	2	,	,	PUNCT
ftr-397	918	3	45	45	NUM
ftr-397	918	4	b.t.a	b.t.a	NOUN
ftr-397	918	5	.	.	PUNCT
ftr-397	919	1	at	at	ADP
ftr-397	919	2	210	210	NUM
ftr-397	919	3	(	(	PUNCT
ftr-397	919	4	emphasis	emphasis	NOUN
ftr-397	919	5	added	add	VERB
ftr-397	919	6	)	)	PUNCT
ftr-397	919	7	(	(	PUNCT
ftr-397	919	8	citing	cite	VERB
ftr-397	919	9	goodman	goodman	PROPN
ftr-397	919	10	v.	v.	PROPN
ftr-397	919	11	comm’r	comm’r	PROPN
ftr-397	919	12	,	,	PUNCT
ftr-397	919	13	40	40	NUM
ftr-397	919	14	b.t.a	b.t.a	NOUN
ftr-397	919	15	.	.	PROPN
ftr-397	919	16	22	22	NUM
ftr-397	919	17	(	(	PUNCT
ftr-397	919	18	1939	1939	NUM
ftr-397	919	19	)	)	PUNCT
ftr-397	919	20	)	)	PUNCT
ftr-397	919	21	.	.	PUNCT
ftr-397	920	1	202	202	X
ftr-397	920	2	.	.	PUNCT
ftr-397	921	1	see	see	VERB
ftr-397	921	2	,	,	PUNCT
ftr-397	921	3	e.g.	e.g.	ADV
ftr-397	921	4	,	,	PUNCT
ftr-397	921	5	kemon	kemon	PROPN
ftr-397	921	6	,	,	PUNCT
ftr-397	921	7	16	16	NUM
ftr-397	921	8	t.c	t.c	PROPN
ftr-397	921	9	.	.	PUNCT
ftr-397	922	1	at	at	ADP
ftr-397	922	2	1032	1032	NUM
ftr-397	922	3	-	-	SYM
ftr-397	922	4	33	33	NUM
ftr-397	922	5	.	.	NOUN
ftr-397	922	6	203	203	NUM
ftr-397	922	7	.	.	PUNCT
ftr-397	922	8	redwood	redwood	NOUN
ftr-397	922	9	empire	empire	NOUN
ftr-397	922	10	savings	savings	PROPN
ftr-397	922	11	&	&	CCONJ
ftr-397	922	12	loan	loan	PROPN
ftr-397	922	13	ass’n	ass’n	PROPN
ftr-397	922	14	v.	v.	ADP
ftr-397	922	15	comm’r	comm’r	NOUN
ftr-397	922	16	,	,	PUNCT
ftr-397	922	17	628	628	NUM
ftr-397	922	18	f.2d	f.2d	ADP
ftr-397	922	19	516	516	NUM
ftr-397	922	20	,	,	PUNCT
ftr-397	922	21	517	517	NUM
ftr-397	922	22	(	(	PUNCT
ftr-397	922	23	9th	9th	ADJ
ftr-397	922	24	cir	cir	NOUN
ftr-397	922	25	.	.	PUNCT
ftr-397	922	26	1980	1980	NUM
ftr-397	922	27	)	)	PUNCT
ftr-397	922	28	(	(	PUNCT
ftr-397	922	29	whether	whether	SCONJ
ftr-397	922	30	real	real	ADJ
ftr-397	922	31	estate	estate	NOUN
ftr-397	922	32	held	hold	VERB
ftr-397	922	33	by	by	ADP
ftr-397	922	34	a	a	DET
ftr-397	922	35	savings	saving	NOUN
ftr-397	922	36	and	and	CCONJ
ftr-397	922	37	loan	loan	NOUN
ftr-397	922	38	association	association	NOUN
ftr-397	922	39	was	be	AUX
ftr-397	922	40	a	a	DET
ftr-397	922	41	capital	capital	NOUN
ftr-397	922	42	asset	asset	NOUN
ftr-397	922	43	held	hold	VERB
ftr-397	922	44	primarily	primarily	ADV
ftr-397	922	45	for	for	ADP
ftr-397	922	46	sale	sale	NOUN
ftr-397	922	47	to	to	ADP
ftr-397	922	48	customers	customer	NOUN
ftr-397	922	49	in	in	ADP
ftr-397	922	50	a	a	DET
ftr-397	922	51	trade	trade	NOUN
ftr-397	922	52	or	or	CCONJ
ftr-397	922	53	business	business	NOUN
ftr-397	922	54	depended	depend	VERB
ftr-397	922	55	on	on	ADP
ftr-397	922	56	“	"	PUNCT
ftr-397	922	57	a	a	DET
ftr-397	922	58	number	number	NOUN
ftr-397	922	59	of	of	ADP
ftr-397	922	60	factors	factor	NOUN
ftr-397	922	61	,	,	PUNCT
ftr-397	922	62	”	"	PUNCT
ftr-397	922	63	such	such	ADJ
ftr-397	922	64	as	as	ADP
ftr-397	922	65	“	"	PUNCT
ftr-397	922	66	the	the	DET
ftr-397	922	67	nature	nature	NOUN
ftr-397	922	68	of	of	ADP
ftr-397	922	69	the	the	DET
ftr-397	922	70	acquisition	acquisition	NOUN
ftr-397	922	71	of	of	ADP
ftr-397	922	72	the	the	DET
ftr-397	922	73	property	property	NOUN
ftr-397	922	74	,	,	PUNCT
ftr-397	922	75	the	the	DET
ftr-397	922	76	frequency	frequency	NOUN
ftr-397	922	77	and	and	CCONJ
ftr-397	922	78	continuity	continuity	NOUN
ftr-397	922	79	of	of	ADP
ftr-397	922	80	sales	sale	NOUN
ftr-397	922	81	over	over	ADP
ftr-397	922	82	an	an	DET
ftr-397	922	83	extended	extended	ADJ
ftr-397	922	84	period	period	NOUN
ftr-397	922	85	,	,	PUNCT
ftr-397	922	86	the	the	DET
ftr-397	922	87	nature	nature	NOUN
ftr-397	922	88	and	and	CCONJ
ftr-397	922	89	the	the	DET
ftr-397	922	90	extent	extent	NOUN
ftr-397	922	91	of	of	ADP
ftr-397	922	92	the	the	DET
ftr-397	922	93	taxpayer	taxpayer	NOUN
ftr-397	922	94	’s	’s	PART
ftr-397	922	95	business	business	NOUN
ftr-397	922	96	,	,	PUNCT
ftr-397	922	97	the	the	DET
ftr-397	922	98	activity	activity	NOUN
ftr-397	922	99	of	of	ADP
ftr-397	922	100	the	the	DET
ftr-397	922	101	seller	seller	NOUN
ftr-397	922	102	about	about	ADP
ftr-397	922	103	the	the	DET
ftr-397	922	104	property	property	NOUN
ftr-397	922	105	,	,	PUNCT
ftr-397	922	106	and	and	CCONJ
ftr-397	922	107	the	the	DET
ftr-397	922	108	extent	extent	NOUN
ftr-397	922	109	and	and	CCONJ
ftr-397	922	110	substantiality	substantiality	NOUN
ftr-397	922	111	of	of	ADP
ftr-397	922	112	the	the	DET
ftr-397	922	113	transactions	transaction	NOUN
ftr-397	922	114	”	"	PUNCT
ftr-397	922	115	(	(	PUNCT
ftr-397	922	116	citations	citation	NOUN
ftr-397	922	117	omitted	omit	VERB
ftr-397	922	118	)	)	PUNCT
ftr-397	922	119	)	)	PUNCT
ftr-397	922	120	;	;	PUNCT
ftr-397	922	121	austin	austin	PROPN
ftr-397	922	122	v.	v.	ADP
ftr-397	922	123	comm’r	comm’r	NOUN
ftr-397	922	124	,	,	PUNCT
ftr-397	922	125	263	263	NUM
ftr-397	922	126	f.2d	f.2d	ADP
ftr-397	922	127	460	460	NUM
ftr-397	922	128	,	,	PUNCT
ftr-397	922	129	462	462	NUM
ftr-397	922	130	(	(	PUNCT
ftr-397	922	131	9th	9th	ADJ
ftr-397	922	132	cir	cir	NOUN
ftr-397	922	133	.	.	PUNCT
ftr-397	922	134	1959	1959	NUM
ftr-397	922	135	)	)	PUNCT
ftr-397	922	136	(	(	PUNCT
ftr-397	922	137	whether	whether	SCONJ
ftr-397	922	138	real	real	ADJ
ftr-397	922	139	property	property	NOUN
ftr-397	922	140	was	be	AUX
ftr-397	922	141	held	hold	VERB
ftr-397	922	142	primarily	primarily	ADV
ftr-397	922	143	for	for	ADP
ftr-397	922	144	sale	sale	NOUN
ftr-397	922	145	to	to	ADP
ftr-397	922	146	customers	customer	NOUN
ftr-397	922	147	in	in	ADP
ftr-397	922	148	the	the	DET
ftr-397	922	149	course	course	NOUN
ftr-397	922	150	of	of	ADP
ftr-397	922	151	his	his	PRON
ftr-397	922	152	trade	trade	NOUN
ftr-397	922	153	or	or	CCONJ
ftr-397	922	154	business	business	NOUN
ftr-397	922	155	was	be	AUX
ftr-397	922	156	a	a	DET
ftr-397	922	157	question	question	NOUN
ftr-397	922	158	of	of	ADP
ftr-397	922	159	fact	fact	NOUN
ftr-397	922	160	,	,	PUNCT
ftr-397	922	161	and	and	CCONJ
ftr-397	922	162	“	"	PUNCT
ftr-397	922	163	[	[	X
ftr-397	922	164	s]everal	s]everal	ADJ
ftr-397	922	165	tests	test	NOUN
ftr-397	922	166	or	or	CCONJ
ftr-397	922	167	factors	factor	NOUN
ftr-397	922	168	have	have	AUX
ftr-397	922	169	been	be	AUX
ftr-397	922	170	considered	consider	VERB
ftr-397	922	171	by	by	ADP
ftr-397	922	172	the	the	DET
ftr-397	922	173	courts	court	NOUN
ftr-397	922	174	to	to	PART
ftr-397	922	175	indicate	indicate	VERB
ftr-397	922	176	whether	whether	SCONJ
ftr-397	922	177	certain	certain	ADJ
ftr-397	922	178	properties	property	NOUN
ftr-397	922	179	were	be	AUX
ftr-397	922	180	held	hold	VERB
ftr-397	922	181	by	by	ADP
ftr-397	922	182	a	a	DET
ftr-397	922	183	taxpayer	taxpayer	NOUN
ftr-397	922	184	primarily	primarily	ADV
ftr-397	922	185	for	for	ADP
ftr-397	922	186	sale	sale	NOUN
ftr-397	922	187	to	to	ADP
ftr-397	922	188	customers	customer	NOUN
ftr-397	922	189	in	in	ADP
ftr-397	922	190	the	the	DET
ftr-397	922	191	ordinary	ordinary	ADJ
ftr-397	922	192	course	course	NOUN
ftr-397	922	193	of	of	ADP
ftr-397	922	194	the	the	DET
ftr-397	922	195	taxpayer	taxpayer	NOUN
ftr-397	922	196	’s	’s	PART
ftr-397	922	197	trade	trade	NOUN
ftr-397	922	198	or	or	CCONJ
ftr-397	922	199	business	business	NOUN
ftr-397	922	200	,	,	PUNCT
ftr-397	922	201	such	such	ADJ
ftr-397	922	202	as	as	ADP
ftr-397	922	203	the	the	DET
ftr-397	922	204	nature	nature	NOUN
ftr-397	922	205	of	of	ADP
ftr-397	922	206	the	the	DET
ftr-397	922	207	acquisition	acquisition	NOUN
ftr-397	922	208	of	of	ADP
ftr-397	922	209	the	the	DET
ftr-397	922	210	2008	2008	NUM
ftr-397	922	211	]	]	PUNCT
ftr-397	922	212	a	a	DET
ftr-397	922	213	structural	structural	ADJ
ftr-397	922	214	critique	critique	NOUN
ftr-397	922	215	of	of	ADP
ftr-397	922	216	trader	trader	NOUN
ftr-397	922	217	taxation	taxation	NOUN
ftr-397	922	218	1161	1161	NUM
ftr-397	922	219	purpose	purpose	NOUN
ftr-397	922	220	of	of	ADP
ftr-397	922	221	acquiring	acquire	VERB
ftr-397	922	222	and	and	CCONJ
ftr-397	922	223	holding	hold	VERB
ftr-397	922	224	the	the	DET
ftr-397	922	225	property	property	NOUN
ftr-397	922	226	;	;	PUNCT
ftr-397	922	227	the	the	DET
ftr-397	922	228	existence	existence	NOUN
ftr-397	922	229	and	and	CCONJ
ftr-397	922	230	extent	extent	NOUN
ftr-397	922	231	of	of	ADP
ftr-397	922	232	improvements	improvement	NOUN
ftr-397	922	233	and/or	and/or	CCONJ
ftr-397	922	234	subdivisions	subdivision	NOUN
ftr-397	922	235	made	make	VERB
ftr-397	922	236	to	to	ADP
ftr-397	922	237	the	the	DET
ftr-397	922	238	property	property	NOUN
ftr-397	922	239	before	before	ADP
ftr-397	922	240	selling	sell	VERB
ftr-397	922	241	it	it	PRON
ftr-397	922	242	;	;	PUNCT
ftr-397	922	243	the	the	DET
ftr-397	922	244	frequency	frequency	NOUN
ftr-397	922	245	,	,	PUNCT
ftr-397	922	246	number	number	NOUN
ftr-397	922	247	,	,	PUNCT
ftr-397	922	248	and	and	CCONJ
ftr-397	922	249	continuity	continuity	NOUN
ftr-397	922	250	of	of	ADP
ftr-397	922	251	sales	sale	NOUN
ftr-397	922	252	;	;	PUNCT
ftr-397	922	253	the	the	DET
ftr-397	922	254	“	"	PUNCT
ftr-397	922	255	busyness	busyness	NOUN
ftr-397	922	256	”	"	PUNCT
ftr-397	922	257	of	of	ADP
ftr-397	922	258	the	the	DET
ftr-397	922	259	taxpayer	taxpayer	NOUN
ftr-397	922	260	’s	’s	PART
ftr-397	922	261	business	business	NOUN
ftr-397	922	262	(	(	PUNCT
ftr-397	922	263	including	include	VERB
ftr-397	922	264	the	the	DET
ftr-397	922	265	relation	relation	NOUN
ftr-397	922	266	of	of	ADP
ftr-397	922	267	the	the	DET
ftr-397	922	268	real	real	ADJ
ftr-397	922	269	estate	estate	NOUN
ftr-397	922	270	activity	activity	NOUN
ftr-397	922	271	to	to	ADP
ftr-397	922	272	the	the	DET
ftr-397	922	273	taxpayer	taxpayer	NOUN
ftr-397	922	274	’s	’s	PART
ftr-397	922	275	primary	primary	ADJ
ftr-397	922	276	occupation	occupation	NOUN
ftr-397	922	277	,	,	PUNCT
ftr-397	922	278	if	if	SCONJ
ftr-397	922	279	any	any	PRON
ftr-397	922	280	)	)	PUNCT
ftr-397	922	281	;	;	PUNCT
ftr-397	922	282	the	the	DET
ftr-397	922	283	extent	extent	NOUN
ftr-397	922	284	of	of	ADP
ftr-397	922	285	sales	sale	NOUN
ftr-397	922	286	efforts	effort	NOUN
ftr-397	922	287	(	(	PUNCT
ftr-397	922	288	including	include	VERB
ftr-397	922	289	advertising	advertising	NOUN
ftr-397	922	290	or	or	CCONJ
ftr-397	922	291	lack	lack	NOUN
ftr-397	922	292	thereof	thereof	ADV
ftr-397	922	293	,	,	PUNCT
ftr-397	922	294	solicitations	solicitation	NOUN
ftr-397	922	295	,	,	PUNCT
ftr-397	922	296	and	and	CCONJ
ftr-397	922	297	the	the	DET
ftr-397	922	298	listing	listing	NOUN
ftr-397	922	299	of	of	ADP
ftr-397	922	300	property	property	NOUN
ftr-397	922	301	for	for	ADP
ftr-397	922	302	sale	sale	NOUN
ftr-397	922	303	through	through	ADP
ftr-397	922	304	brokers	broker	NOUN
ftr-397	922	305	or	or	CCONJ
ftr-397	922	306	directly	directly	ADV
ftr-397	922	307	)	)	PUNCT
ftr-397	922	308	;	;	PUNCT
ftr-397	922	309	and	and	CCONJ
ftr-397	922	310	other	other	ADJ
ftr-397	922	311	miscellaneous	miscellaneous	ADJ
ftr-397	922	312	factors.204	factors.204	NOUN
ftr-397	922	313	this	this	DET
ftr-397	922	314	analysis	analysis	NOUN
ftr-397	922	315	is	be	AUX
ftr-397	922	316	not	not	PART
ftr-397	922	317	the	the	DET
ftr-397	922	318	same	same	ADJ
ftr-397	922	319	analysis	analysis	NOUN
ftr-397	922	320	as	as	ADP
ftr-397	922	321	that	that	PRON
ftr-397	922	322	considered	consider	VERB
ftr-397	922	323	by	by	ADP
ftr-397	922	324	courts	court	NOUN
ftr-397	922	325	in	in	ADP
ftr-397	922	326	the	the	DET
ftr-397	922	327	securities	security	NOUN
ftr-397	922	328	context	context	NOUN
ftr-397	922	329	in	in	ADP
ftr-397	922	330	interpreting	interpret	VERB
ftr-397	922	331	whether	whether	SCONJ
ftr-397	922	332	the	the	DET
ftr-397	922	333	taxpayer	taxpayer	NOUN
ftr-397	922	334	gets	get	VERB
ftr-397	922	335	capital	capital	NOUN
ftr-397	922	336	rather	rather	ADV
ftr-397	922	337	than	than	ADP
ftr-397	922	338	ordinary	ordinary	ADJ
ftr-397	922	339	treatment	treatment	NOUN
ftr-397	922	340	.	.	PUNCT
ftr-397	923	1	the	the	DET
ftr-397	923	2	courts	court	NOUN
ftr-397	923	3	in	in	ADP
ftr-397	923	4	the	the	DET
ftr-397	923	5	securities	security	NOUN
ftr-397	923	6	area	area	NOUN
ftr-397	923	7	have	have	AUX
ftr-397	923	8	,	,	PUNCT
ftr-397	923	9	since	since	SCONJ
ftr-397	923	10	1934	1934	NUM
ftr-397	923	11	,	,	PUNCT
ftr-397	923	12	come	come	VERB
ftr-397	923	13	to	to	ADP
ftr-397	923	14	their	their	PRON
ftr-397	923	15	conclusion	conclusion	NOUN
ftr-397	923	16	by	by	ADP
ftr-397	923	17	ruling	rule	VERB
ftr-397	923	18	that	that	SCONJ
ftr-397	923	19	securities	security	NOUN
ftr-397	923	20	traders	trader	NOUN
ftr-397	923	21	per	per	ADP
ftr-397	923	22	se	se	X
ftr-397	923	23	have	have	VERB
ftr-397	923	24	no	no	DET
ftr-397	923	25	“	"	PUNCT
ftr-397	923	26	customers	customer	NOUN
ftr-397	923	27	,	,	PUNCT
ftr-397	923	28	”	"	PUNCT
ftr-397	923	29	which	which	PRON
ftr-397	923	30	essentially	essentially	ADV
ftr-397	923	31	obliterates	obliterate	VERB
ftr-397	923	32	the	the	DET
ftr-397	923	33	significance	significance	NOUN
ftr-397	923	34	of	of	ADP
ftr-397	923	35	the	the	DET
ftr-397	923	36	inquiry	inquiry	NOUN
ftr-397	923	37	regarding	regard	VERB
ftr-397	923	38	whether	whether	SCONJ
ftr-397	923	39	the	the	DET
ftr-397	923	40	taxpayer	taxpayer	NOUN
ftr-397	923	41	is	be	AUX
ftr-397	923	42	in	in	ADP
ftr-397	923	43	a	a	DET
ftr-397	923	44	“	"	PUNCT
ftr-397	923	45	trade	trade	NOUN
ftr-397	923	46	or	or	CCONJ
ftr-397	923	47	business	business	NOUN
ftr-397	923	48	”	"	PUNCT
ftr-397	923	49	in	in	ADP
ftr-397	923	50	determining	determine	VERB
ftr-397	923	51	capital	capital	NOUN
ftr-397	923	52	asset	asset	NOUN
ftr-397	923	53	treatment.205	treatment.205	NOUN
ftr-397	923	54	in	in	ADP
ftr-397	923	55	fact	fact	NOUN
ftr-397	923	56	,	,	PUNCT
ftr-397	923	57	ironically	ironically	ADV
ftr-397	923	58	,	,	PUNCT
ftr-397	923	59	the	the	DET
ftr-397	923	60	standard	standard	NOUN
ftr-397	923	61	employed	employ	VERB
ftr-397	923	62	by	by	ADP
ftr-397	923	63	courts	court	NOUN
ftr-397	923	64	in	in	ADP
ftr-397	923	65	the	the	DET
ftr-397	923	66	real	real	ADJ
ftr-397	923	67	estate	estate	NOUN
ftr-397	923	68	context	context	NOUN
ftr-397	923	69	in	in	ADP
ftr-397	923	70	deciding	decide	VERB
ftr-397	923	71	the	the	DET
ftr-397	923	72	appropriateness	appropriateness	NOUN
ftr-397	923	73	of	of	ADP
ftr-397	923	74	capital	capital	NOUN
ftr-397	923	75	asset	asset	NOUN
ftr-397	923	76	treatment	treatment	NOUN
ftr-397	923	77	actually	actually	ADV
ftr-397	923	78	comes	come	VERB
ftr-397	923	79	closer	close	ADV
ftr-397	923	80	to	to	ADP
ftr-397	923	81	the	the	DET
ftr-397	923	82	analysis	analysis	NOUN
ftr-397	923	83	employed	employ	VERB
ftr-397	923	84	by	by	ADP
ftr-397	923	85	courts	court	NOUN
ftr-397	923	86	in	in	ADP
ftr-397	923	87	the	the	DET
ftr-397	923	88	securities	security	NOUN
ftr-397	923	89	context	context	NOUN
ftr-397	923	90	when	when	SCONJ
ftr-397	923	91	deciding	decide	VERB
ftr-397	923	92	whether	whether	SCONJ
ftr-397	923	93	or	or	CCONJ
ftr-397	923	94	not	not	PART
ftr-397	923	95	the	the	DET
ftr-397	923	96	taxpayer	taxpayer	NOUN
ftr-397	923	97	is	be	AUX
ftr-397	923	98	involved	involve	VERB
ftr-397	923	99	in	in	ADP
ftr-397	923	100	conducting	conduct	VERB
ftr-397	923	101	a	a	DET
ftr-397	923	102	“	"	PUNCT
ftr-397	923	103	trade	trade	NOUN
ftr-397	923	104	or	or	CCONJ
ftr-397	923	105	business	business	NOUN
ftr-397	923	106	”	"	PUNCT
ftr-397	923	107	at	at	ADP
ftr-397	923	108	all.206	all.206	NOUN
ftr-397	923	109	it	it	PRON
ftr-397	923	110	also	also	ADV
ftr-397	923	111	comes	come	VERB
ftr-397	923	112	closer	close	ADV
ftr-397	923	113	to	to	ADP
ftr-397	923	114	the	the	DET
ftr-397	923	115	analysis	analysis	NOUN
ftr-397	923	116	employed	employ	VERB
ftr-397	923	117	by	by	ADP
ftr-397	923	118	the	the	DET
ftr-397	923	119	courts	court	NOUN
ftr-397	923	120	before	before	ADP
ftr-397	923	121	the	the	DET
ftr-397	923	122	“	"	PUNCT
ftr-397	923	123	to	to	ADP
ftr-397	923	124	customers	customer	NOUN
ftr-397	923	125	”	"	PUNCT
ftr-397	923	126	requirement	requirement	NOUN
ftr-397	923	127	was	be	AUX
ftr-397	923	128	added	add	VERB
ftr-397	923	129	to	to	ADP
ftr-397	923	130	the	the	DET
ftr-397	923	131	statute	statute	NOUN
ftr-397	923	132	in	in	ADP
ftr-397	923	133	1934.207	1934.207	NOUN
ftr-397	923	134	thus	thus	ADV
ftr-397	923	135	,	,	PUNCT
ftr-397	923	136	from	from	ADP
ftr-397	923	137	a	a	DET
ftr-397	923	138	structural	structural	ADJ
ftr-397	923	139	standpoint	standpoint	NOUN
ftr-397	923	140	,	,	PUNCT
ftr-397	923	141	courts	court	NOUN
ftr-397	923	142	in	in	ADP
ftr-397	923	143	contexts	context	NOUN
ftr-397	923	144	outside	outside	ADP
ftr-397	923	145	of	of	ADP
ftr-397	923	146	the	the	DET
ftr-397	923	147	securities	security	NOUN
ftr-397	923	148	context	context	NOUN
ftr-397	923	149	have	have	AUX
ftr-397	923	150	not	not	PART
ftr-397	923	151	only	only	ADV
ftr-397	923	152	ignored	ignore	VERB
ftr-397	923	153	the	the	DET
ftr-397	923	154	“	"	PUNCT
ftr-397	923	155	to	to	ADP
ftr-397	923	156	customers	customer	NOUN
ftr-397	923	157	”	"	PUNCT
ftr-397	923	158	requirement	requirement	NOUN
ftr-397	923	159	but	but	CCONJ
ftr-397	923	160	have	have	AUX
ftr-397	923	161	,	,	PUNCT
ftr-397	923	162	in	in	ADP
ftr-397	923	163	fact	fact	NOUN
ftr-397	923	164	,	,	PUNCT
ftr-397	923	165	replaced	replace	VERB
ftr-397	923	166	that	that	SCONJ
ftr-397	923	167	analysis	analysis	NOUN
ftr-397	923	168	with	with	ADP
ftr-397	923	169	one	one	NUM
ftr-397	923	170	identical	identical	ADJ
ftr-397	923	171	to	to	ADP
ftr-397	923	172	the	the	DET
ftr-397	923	173	analysis	analysis	NOUN
ftr-397	923	174	regarding	regard	VERB
ftr-397	923	175	whether	whether	SCONJ
ftr-397	923	176	the	the	DET
ftr-397	923	177	taxpayer	taxpayer	NOUN
ftr-397	923	178	was	be	AUX
ftr-397	923	179	engaged	engage	VERB
ftr-397	923	180	in	in	ADP
ftr-397	923	181	a	a	DET
ftr-397	923	182	trade	trade	NOUN
ftr-397	923	183	or	or	CCONJ
ftr-397	923	184	business	business	NOUN
ftr-397	923	185	in	in	ADP
ftr-397	923	186	the	the	DET
ftr-397	923	187	first	first	ADJ
ftr-397	923	188	place	place	NOUN
ftr-397	923	189	.	.	PUNCT
ftr-397	924	1	in	in	ADP
ftr-397	924	2	doing	do	VERB
ftr-397	924	3	so	so	ADV
ftr-397	924	4	,	,	PUNCT
ftr-397	924	5	the	the	DET
ftr-397	924	6	courts	court	NOUN
ftr-397	924	7	have	have	AUX
ftr-397	924	8	in	in	ADP
ftr-397	924	9	effect	effect	NOUN
ftr-397	924	10	brought	bring	VERB
ftr-397	924	11	a	a	DET
ftr-397	924	12	judicially	judicially	ADV
ftr-397	924	13	created	create	VERB
ftr-397	924	14	symmetry	symmetry	NOUN
ftr-397	924	15	back	back	ADV
ftr-397	924	16	into	into	ADP
ftr-397	924	17	the	the	DET
ftr-397	924	18	tax	tax	NOUN
ftr-397	924	19	law	law	NOUN
ftr-397	924	20	,	,	PUNCT
ftr-397	924	21	replacing	replace	VERB
ftr-397	924	22	the	the	DET
ftr-397	924	23	architectural	architectural	ADJ
ftr-397	924	24	asymmetry	asymmetry	NOUN
ftr-397	924	25	property	property	NOUN
ftr-397	924	26	,	,	PUNCT
ftr-397	924	27	the	the	DET
ftr-397	924	28	frequency	frequency	NOUN
ftr-397	924	29	and	and	CCONJ
ftr-397	924	30	continuity	continuity	NOUN
ftr-397	924	31	of	of	ADP
ftr-397	924	32	sales	sale	NOUN
ftr-397	924	33	over	over	ADP
ftr-397	924	34	an	an	DET
ftr-397	924	35	extended	extended	ADJ
ftr-397	924	36	period	period	NOUN
ftr-397	924	37	,	,	PUNCT
ftr-397	924	38	the	the	DET
ftr-397	924	39	nature	nature	NOUN
ftr-397	924	40	and	and	CCONJ
ftr-397	924	41	the	the	DET
ftr-397	924	42	extent	extent	NOUN
ftr-397	924	43	of	of	ADP
ftr-397	924	44	the	the	DET
ftr-397	924	45	taxpayer	taxpayer	NOUN
ftr-397	924	46	’s	’s	PART
ftr-397	924	47	business	business	NOUN
ftr-397	924	48	,	,	PUNCT
ftr-397	924	49	the	the	DET
ftr-397	924	50	activity	activity	NOUN
ftr-397	924	51	of	of	ADP
ftr-397	924	52	the	the	DET
ftr-397	924	53	seller	seller	NOUN
ftr-397	924	54	about	about	ADP
ftr-397	924	55	the	the	DET
ftr-397	924	56	property	property	NOUN
ftr-397	924	57	,	,	PUNCT
ftr-397	924	58	and	and	CCONJ
ftr-397	924	59	the	the	DET
ftr-397	924	60	extent	extent	NOUN
ftr-397	924	61	and	and	CCONJ
ftr-397	924	62	substantiality	substantiality	NOUN
ftr-397	924	63	of	of	ADP
ftr-397	924	64	the	the	DET
ftr-397	924	65	transactions	transaction	NOUN
ftr-397	924	66	”	"	PUNCT
ftr-397	924	67	(	(	PUNCT
ftr-397	924	68	citations	citation	NOUN
ftr-397	924	69	omitted	omit	VERB
ftr-397	924	70	)	)	PUNCT
ftr-397	924	71	)	)	PUNCT
ftr-397	924	72	;	;	PUNCT
ftr-397	924	73	bistline	bistline	PROPN
ftr-397	924	74	v.	v.	PROPN
ftr-397	924	75	united	united	PROPN
ftr-397	924	76	states	states	PROPN
ftr-397	924	77	,	,	PUNCT
ftr-397	924	78	145	145	NUM
ftr-397	924	79	f.	f.	PROPN
ftr-397	924	80	supp	supp	PROPN
ftr-397	924	81	.	.	PUNCT
ftr-397	925	1	800	800	NUM
ftr-397	925	2	(	(	PUNCT
ftr-397	925	3	9th	9th	ADJ
ftr-397	925	4	cir	cir	NOUN
ftr-397	925	5	.	.	PROPN
ftr-397	925	6	1958	1958	NUM
ftr-397	925	7	)	)	PUNCT
ftr-397	925	8	;	;	PUNCT
ftr-397	925	9	see	see	VERB
ftr-397	925	10	also	also	ADV
ftr-397	925	11	higgins	higgins	PROPN
ftr-397	925	12	,	,	PUNCT
ftr-397	925	13	312	312	NUM
ftr-397	925	14	u.s	u.s	PROPN
ftr-397	925	15	.	.	PROPN
ftr-397	925	16	at	at	ADP
ftr-397	925	17	217	217	NUM
ftr-397	925	18	(	(	PUNCT
ftr-397	925	19	“	"	PUNCT
ftr-397	925	20	[	[	X
ftr-397	925	21	t]o	t]o	NOUN
ftr-397	925	22	determine	determine	VERB
ftr-397	925	23	whether	whether	SCONJ
ftr-397	925	24	the	the	DET
ftr-397	925	25	activities	activity	NOUN
ftr-397	925	26	of	of	ADP
ftr-397	925	27	a	a	DET
ftr-397	925	28	taxpayer	taxpayer	NOUN
ftr-397	925	29	are	be	AUX
ftr-397	925	30	‘	'	PUNCT
ftr-397	925	31	carrying	carry	VERB
ftr-397	925	32	on	on	ADP
ftr-397	925	33	a	a	DET
ftr-397	925	34	business	business	NOUN
ftr-397	925	35	’	'	PUNCT
ftr-397	925	36	requires	require	VERB
ftr-397	925	37	an	an	DET
ftr-397	925	38	examination	examination	NOUN
ftr-397	925	39	of	of	ADP
ftr-397	925	40	the	the	DET
ftr-397	925	41	facts	fact	NOUN
ftr-397	925	42	in	in	ADP
ftr-397	925	43	each	each	DET
ftr-397	925	44	case	case	NOUN
ftr-397	925	45	”	"	PUNCT
ftr-397	925	46	)	)	PUNCT
ftr-397	925	47	.	.	PUNCT
ftr-397	926	1	204	204	NUM
ftr-397	926	2	.	.	PUNCT
ftr-397	927	1	see	see	VERB
ftr-397	927	2	redwood	redwood	NOUN
ftr-397	927	3	empire	empire	NOUN
ftr-397	927	4	,	,	PUNCT
ftr-397	927	5	628	628	NUM
ftr-397	927	6	f.2d	f.2d	NOUN
ftr-397	927	7	at	at	ADP
ftr-397	927	8	517	517	NUM
ftr-397	927	9	;	;	PUNCT
ftr-397	927	10	austin	austin	PROPN
ftr-397	927	11	,	,	PUNCT
ftr-397	927	12	263	263	NUM
ftr-397	927	13	f.2d	f.2d	NOUN
ftr-397	927	14	at	at	ADP
ftr-397	927	15	462	462	NUM
ftr-397	927	16	;	;	PUNCT
ftr-397	927	17	see	see	VERB
ftr-397	927	18	also	also	ADV
ftr-397	927	19	,	,	PUNCT
ftr-397	927	20	e.g.	e.g.	ADV
ftr-397	927	21	,	,	PUNCT
ftr-397	927	22	frank	frank	PROPN
ftr-397	927	23	h.	h.	PROPN
ftr-397	927	24	taylor	taylor	PROPN
ftr-397	927	25	&	&	CCONJ
ftr-397	927	26	son	son	PROPN
ftr-397	927	27	,	,	PUNCT
ftr-397	927	28	inc	inc	PROPN
ftr-397	927	29	.	.	PROPN
ftr-397	927	30	tc	tc	PROPN
ftr-397	927	31	memo	memo	NOUN
ftr-397	927	32	1973	1973	NUM
ftr-397	927	33	-	-	SYM
ftr-397	927	34	82	82	NUM
ftr-397	927	35	;	;	PUNCT
ftr-397	927	36	united	united	PROPN
ftr-397	927	37	states	states	PROPN
ftr-397	927	38	v.	v.	ADP
ftr-397	927	39	winthrop	winthrop	PROPN
ftr-397	927	40	,	,	PUNCT
ftr-397	927	41	417	417	NUM
ftr-397	927	42	f.2d	f.2d	NOUN
ftr-397	927	43	905	905	NUM
ftr-397	927	44	,	,	PUNCT
ftr-397	927	45	910	910	NUM
ftr-397	927	46	(	(	PUNCT
ftr-397	927	47	5th	5th	ADJ
ftr-397	927	48	cir	cir	NOUN
ftr-397	927	49	.	.	PROPN
ftr-397	927	50	1969	1969	NUM
ftr-397	927	51	)	)	PUNCT
ftr-397	927	52	;	;	PUNCT
ftr-397	928	1	gault	gault	PROPN
ftr-397	928	2	v.	v.	ADP
ftr-397	928	3	comm’r	comm’r	PROPN
ftr-397	928	4	,	,	PUNCT
ftr-397	928	5	332	332	NUM
ftr-397	928	6	f.2d	f.2d	ADP
ftr-397	928	7	94	94	NUM
ftr-397	928	8	(	(	PUNCT
ftr-397	928	9	2d	2d	NUM
ftr-397	928	10	cir	cir	NOUN
ftr-397	928	11	.	.	PUNCT
ftr-397	928	12	1964	1964	NUM
ftr-397	928	13	)	)	PUNCT
ftr-397	928	14	;	;	PUNCT
ftr-397	928	15	maddux	maddux	PROPN
ftr-397	928	16	construction	construction	PROPN
ftr-397	928	17	co.	co.	PROPN
ftr-397	928	18	v.	v.	ADP
ftr-397	928	19	comm’r	comm’r	PROPN
ftr-397	928	20	,	,	PUNCT
ftr-397	928	21	54	54	NUM
ftr-397	928	22	t.c	t.c	PROPN
ftr-397	928	23	.	.	PROPN
ftr-397	928	24	1278	1278	NUM
ftr-397	928	25	(	(	PUNCT
ftr-397	928	26	1970	1970	NUM
ftr-397	928	27	)	)	PUNCT
ftr-397	928	28	;	;	PUNCT
ftr-397	928	29	see	see	VERB
ftr-397	928	30	generally	generally	ADV
ftr-397	928	31	phyllis	phyllis	PROPN
ftr-397	928	32	zinicola	zinicola	PROPN
ftr-397	928	33	,	,	PUNCT
ftr-397	928	34	real	real	ADJ
ftr-397	928	35	estate	estate	NOUN
ftr-397	928	36	and	and	CCONJ
ftr-397	928	37	section	section	NOUN
ftr-397	928	38	1221	1221	NUM
ftr-397	928	39	:	:	PUNCT
ftr-397	928	40	business	business	NOUN
ftr-397	928	41	as	as	ADP
ftr-397	928	42	a	a	DET
ftr-397	928	43	pattern	pattern	NOUN
ftr-397	928	44	of	of	ADP
ftr-397	928	45	activity	activity	NOUN
ftr-397	928	46	in	in	ADP
ftr-397	928	47	the	the	DET
ftr-397	928	48	definition	definition	NOUN
ftr-397	928	49	of	of	ADP
ftr-397	928	50	a	a	DET
ftr-397	928	51	capital	capital	NOUN
ftr-397	928	52	asset	asset	NOUN
ftr-397	928	53	,	,	PUNCT
ftr-397	928	54	35	35	NUM
ftr-397	928	55	tax	tax	NOUN
ftr-397	928	56	law	law	NOUN
ftr-397	928	57	.	.	PUNCT
ftr-397	929	1	225	225	NUM
ftr-397	929	2	(	(	PUNCT
ftr-397	929	3	1982	1982	NUM
ftr-397	929	4	)	)	PUNCT
ftr-397	929	5	(	(	PUNCT
ftr-397	929	6	noting	note	VERB
ftr-397	929	7	use	use	NOUN
ftr-397	929	8	of	of	ADP
ftr-397	929	9	the	the	DET
ftr-397	929	10	“	"	PUNCT
ftr-397	929	11	factors	factor	NOUN
ftr-397	929	12	”	"	PUNCT
ftr-397	929	13	analysis	analysis	NOUN
ftr-397	929	14	in	in	ADP
ftr-397	929	15	the	the	DET
ftr-397	929	16	real	real	ADJ
ftr-397	929	17	estate	estate	NOUN
ftr-397	929	18	context	context	NOUN
ftr-397	929	19	)	)	PUNCT
ftr-397	929	20	;	;	PUNCT
ftr-397	930	1	t.c	t.c	PROPN
ftr-397	930	2	.	.	PROPN
ftr-397	930	3	fitzgerald	fitzgerald	PROPN
ftr-397	930	4	jr	jr	PROPN
ftr-397	930	5	.	.	PROPN
ftr-397	930	6	,	,	PUNCT
ftr-397	930	7	distinguishing	distinguish	VERB
ftr-397	930	8	between	between	ADP
ftr-397	930	9	dealer	dealer	NOUN
ftr-397	930	10	and	and	CCONJ
ftr-397	930	11	investor	investor	NOUN
ftr-397	930	12	sales	sale	NOUN
ftr-397	930	13	of	of	ADP
ftr-397	930	14	real	real	ADJ
ftr-397	930	15	estate	estate	NOUN
ftr-397	930	16	,	,	PUNCT
ftr-397	930	17	4	4	NUM
ftr-397	930	18	s.c.l.q	s.c.l.q	PROPN
ftr-397	930	19	.	.	PROPN
ftr-397	930	20	309	309	NUM
ftr-397	930	21	(	(	PUNCT
ftr-397	930	22	1952	1952	NUM
ftr-397	930	23	)	)	PUNCT
ftr-397	930	24	(	(	PUNCT
ftr-397	930	25	analyzing	analyze	VERB
ftr-397	930	26	some	some	PRON
ftr-397	930	27	of	of	ADP
ftr-397	930	28	the	the	DET
ftr-397	930	29	factors	factor	NOUN
ftr-397	930	30	examined	examine	VERB
ftr-397	930	31	by	by	ADP
ftr-397	930	32	courts	court	NOUN
ftr-397	930	33	and	and	CCONJ
ftr-397	930	34	making	make	VERB
ftr-397	930	35	recommendations	recommendation	NOUN
ftr-397	930	36	on	on	ADP
ftr-397	930	37	how	how	SCONJ
ftr-397	930	38	to	to	PART
ftr-397	930	39	maintain	maintain	VERB
ftr-397	930	40	“	"	PUNCT
ftr-397	930	41	investor	investor	NOUN
ftr-397	930	42	”	"	PUNCT
ftr-397	930	43	treatment	treatment	NOUN
ftr-397	930	44	)	)	PUNCT
ftr-397	930	45	.	.	PUNCT
ftr-397	931	1	205	205	NUM
ftr-397	931	2	.	.	PUNCT
ftr-397	932	1	kemon	kemon	PROPN
ftr-397	932	2	,	,	PUNCT
ftr-397	932	3	16	16	NUM
ftr-397	932	4	t.c	t.c	PROPN
ftr-397	932	5	.	.	PROPN
ftr-397	932	6	1026	1026	NUM
ftr-397	932	7	;	;	PUNCT
ftr-397	932	8	marrin	marrin	PROPN
ftr-397	932	9	,	,	PUNCT
ftr-397	932	10	73	73	NUM
ftr-397	932	11	t.c.m	t.c.m	NOUN
ftr-397	932	12	.	.	PUNCT
ftr-397	933	1	(	(	PUNCT
ftr-397	933	2	cch	cch	NOUN
ftr-397	933	3	)	)	PUNCT
ftr-397	933	4	1748	1748	NUM
ftr-397	933	5	.	.	PUNCT
ftr-397	934	1	206	206	NUM
ftr-397	934	2	.	.	PUNCT
ftr-397	935	1	see	see	VERB
ftr-397	935	2	section	section	NOUN
ftr-397	935	3	iii.a	iii.a	PROPN
ftr-397	935	4	,	,	PUNCT
ftr-397	935	5	supra	supra	NOUN
ftr-397	935	6	.	.	PUNCT
ftr-397	935	7	207	207	NUM
ftr-397	935	8	.	.	PUNCT
ftr-397	936	1	schwinn	schwinn	PROPN
ftr-397	936	2	9	9	NUM
ftr-397	936	3	b.t.a	b.t.a	NOUN
ftr-397	936	4	.	.	PROPN
ftr-397	936	5	1304	1304	NUM
ftr-397	936	6	;	;	PUNCT
ftr-397	936	7	see	see	VERB
ftr-397	936	8	also	also	ADV
ftr-397	936	9	section	section	NOUN
ftr-397	936	10	iii.c	iii.c	PROPN
ftr-397	936	11	,	,	PUNCT
ftr-397	936	12	supra	supra	NOUN
ftr-397	936	13	.	.	PUNCT
ftr-397	937	1	1162	1162	NUM
ftr-397	937	2	florida	florida	PROPN
ftr-397	937	3	tax	tax	NOUN
ftr-397	937	4	review	review	NOUN
ftr-397	937	5	[	[	X
ftr-397	937	6	vol	vol	NOUN
ftr-397	937	7	.	.	PUNCT
ftr-397	938	1	8:10	8:10	NUM
ftr-397	938	2	wrought	work	VERB
ftr-397	938	3	by	by	ADP
ftr-397	938	4	introduction	introduction	NOUN
ftr-397	938	5	of	of	ADP
ftr-397	938	6	the	the	DET
ftr-397	938	7	“	"	PUNCT
ftr-397	938	8	to	to	ADP
ftr-397	938	9	customers	customer	NOUN
ftr-397	938	10	”	"	PUNCT
ftr-397	938	11	requirement	requirement	NOUN
ftr-397	938	12	into	into	ADP
ftr-397	938	13	the	the	DET
ftr-397	938	14	tax	tax	NOUN
ftr-397	938	15	law	law	NOUN
ftr-397	938	16	.	.	PUNCT
ftr-397	939	1	by	by	ADP
ftr-397	939	2	ignoring	ignore	VERB
ftr-397	939	3	the	the	DET
ftr-397	939	4	“	"	PUNCT
ftr-397	939	5	to	to	ADP
ftr-397	939	6	customers	customer	NOUN
ftr-397	939	7	”	"	PUNCT
ftr-397	939	8	requirement	requirement	NOUN
ftr-397	939	9	,	,	PUNCT
ftr-397	939	10	the	the	DET
ftr-397	939	11	courts	court	NOUN
ftr-397	939	12	have	have	AUX
ftr-397	939	13	,	,	PUNCT
ftr-397	939	14	with	with	ADP
ftr-397	939	15	respect	respect	NOUN
ftr-397	939	16	to	to	ADP
ftr-397	939	17	real	real	ADJ
ftr-397	939	18	estate	estate	NOUN
ftr-397	939	19	and	and	CCONJ
ftr-397	939	20	other	other	ADJ
ftr-397	939	21	types	type	NOUN
ftr-397	939	22	of	of	ADP
ftr-397	939	23	capital	capital	NOUN
ftr-397	939	24	assets	asset	NOUN
ftr-397	939	25	(	(	PUNCT
ftr-397	939	26	other	other	ADJ
ftr-397	939	27	than	than	ADP
ftr-397	939	28	stocks	stock	NOUN
ftr-397	939	29	and	and	CCONJ
ftr-397	939	30	securities	security	NOUN
ftr-397	939	31	)	)	PUNCT
ftr-397	939	32	,	,	PUNCT
ftr-397	939	33	minimized	minimize	VERB
ftr-397	939	34	the	the	DET
ftr-397	939	35	potential	potential	ADJ
ftr-397	939	36	impact	impact	NOUN
ftr-397	939	37	of	of	ADP
ftr-397	939	38	the	the	DET
ftr-397	939	39	statutory	statutory	ADJ
ftr-397	939	40	asymmetry	asymmetry	NOUN
ftr-397	939	41	caused	cause	VERB
ftr-397	939	42	by	by	ADP
ftr-397	939	43	the	the	DET
ftr-397	939	44	introduction	introduction	NOUN
ftr-397	939	45	of	of	ADP
ftr-397	939	46	the	the	DET
ftr-397	939	47	“	"	PUNCT
ftr-397	939	48	to	to	ADP
ftr-397	939	49	customers	customer	NOUN
ftr-397	939	50	”	"	PUNCT
ftr-397	939	51	requirement	requirement	NOUN
ftr-397	939	52	into	into	ADP
ftr-397	939	53	the	the	DET
ftr-397	939	54	statute	statute	NOUN
ftr-397	939	55	.	.	PUNCT
ftr-397	940	1	b.	b.	PROPN
ftr-397	941	1	the	the	DET
ftr-397	941	2	enactment	enactment	NOUN
ftr-397	941	3	of	of	ADP
ftr-397	941	4	irc	irc	PROPN
ftr-397	941	5	section	section	NOUN
ftr-397	941	6	475(f	475(f	PROPN
ftr-397	941	7	)	)	PUNCT
ftr-397	941	8	the	the	DET
ftr-397	941	9	1997	1997	NUM
ftr-397	941	10	introduction	introduction	NOUN
ftr-397	941	11	of	of	ADP
ftr-397	941	12	the	the	DET
ftr-397	941	13	irc	irc	PROPN
ftr-397	941	14	section	section	NOUN
ftr-397	941	15	475(f	475(f	PROPN
ftr-397	941	16	)	)	PUNCT
ftr-397	941	17	mark	mark	NOUN
ftr-397	941	18	-	-	PUNCT
ftr-397	941	19	to	to	ADP
ftr-397	941	20	-	-	PUNCT
ftr-397	941	21	market	market	NOUN
ftr-397	941	22	accounting	accounting	NOUN
ftr-397	941	23	election	election	NOUN
ftr-397	941	24	for	for	ADP
ftr-397	941	25	traders	trader	NOUN
ftr-397	941	26	in	in	ADP
ftr-397	941	27	securities	security	NOUN
ftr-397	941	28	and	and	CCONJ
ftr-397	941	29	commodities	commodity	NOUN
ftr-397	941	30	is	be	AUX
ftr-397	941	31	another	another	DET
ftr-397	941	32	example	example	NOUN
ftr-397	941	33	of	of	ADP
ftr-397	941	34	“	"	PUNCT
ftr-397	941	35	structural	structural	ADJ
ftr-397	941	36	remediation	remediation	NOUN
ftr-397	941	37	,	,	PUNCT
ftr-397	941	38	”	"	PUNCT
ftr-397	941	39	this	this	DET
ftr-397	941	40	time	time	NOUN
ftr-397	941	41	by	by	ADP
ftr-397	941	42	congress	congress	PROPN
ftr-397	941	43	.	.	PUNCT
ftr-397	942	1	under	under	ADP
ftr-397	942	2	irc	irc	PROPN
ftr-397	942	3	section	section	NOUN
ftr-397	942	4	475(f	475(f	PROPN
ftr-397	942	5	)	)	PUNCT
ftr-397	942	6	,	,	PUNCT
ftr-397	942	7	a	a	DET
ftr-397	942	8	securities	security	NOUN
ftr-397	942	9	trader	trader	NOUN
ftr-397	942	10	may	may	AUX
ftr-397	942	11	elect	elect	VERB
ftr-397	942	12	to	to	PART
ftr-397	942	13	mark	mark	VERB
ftr-397	942	14	-	-	PUNCT
ftr-397	942	15	to	to	ADP
ftr-397	942	16	-	-	PUNCT
ftr-397	942	17	market	market	VERB
ftr-397	942	18	his	his	PRON
ftr-397	942	19	securities	security	NOUN
ftr-397	942	20	held	hold	VERB
ftr-397	942	21	in	in	ADP
ftr-397	942	22	connection	connection	NOUN
ftr-397	942	23	with	with	ADP
ftr-397	942	24	his	his	PRON
ftr-397	942	25	trade	trade	NOUN
ftr-397	942	26	or	or	CCONJ
ftr-397	942	27	business	business	NOUN
ftr-397	942	28	at	at	ADP
ftr-397	942	29	the	the	DET
ftr-397	942	30	end	end	NOUN
ftr-397	942	31	of	of	ADP
ftr-397	942	32	each	each	DET
ftr-397	942	33	taxable	taxable	ADJ
ftr-397	942	34	year	year	NOUN
ftr-397	942	35	;	;	PUNCT
ftr-397	942	36	that	that	PRON
ftr-397	942	37	is	is	ADV
ftr-397	942	38	,	,	PUNCT
ftr-397	942	39	he	he	PRON
ftr-397	942	40	may	may	AUX
ftr-397	942	41	elect	elect	VERB
ftr-397	942	42	(	(	PUNCT
ftr-397	942	43	1	1	NUM
ftr-397	942	44	)	)	PUNCT
ftr-397	942	45	to	to	PART
ftr-397	942	46	treat	treat	VERB
ftr-397	942	47	such	such	ADJ
ftr-397	942	48	securities	security	NOUN
ftr-397	942	49	as	as	SCONJ
ftr-397	942	50	if	if	SCONJ
ftr-397	942	51	they	they	PRON
ftr-397	942	52	were	be	AUX
ftr-397	942	53	sold	sell	VERB
ftr-397	942	54	by	by	ADP
ftr-397	942	55	the	the	DET
ftr-397	942	56	trader	trader	NOUN
ftr-397	942	57	at	at	ADP
ftr-397	942	58	fair	fair	ADJ
ftr-397	942	59	market	market	NOUN
ftr-397	942	60	value	value	NOUN
ftr-397	942	61	on	on	ADP
ftr-397	942	62	the	the	DET
ftr-397	942	63	last	last	ADJ
ftr-397	942	64	business	business	NOUN
ftr-397	942	65	day	day	NOUN
ftr-397	942	66	of	of	ADP
ftr-397	942	67	the	the	DET
ftr-397	942	68	year	year	NOUN
ftr-397	942	69	and	and	CCONJ
ftr-397	942	70	(	(	PUNCT
ftr-397	942	71	2	2	NUM
ftr-397	942	72	)	)	PUNCT
ftr-397	942	73	to	to	PART
ftr-397	942	74	take	take	VERB
ftr-397	942	75	the	the	DET
ftr-397	942	76	gain	gain	NOUN
ftr-397	942	77	or	or	CCONJ
ftr-397	942	78	loss	loss	NOUN
ftr-397	942	79	on	on	ADP
ftr-397	942	80	such	such	ADJ
ftr-397	942	81	“	"	PUNCT
ftr-397	942	82	phantom	phantom	ADJ
ftr-397	942	83	”	"	PUNCT
ftr-397	942	84	sale	sale	NOUN
ftr-397	942	85	into	into	ADP
ftr-397	942	86	income	income	NOUN
ftr-397	942	87	for	for	ADP
ftr-397	942	88	that	that	DET
ftr-397	942	89	year	year	NOUN
ftr-397	942	90	as	as	ADP
ftr-397	942	91	ordinary	ordinary	ADJ
ftr-397	942	92	gain	gain	NOUN
ftr-397	942	93	or	or	CCONJ
ftr-397	942	94	loss.208	loss.208	VERB
ftr-397	942	95	the	the	DET
ftr-397	942	96	mark	mark	NOUN
ftr-397	942	97	-	-	PUNCT
ftr-397	942	98	to	to	ADP
ftr-397	942	99	-	-	PUNCT
ftr-397	942	100	market	market	NOUN
ftr-397	942	101	election	election	NOUN
ftr-397	942	102	,	,	PUNCT
ftr-397	942	103	once	once	ADV
ftr-397	942	104	made	make	VERB
ftr-397	942	105	,	,	PUNCT
ftr-397	942	106	applies	apply	VERB
ftr-397	942	107	to	to	ADP
ftr-397	942	108	the	the	DET
ftr-397	942	109	year	year	NOUN
ftr-397	942	110	of	of	ADP
ftr-397	942	111	the	the	DET
ftr-397	942	112	election	election	NOUN
ftr-397	942	113	and	and	CCONJ
ftr-397	942	114	all	all	DET
ftr-397	942	115	subsequent	subsequent	ADJ
ftr-397	942	116	taxable	taxable	ADJ
ftr-397	942	117	years	year	NOUN
ftr-397	942	118	of	of	ADP
ftr-397	942	119	the	the	DET
ftr-397	942	120	trader	trader	NOUN
ftr-397	942	121	,	,	PUNCT
ftr-397	942	122	and	and	CCONJ
ftr-397	942	123	may	may	AUX
ftr-397	942	124	not	not	PART
ftr-397	942	125	be	be	AUX
ftr-397	942	126	revoked	revoke	VERB
ftr-397	942	127	without	without	ADP
ftr-397	942	128	the	the	DET
ftr-397	942	129	irs	irs	PROPN
ftr-397	942	130	’s	’s	PART
ftr-397	942	131	consent.209	consent.209	NOUN
ftr-397	942	132	thus	thus	ADV
ftr-397	942	133	,	,	PUNCT
ftr-397	942	134	the	the	DET
ftr-397	942	135	making	making	NOUN
ftr-397	942	136	of	of	ADP
ftr-397	942	137	a	a	DET
ftr-397	942	138	mark	mark	NOUN
ftr-397	942	139	-	-	PUNCT
ftr-397	942	140	to	to	ADP
ftr-397	942	141	-	-	PUNCT
ftr-397	942	142	market	market	NOUN
ftr-397	942	143	election	election	NOUN
ftr-397	942	144	affects	affect	VERB
ftr-397	942	145	the	the	DET
ftr-397	942	146	timing	timing	NOUN
ftr-397	942	147	of	of	ADP
ftr-397	942	148	income	income	NOUN
ftr-397	942	149	recognition	recognition	NOUN
ftr-397	942	150	by	by	ADP
ftr-397	942	151	a	a	DET
ftr-397	942	152	trader	trader	NOUN
ftr-397	942	153	:	:	PUNCT
ftr-397	942	154	by	by	ADP
ftr-397	942	155	forcing	force	VERB
ftr-397	942	156	the	the	DET
ftr-397	942	157	electing	elect	VERB
ftr-397	942	158	trader	trader	NOUN
ftr-397	942	159	to	to	PART
ftr-397	942	160	recognize	recognize	VERB
ftr-397	942	161	gain	gain	NOUN
ftr-397	942	162	or	or	CCONJ
ftr-397	942	163	loss	loss	NOUN
ftr-397	942	164	on	on	ADP
ftr-397	942	165	securities	security	NOUN
ftr-397	942	166	at	at	ADP
ftr-397	942	167	the	the	DET
ftr-397	942	168	end	end	NOUN
ftr-397	942	169	of	of	ADP
ftr-397	942	170	the	the	DET
ftr-397	942	171	taxable	taxable	ADJ
ftr-397	942	172	year	year	NOUN
ftr-397	942	173	even	even	ADV
ftr-397	942	174	if	if	SCONJ
ftr-397	942	175	the	the	DET
ftr-397	942	176	trader	trader	NOUN
ftr-397	942	177	has	have	AUX
ftr-397	942	178	not	not	PART
ftr-397	942	179	disposed	dispose	VERB
ftr-397	942	180	of	of	ADP
ftr-397	942	181	the	the	DET
ftr-397	942	182	securities	security	NOUN
ftr-397	942	183	,	,	PUNCT
ftr-397	942	184	marking	mark	VERB
ftr-397	942	185	securities	security	NOUN
ftr-397	942	186	to	to	ADP
ftr-397	942	187	market	market	NOUN
ftr-397	942	188	may	may	AUX
ftr-397	942	189	result	result	VERB
ftr-397	942	190	in	in	ADP
ftr-397	942	191	income	income	NOUN
ftr-397	942	192	recognition	recognition	NOUN
ftr-397	942	193	before	before	ADP
ftr-397	942	194	actual	actual	ADJ
ftr-397	942	195	receipt	receipt	NOUN
ftr-397	942	196	of	of	ADP
ftr-397	942	197	any	any	DET
ftr-397	942	198	proceeds	proceed	NOUN
ftr-397	942	199	from	from	ADP
ftr-397	942	200	a	a	DET
ftr-397	942	201	disposition	disposition	NOUN
ftr-397	942	202	.	.	PUNCT
ftr-397	943	1	it	it	PRON
ftr-397	943	2	also	also	ADV
ftr-397	943	3	affects	affect	VERB
ftr-397	943	4	the	the	DET
ftr-397	943	5	character	character	NOUN
ftr-397	943	6	of	of	ADP
ftr-397	943	7	income	income	NOUN
ftr-397	943	8	recognized	recognize	VERB
ftr-397	943	9	by	by	ADP
ftr-397	943	10	the	the	DET
ftr-397	943	11	trader	trader	NOUN
ftr-397	943	12	,	,	PUNCT
ftr-397	943	13	causing	cause	VERB
ftr-397	943	14	such	such	ADJ
ftr-397	943	15	gain	gain	NOUN
ftr-397	943	16	or	or	CCONJ
ftr-397	943	17	loss	loss	NOUN
ftr-397	943	18	to	to	PART
ftr-397	943	19	be	be	AUX
ftr-397	943	20	taxed	tax	VERB
ftr-397	943	21	as	as	ADP
ftr-397	943	22	ordinary	ordinary	ADJ
ftr-397	943	23	gain	gain	NOUN
ftr-397	943	24	or	or	CCONJ
ftr-397	943	25	loss.210	loss.210	NOUN
ftr-397	943	26	in	in	ADP
ftr-397	943	27	effect	effect	NOUN
ftr-397	943	28	,	,	PUNCT
ftr-397	943	29	therefore	therefore	ADV
ftr-397	943	30	,	,	PUNCT
ftr-397	943	31	a	a	DET
ftr-397	943	32	securities	security	NOUN
ftr-397	943	33	trader	trader	NOUN
ftr-397	943	34	who	who	PRON
ftr-397	943	35	makes	make	VERB
ftr-397	943	36	a	a	DET
ftr-397	943	37	mark	mark	VERB
ftr-397	943	38	-	-	PUNCT
ftr-397	943	39	to	to	ADP
ftr-397	943	40	-	-	PUNCT
ftr-397	943	41	market	market	NOUN
ftr-397	943	42	election	election	NOUN
ftr-397	943	43	converts	convert	NOUN
ftr-397	943	44	what	what	PRON
ftr-397	943	45	would	would	AUX
ftr-397	943	46	otherwise	otherwise	ADV
ftr-397	943	47	be	be	AUX
ftr-397	943	48	capital	capital	NOUN
ftr-397	943	49	gain	gain	NOUN
ftr-397	943	50	or	or	CCONJ
ftr-397	943	51	loss	loss	NOUN
ftr-397	943	52	,	,	PUNCT
ftr-397	943	53	reported	report	VERB
ftr-397	943	54	on	on	ADP
ftr-397	943	55	schedule	schedule	NOUN
ftr-397	943	56	d	d	PROPN
ftr-397	943	57	,	,	PUNCT
ftr-397	943	58	into	into	ADP
ftr-397	943	59	ordinary	ordinary	ADJ
ftr-397	943	60	income	income	NOUN
ftr-397	943	61	or	or	CCONJ
ftr-397	943	62	loss	loss	NOUN
ftr-397	943	63	,	,	PUNCT
ftr-397	943	64	which	which	PRON
ftr-397	943	65	is	be	AUX
ftr-397	943	66	reported	report	VERB
ftr-397	943	67	on	on	ADP
ftr-397	943	68	form	form	NOUN
ftr-397	943	69	4797	4797	NUM
ftr-397	943	70	208	208	NUM
ftr-397	943	71	.	.	PUNCT
ftr-397	944	1	irc	irc	PROPN
ftr-397	944	2	§	§	PROPN
ftr-397	944	3	§	§	PROPN
ftr-397	944	4	475(d)(3)(a	475(d)(3)(a	PROPN
ftr-397	944	5	)	)	PUNCT
ftr-397	944	6	,	,	PUNCT
ftr-397	944	7	(	(	PUNCT
ftr-397	944	8	f)(1)(a	f)(1)(a	PROPN
ftr-397	944	9	)	)	PUNCT
ftr-397	944	10	;	;	PUNCT
ftr-397	944	11	rev	rev	PROPN
ftr-397	944	12	.	.	PROPN
ftr-397	944	13	proc	proc	PROPN
ftr-397	944	14	.	.	PUNCT
ftr-397	945	1	99	99	NUM
ftr-397	945	2	-	-	SYM
ftr-397	945	3	17	17	NUM
ftr-397	945	4	,	,	PUNCT
ftr-397	945	5	1999	1999	NUM
ftr-397	945	6	-	-	SYM
ftr-397	945	7	7	7	NUM
ftr-397	945	8	i.r.b	i.r.b	NOUN
ftr-397	945	9	.	.	PUNCT
ftr-397	945	10	52	52	NUM
ftr-397	945	11	;	;	PUNCT
ftr-397	945	12	for	for	ADP
ftr-397	945	13	this	this	DET
ftr-397	945	14	purpose	purpose	NOUN
ftr-397	945	15	,	,	PUNCT
ftr-397	945	16	a	a	DET
ftr-397	945	17	“	"	PUNCT
ftr-397	945	18	security	security	NOUN
ftr-397	945	19	”	"	PUNCT
ftr-397	945	20	is	be	AUX
ftr-397	945	21	defined	define	VERB
ftr-397	945	22	to	to	PART
ftr-397	945	23	include	include	VERB
ftr-397	945	24	shares	share	NOUN
ftr-397	945	25	of	of	ADP
ftr-397	945	26	corporate	corporate	ADJ
ftr-397	945	27	stock	stock	NOUN
ftr-397	945	28	,	,	PUNCT
ftr-397	945	29	interests	interest	NOUN
ftr-397	945	30	in	in	ADP
ftr-397	945	31	widely	widely	ADV
ftr-397	945	32	held	hold	VERB
ftr-397	945	33	or	or	CCONJ
ftr-397	945	34	publicly	publicly	ADV
ftr-397	945	35	traded	trade	VERB
ftr-397	945	36	partnership	partnership	NOUN
ftr-397	945	37	or	or	CCONJ
ftr-397	945	38	trusts	trust	NOUN
ftr-397	945	39	,	,	PUNCT
ftr-397	945	40	notes	note	NOUN
ftr-397	945	41	,	,	PUNCT
ftr-397	945	42	bonds	bond	NOUN
ftr-397	945	43	,	,	PUNCT
ftr-397	945	44	debentures	debenture	NOUN
ftr-397	945	45	or	or	CCONJ
ftr-397	945	46	other	other	ADJ
ftr-397	945	47	evidences	evidence	NOUN
ftr-397	945	48	of	of	ADP
ftr-397	945	49	indebtedness	indebtedness	NOUN
ftr-397	945	50	,	,	PUNCT
ftr-397	945	51	certain	certain	ADJ
ftr-397	945	52	notional	notional	ADJ
ftr-397	945	53	principal	principal	ADJ
ftr-397	945	54	contracts	contract	NOUN
ftr-397	945	55	,	,	PUNCT
ftr-397	945	56	certain	certain	ADJ
ftr-397	945	57	interests	interest	NOUN
ftr-397	945	58	or	or	CCONJ
ftr-397	945	59	derivative	derivative	ADJ
ftr-397	945	60	financial	financial	ADJ
ftr-397	945	61	instruments	instrument	NOUN
ftr-397	945	62	in	in	ADP
ftr-397	945	63	the	the	DET
ftr-397	945	64	above	above	ADJ
ftr-397	945	65	securities	security	NOUN
ftr-397	945	66	,	,	PUNCT
ftr-397	945	67	and	and	CCONJ
ftr-397	945	68	certain	certain	ADJ
ftr-397	945	69	clearly	clearly	ADV
ftr-397	945	70	identified	identify	VERB
ftr-397	945	71	hedging	hedging	NOUN
ftr-397	945	72	transactions	transaction	NOUN
ftr-397	945	73	.	.	PUNCT
ftr-397	946	1	irc	irc	PROPN
ftr-397	946	2	§	§	PROPN
ftr-397	946	3	475(f)(2	475(f)(2	NUM
ftr-397	946	4	)	)	PUNCT
ftr-397	946	5	.	.	PUNCT
ftr-397	947	1	209	209	NUM
ftr-397	947	2	.	.	PUNCT
ftr-397	948	1	irc	irc	PROPN
ftr-397	948	2	§	§	PROPN
ftr-397	948	3	475(f)(3	475(f)(3	NUM
ftr-397	948	4	)	)	PUNCT
ftr-397	948	5	.	.	PUNCT
ftr-397	949	1	210	210	NUM
ftr-397	949	2	.	.	PUNCT
ftr-397	950	1	irc	irc	PROPN
ftr-397	950	2	§	§	PROPN
ftr-397	950	3	475(d)(3)(a)(i	475(d)(3)(a)(i	NUM
ftr-397	950	4	)	)	PUNCT
ftr-397	950	5	.	.	PUNCT
ftr-397	951	1	the	the	DET
ftr-397	951	2	statute	statute	NOUN
ftr-397	951	3	also	also	ADV
ftr-397	951	4	provides	provide	VERB
ftr-397	951	5	a	a	DET
ftr-397	951	6	special	special	ADJ
ftr-397	951	7	rule	rule	NOUN
ftr-397	951	8	for	for	ADP
ftr-397	951	9	dispositions	disposition	NOUN
ftr-397	951	10	,	,	PUNCT
ftr-397	951	11	whereby	whereby	SCONJ
ftr-397	951	12	if	if	SCONJ
ftr-397	951	13	gain	gain	NOUN
ftr-397	951	14	or	or	CCONJ
ftr-397	951	15	loss	loss	NOUN
ftr-397	951	16	is	be	AUX
ftr-397	951	17	recognized	recognize	VERB
ftr-397	951	18	with	with	ADP
ftr-397	951	19	respect	respect	NOUN
ftr-397	951	20	to	to	ADP
ftr-397	951	21	a	a	DET
ftr-397	951	22	security	security	NOUN
ftr-397	951	23	to	to	PART
ftr-397	951	24	which	which	PRON
ftr-397	951	25	the	the	DET
ftr-397	951	26	mark	mark	NOUN
ftr-397	951	27	-	-	PUNCT
ftr-397	951	28	to	to	ADP
ftr-397	951	29	-	-	PUNCT
ftr-397	951	30	market	market	NOUN
ftr-397	951	31	rule	rule	NOUN
ftr-397	951	32	would	would	AUX
ftr-397	951	33	otherwise	otherwise	ADV
ftr-397	951	34	have	have	AUX
ftr-397	951	35	applied	apply	VERB
ftr-397	951	36	before	before	ADP
ftr-397	951	37	the	the	DET
ftr-397	951	38	close	close	NOUN
ftr-397	951	39	of	of	ADP
ftr-397	951	40	the	the	DET
ftr-397	951	41	tax	tax	NOUN
ftr-397	951	42	year	year	NOUN
ftr-397	951	43	(	(	PUNCT
ftr-397	951	44	i.e.	i.e.	X
ftr-397	951	45	,	,	PUNCT
ftr-397	951	46	through	through	ADP
ftr-397	951	47	a	a	DET
ftr-397	951	48	sale	sale	NOUN
ftr-397	951	49	or	or	CCONJ
ftr-397	951	50	other	other	ADJ
ftr-397	951	51	disposition	disposition	NOUN
ftr-397	951	52	)	)	PUNCT
ftr-397	951	53	,	,	PUNCT
ftr-397	951	54	the	the	DET
ftr-397	951	55	income	income	NOUN
ftr-397	951	56	or	or	CCONJ
ftr-397	951	57	loss	loss	NOUN
ftr-397	951	58	would	would	AUX
ftr-397	951	59	also	also	ADV
ftr-397	951	60	be	be	AUX
ftr-397	951	61	treated	treat	VERB
ftr-397	951	62	as	as	ADP
ftr-397	951	63	ordinary	ordinary	ADJ
ftr-397	951	64	income	income	NOUN
ftr-397	951	65	or	or	CCONJ
ftr-397	951	66	loss	loss	NOUN
ftr-397	951	67	.	.	PUNCT
ftr-397	952	1	irc	irc	PROPN
ftr-397	952	2	§	§	PROPN
ftr-397	952	3	§	§	PROPN
ftr-397	952	4	475(f)(1)(d	475(f)(1)(d	PROPN
ftr-397	952	5	)	)	PUNCT
ftr-397	952	6	;	;	PUNCT
ftr-397	953	1	475(d)(3)(a)(ii	475(d)(3)(a)(ii	X
ftr-397	953	2	)	)	PUNCT
ftr-397	953	3	.	.	PUNCT
ftr-397	954	1	see	see	VERB
ftr-397	954	2	hr	hr	PROPN
ftr-397	954	3	rep	rep	PROPN
ftr-397	954	4	.	.	PROPN
ftr-397	955	1	no	no	NOUN
ftr-397	955	2	.	.	NOUN
ftr-397	955	3	148	148	NUM
ftr-397	955	4	,	,	PUNCT
ftr-397	955	5	105th	105th	ADJ
ftr-397	955	6	cong	cong	NOUN
ftr-397	955	7	.	.	PUNCT
ftr-397	955	8	,	,	PUNCT
ftr-397	955	9	1st	1st	ADJ
ftr-397	955	10	sess	sess	NOUN
ftr-397	955	11	.	.	PUNCT
ftr-397	956	1	445	445	NUM
ftr-397	956	2	(	(	PUNCT
ftr-397	956	3	1997	1997	NUM
ftr-397	956	4	)	)	PUNCT
ftr-397	956	5	.	.	PUNCT
ftr-397	957	1	2008	2008	NUM
ftr-397	957	2	]	]	PUNCT
ftr-397	958	1	a	a	DET
ftr-397	958	2	structural	structural	ADJ
ftr-397	958	3	critique	critique	NOUN
ftr-397	958	4	of	of	ADP
ftr-397	958	5	trader	trader	NOUN
ftr-397	958	6	taxation	taxation	NOUN
ftr-397	958	7	1163	1163	NUM
ftr-397	958	8	and	and	CCONJ
ftr-397	958	9	eventually	eventually	ADV
ftr-397	958	10	tied	tie	VERB
ftr-397	958	11	in	in	ADP
ftr-397	958	12	to	to	ADP
ftr-397	958	13	the	the	DET
ftr-397	958	14	taxpayer	taxpayer	NOUN
ftr-397	958	15	’s	’s	PART
ftr-397	958	16	form	form	NOUN
ftr-397	958	17	1040.211	1040.211	NUM
ftr-397	958	18	making	make	VERB
ftr-397	958	19	the	the	DET
ftr-397	958	20	election	election	NOUN
ftr-397	958	21	may	may	AUX
ftr-397	958	22	be	be	AUX
ftr-397	958	23	particularly	particularly	ADV
ftr-397	958	24	beneficial	beneficial	ADJ
ftr-397	958	25	to	to	ADP
ftr-397	958	26	a	a	DET
ftr-397	958	27	securities	security	NOUN
ftr-397	958	28	trader	trader	NOUN
ftr-397	958	29	who	who	PRON
ftr-397	958	30	has	have	AUX
ftr-397	958	31	incurred	incur	VERB
ftr-397	958	32	irrecoverable	irrecoverable	ADJ
ftr-397	958	33	losses	loss	NOUN
ftr-397	958	34	from	from	ADP
ftr-397	958	35	his	his	PRON
ftr-397	958	36	trading	trading	NOUN
ftr-397	958	37	activities	activity	NOUN
ftr-397	958	38	and	and	CCONJ
ftr-397	958	39	who	who	PRON
ftr-397	958	40	wants	want	VERB
ftr-397	958	41	to	to	PART
ftr-397	958	42	use	use	VERB
ftr-397	958	43	those	those	DET
ftr-397	958	44	losses	loss	NOUN
ftr-397	958	45	to	to	PART
ftr-397	958	46	offset	offset	VERB
ftr-397	958	47	ordinary	ordinary	ADJ
ftr-397	958	48	income	income	NOUN
ftr-397	958	49	.	.	PUNCT
ftr-397	958	50	by	by	ADP
ftr-397	958	51	making	make	VERB
ftr-397	958	52	the	the	DET
ftr-397	958	53	irc	irc	NOUN
ftr-397	958	54	section	section	NOUN
ftr-397	958	55	475(f	475(f	PROPN
ftr-397	958	56	)	)	PUNCT
ftr-397	958	57	mark	mark	NOUN
ftr-397	958	58	-	-	PUNCT
ftr-397	958	59	tomarket	tomarket	NOUN
ftr-397	958	60	election	election	NOUN
ftr-397	958	61	,	,	PUNCT
ftr-397	958	62	the	the	DET
ftr-397	958	63	securities	security	NOUN
ftr-397	958	64	trader	trader	NOUN
ftr-397	958	65	can	can	AUX
ftr-397	958	66	convert	convert	VERB
ftr-397	958	67	his	his	PRON
ftr-397	958	68	capital	capital	NOUN
ftr-397	958	69	losses	loss	NOUN
ftr-397	958	70	to	to	ADP
ftr-397	958	71	ordinary	ordinary	ADJ
ftr-397	958	72	losses	loss	NOUN
ftr-397	958	73	,	,	PUNCT
ftr-397	958	74	which	which	PRON
ftr-397	958	75	can	can	AUX
ftr-397	958	76	be	be	AUX
ftr-397	958	77	used	use	VERB
ftr-397	958	78	to	to	PART
ftr-397	958	79	offset	offset	VERB
ftr-397	958	80	ordinary	ordinary	ADJ
ftr-397	958	81	gains.212	gains.212	NOUN
ftr-397	958	82	thus	thus	ADV
ftr-397	958	83	,	,	PUNCT
ftr-397	958	84	the	the	DET
ftr-397	958	85	irc	irc	PROPN
ftr-397	958	86	section	section	NOUN
ftr-397	958	87	475(f	475(f	PROPN
ftr-397	958	88	)	)	PUNCT
ftr-397	958	89	mark	mark	NOUN
ftr-397	958	90	-	-	PUNCT
ftr-397	958	91	to	to	ADP
ftr-397	958	92	-	-	PUNCT
ftr-397	958	93	market	market	NOUN
ftr-397	958	94	election	election	NOUN
ftr-397	958	95	,	,	PUNCT
ftr-397	958	96	by	by	ADP
ftr-397	958	97	allowing	allow	VERB
ftr-397	958	98	the	the	DET
ftr-397	958	99	trader	trader	NOUN
ftr-397	958	100	to	to	PART
ftr-397	958	101	elect	elect	VERB
ftr-397	958	102	ordinary	ordinary	ADJ
ftr-397	958	103	treatment	treatment	NOUN
ftr-397	958	104	,	,	PUNCT
ftr-397	958	105	has	have	VERB
ftr-397	958	106	the	the	DET
ftr-397	958	107	potential	potential	NOUN
ftr-397	958	108	,	,	PUNCT
ftr-397	958	109	upon	upon	SCONJ
ftr-397	958	110	being	be	AUX
ftr-397	958	111	made	make	VERB
ftr-397	958	112	,	,	PUNCT
ftr-397	958	113	to	to	PART
ftr-397	958	114	significantly	significantly	ADV
ftr-397	958	115	undermine	undermine	VERB
ftr-397	958	116	the	the	DET
ftr-397	958	117	intent	intent	NOUN
ftr-397	958	118	of	of	ADP
ftr-397	958	119	congress	congress	PROPN
ftr-397	958	120	when	when	SCONJ
ftr-397	958	121	it	it	PRON
ftr-397	958	122	enacted	enact	VERB
ftr-397	958	123	the	the	DET
ftr-397	958	124	“	"	PUNCT
ftr-397	958	125	to	to	ADP
ftr-397	958	126	customers	customer	NOUN
ftr-397	958	127	”	"	PUNCT
ftr-397	958	128	requirement	requirement	NOUN
ftr-397	958	129	in	in	ADP
ftr-397	958	130	1934	1934	NUM
ftr-397	958	131	to	to	PART
ftr-397	958	132	prevent	prevent	VERB
ftr-397	958	133	“	"	PUNCT
ftr-397	958	134	speculators	speculator	NOUN
ftr-397	958	135	”	"	PUNCT
ftr-397	958	136	from	from	ADP
ftr-397	958	137	taking	take	VERB
ftr-397	958	138	ordinary	ordinary	ADJ
ftr-397	958	139	loss	loss	NOUN
ftr-397	958	140	deductions	deduction	NOUN
ftr-397	958	141	for	for	ADP
ftr-397	958	142	their	their	PRON
ftr-397	958	143	losses	loss	NOUN
ftr-397	958	144	from	from	ADP
ftr-397	958	145	securities	security	NOUN
ftr-397	958	146	-	-	PUNCT
ftr-397	958	147	trading	trading	NOUN
ftr-397	958	148	activities	activity	NOUN
ftr-397	958	149	,	,	PUNCT
ftr-397	958	150	although	although	SCONJ
ftr-397	958	151	it	it	PRON
ftr-397	958	152	mitigates	mitigate	VERB
ftr-397	958	153	against	against	ADP
ftr-397	958	154	possible	possible	ADJ
ftr-397	958	155	inequities	inequity	NOUN
ftr-397	958	156	by	by	ADP
ftr-397	958	157	also	also	ADV
ftr-397	958	158	requiring	require	VERB
ftr-397	958	159	ordinary	ordinary	ADJ
ftr-397	958	160	gain	gain	NOUN
ftr-397	958	161	treatment	treatment	NOUN
ftr-397	958	162	and	and	CCONJ
ftr-397	958	163	by	by	ADP
ftr-397	958	164	being	be	AUX
ftr-397	958	165	essentially	essentially	ADV
ftr-397	958	166	irrevocable.213	irrevocable.213	NOUN
ftr-397	958	167	from	from	ADP
ftr-397	958	168	a	a	DET
ftr-397	958	169	structural	structural	ADJ
ftr-397	958	170	standpoint	standpoint	NOUN
ftr-397	958	171	,	,	PUNCT
ftr-397	958	172	the	the	DET
ftr-397	958	173	mark	mark	NOUN
ftr-397	958	174	-	-	PUNCT
ftr-397	958	175	to	to	ADP
ftr-397	958	176	-	-	PUNCT
ftr-397	958	177	market	market	NOUN
ftr-397	958	178	election	election	NOUN
ftr-397	958	179	also	also	ADV
ftr-397	958	180	eliminates	eliminate	VERB
ftr-397	958	181	some	some	PRON
ftr-397	958	182	of	of	ADP
ftr-397	958	183	the	the	DET
ftr-397	958	184	structural	structural	ADJ
ftr-397	958	185	incongruities	incongruity	NOUN
ftr-397	958	186	inherent	inherent	ADJ
ftr-397	958	187	in	in	ADP
ftr-397	958	188	the	the	DET
ftr-397	958	189	treatment	treatment	NOUN
ftr-397	958	190	of	of	ADP
ftr-397	958	191	a	a	DET
ftr-397	958	192	non	non	ADJ
ftr-397	958	193	-	-	ADJ
ftr-397	958	194	electing	electing	ADJ
ftr-397	958	195	trader	trader	NOUN
ftr-397	958	196	that	that	PRON
ftr-397	958	197	are	be	AUX
ftr-397	958	198	caused	cause	VERB
ftr-397	958	199	by	by	ADP
ftr-397	958	200	the	the	DET
ftr-397	958	201	impossibility	impossibility	NOUN
ftr-397	958	202	of	of	ADP
ftr-397	958	203	satisfying	satisfy	VERB
ftr-397	958	204	the	the	DET
ftr-397	958	205	“	"	PUNCT
ftr-397	958	206	to	to	ADP
ftr-397	958	207	customers	customer	NOUN
ftr-397	958	208	”	"	PUNCT
ftr-397	958	209	requirement	requirement	NOUN
ftr-397	958	210	in	in	ADP
ftr-397	958	211	irc	irc	PROPN
ftr-397	958	212	section	section	NOUN
ftr-397	958	213	1221(a)(1	1221(a)(1	NUM
ftr-397	958	214	)	)	PUNCT
ftr-397	958	215	.	.	PUNCT
ftr-397	959	1	rather	rather	ADV
ftr-397	959	2	than	than	ADP
ftr-397	959	3	reporting	report	VERB
ftr-397	959	4	expenses	expense	NOUN
ftr-397	959	5	and	and	CCONJ
ftr-397	959	6	deductions	deduction	NOUN
ftr-397	959	7	based	base	VERB
ftr-397	959	8	on	on	ADP
ftr-397	959	9	general	general	ADJ
ftr-397	959	10	satisfaction	satisfaction	NOUN
ftr-397	959	11	of	of	ADP
ftr-397	959	12	a	a	DET
ftr-397	959	13	“	"	PUNCT
ftr-397	959	14	trade	trade	NOUN
ftr-397	959	15	or	or	CCONJ
ftr-397	959	16	business	business	NOUN
ftr-397	959	17	”	"	PUNCT
ftr-397	959	18	requirement	requirement	NOUN
ftr-397	959	19	on	on	ADP
ftr-397	959	20	schedule	schedule	NOUN
ftr-397	959	21	c	c	NOUN
ftr-397	959	22	while	while	SCONJ
ftr-397	959	23	simultaneously	simultaneously	ADV
ftr-397	959	24	reporting	report	VERB
ftr-397	959	25	gains	gain	NOUN
ftr-397	959	26	and	and	CCONJ
ftr-397	959	27	losses	loss	NOUN
ftr-397	959	28	as	as	ADP
ftr-397	959	29	capital	capital	NOUN
ftr-397	959	30	gains	gain	NOUN
ftr-397	959	31	and	and	CCONJ
ftr-397	959	32	losses	loss	NOUN
ftr-397	959	33	on	on	ADP
ftr-397	959	34	schedule	schedule	NOUN
ftr-397	959	35	d	d	PROPN
ftr-397	959	36	,	,	PUNCT
ftr-397	959	37	an	an	DET
ftr-397	959	38	electing	elect	VERB
ftr-397	959	39	trader	trader	NOUN
ftr-397	959	40	’s	’s	PART
ftr-397	959	41	tax	tax	NOUN
ftr-397	959	42	return	return	NOUN
ftr-397	959	43	would	would	AUX
ftr-397	959	44	show	show	VERB
ftr-397	959	45	ordinary	ordinary	ADJ
ftr-397	959	46	gains	gain	NOUN
ftr-397	959	47	and	and	CCONJ
ftr-397	959	48	losses	loss	NOUN
ftr-397	959	49	,	,	PUNCT
ftr-397	959	50	along	along	ADP
ftr-397	959	51	with	with	ADP
ftr-397	959	52	“	"	PUNCT
ftr-397	959	53	trade	trade	NOUN
ftr-397	959	54	or	or	CCONJ
ftr-397	959	55	business”–related	business”–relate	VERB
ftr-397	959	56	deductions.214	deductions.214	PROPN
ftr-397	959	57	thus	thus	ADV
ftr-397	959	58	,	,	PUNCT
ftr-397	959	59	structurally	structurally	ADV
ftr-397	959	60	speaking	speak	VERB
ftr-397	959	61	,	,	PUNCT
ftr-397	959	62	making	make	VERB
ftr-397	959	63	the	the	DET
ftr-397	959	64	mark	mark	NOUN
ftr-397	959	65	-	-	PUNCT
ftr-397	959	66	to	to	ADP
ftr-397	959	67	-	-	PUNCT
ftr-397	959	68	market	market	NOUN
ftr-397	959	69	election	election	NOUN
ftr-397	959	70	brings	bring	VERB
ftr-397	959	71	a	a	DET
ftr-397	959	72	trader	trader	NOUN
ftr-397	959	73	’s	’s	PART
ftr-397	959	74	tax	tax	NOUN
ftr-397	959	75	picture	picture	NOUN
ftr-397	959	76	closer	close	ADV
ftr-397	959	77	in	in	ADP
ftr-397	959	78	line	line	NOUN
ftr-397	959	79	with	with	ADP
ftr-397	959	80	that	that	PRON
ftr-397	959	81	of	of	ADP
ftr-397	959	82	other	other	ADJ
ftr-397	959	83	taxpayers	taxpayer	NOUN
ftr-397	959	84	engaged	engage	VERB
ftr-397	959	85	in	in	ADP
ftr-397	959	86	a	a	DET
ftr-397	959	87	trade	trade	NOUN
ftr-397	959	88	or	or	CCONJ
ftr-397	959	89	business	business	NOUN
ftr-397	959	90	by	by	ADP
ftr-397	959	91	“	"	PUNCT
ftr-397	959	92	reversing	reverse	VERB
ftr-397	959	93	”	"	PUNCT
ftr-397	959	94	the	the	DET
ftr-397	959	95	statutory	statutory	ADJ
ftr-397	959	96	asymmetry	asymmetry	NOUN
ftr-397	959	97	discussed	discuss	VERB
ftr-397	959	98	in	in	ADP
ftr-397	959	99	section	section	NOUN
ftr-397	959	100	ii	ii	PROPN
ftr-397	959	101	and	and	CCONJ
ftr-397	959	102	iii	iii	NOUN
ftr-397	959	103	above	above	ADJ
ftr-397	959	104	.	.	PUNCT
ftr-397	960	1	to	to	PART
ftr-397	960	2	bring	bring	VERB
ftr-397	960	3	the	the	DET
ftr-397	960	4	point	point	NOUN
ftr-397	960	5	home	home	NOUN
ftr-397	960	6	,	,	PUNCT
ftr-397	960	7	it	it	PRON
ftr-397	960	8	is	be	AUX
ftr-397	960	9	useful	useful	ADJ
ftr-397	960	10	to	to	PART
ftr-397	960	11	look	look	VERB
ftr-397	960	12	at	at	ADP
ftr-397	960	13	the	the	DET
ftr-397	960	14	origin	origin	NOUN
ftr-397	960	15	of	of	ADP
ftr-397	960	16	the	the	DET
ftr-397	960	17	irc	irc	PROPN
ftr-397	960	18	section	section	NOUN
ftr-397	960	19	475	475	NUM
ftr-397	960	20	mark	mark	NOUN
ftr-397	960	21	-	-	PUNCT
ftr-397	960	22	to	to	ADP
ftr-397	960	23	-	-	PUNCT
ftr-397	960	24	market	market	NOUN
ftr-397	960	25	election	election	NOUN
ftr-397	960	26	provision	provision	NOUN
ftr-397	960	27	.	.	PUNCT
ftr-397	961	1	irc	irc	PROPN
ftr-397	961	2	section	section	NOUN
ftr-397	961	3	475(f	475(f	PROPN
ftr-397	961	4	)	)	PUNCT
ftr-397	961	5	,	,	PUNCT
ftr-397	961	6	as	as	SCONJ
ftr-397	961	7	enacted	enact	VERB
ftr-397	961	8	by	by	ADP
ftr-397	961	9	the	the	DET
ftr-397	961	10	1997	1997	NUM
ftr-397	961	11	taxpayer	taxpayer	NOUN
ftr-397	961	12	relief	relief	NOUN
ftr-397	961	13	act	act	NOUN
ftr-397	961	14	,	,	PUNCT
ftr-397	961	15	was	be	AUX
ftr-397	961	16	an	an	DET
ftr-397	961	17	amendment	amendment	NOUN
ftr-397	961	18	to	to	PART
ftr-397	961	19	essentially	essentially	ADV
ftr-397	961	20	allow	allow	VERB
ftr-397	961	21	securities	security	NOUN
ftr-397	961	22	traders	trader	NOUN
ftr-397	961	23	to	to	PART
ftr-397	961	24	elect	elect	VERB
ftr-397	961	25	the	the	DET
ftr-397	961	26	same	same	ADJ
ftr-397	961	27	treatment	treatment	NOUN
ftr-397	961	28	that	that	PRON
ftr-397	961	29	had	have	AUX
ftr-397	961	30	already	already	ADV
ftr-397	961	31	been	be	AUX
ftr-397	961	32	mandatory	mandatory	ADJ
ftr-397	961	33	for	for	ADP
ftr-397	961	34	securities	security	NOUN
ftr-397	961	35	dealers	dealer	NOUN
ftr-397	961	36	since	since	SCONJ
ftr-397	961	37	the	the	DET
ftr-397	961	38	enactment	enactment	NOUN
ftr-397	961	39	of	of	ADP
ftr-397	961	40	irc	irc	PROPN
ftr-397	961	41	section	section	NOUN
ftr-397	961	42	475	475	NUM
ftr-397	961	43	in	in	ADP
ftr-397	961	44	by	by	ADP
ftr-397	961	45	the	the	DET
ftr-397	961	46	omnibus	omnibus	ADJ
ftr-397	961	47	budget	budget	NOUN
ftr-397	961	48	reconciliation	reconciliation	NOUN
ftr-397	961	49	act	act	NOUN
ftr-397	961	50	1993.215	1993.215	NUM
ftr-397	961	51	prior	prior	ADV
ftr-397	961	52	to	to	ADP
ftr-397	961	53	the	the	DET
ftr-397	961	54	1993	1993	NUM
ftr-397	961	55	211	211	NUM
ftr-397	961	56	.	.	PUNCT
ftr-397	962	1	see	see	VERB
ftr-397	962	2	internal	internal	ADJ
ftr-397	962	3	revenue	revenue	NOUN
ftr-397	962	4	service	service	NOUN
ftr-397	962	5	form	form	NOUN
ftr-397	962	6	4797	4797	NUM
ftr-397	962	7	,	,	PUNCT
ftr-397	962	8	available	available	ADJ
ftr-397	962	9	at	at	ADP
ftr-397	962	10	http://www.irs.gov/pub/irs-pdf/f4797.pdf	http://www.irs.gov/pub/irs-pdf/f4797.pdf	NOUN
ftr-397	962	11	(	(	PUNCT
ftr-397	962	12	last	last	ADV
ftr-397	962	13	visited	visit	VERB
ftr-397	962	14	jan	jan	PROPN
ftr-397	962	15	.	.	PROPN
ftr-397	962	16	15	15	NUM
ftr-397	962	17	,	,	PUNCT
ftr-397	962	18	2008	2008	NUM
ftr-397	962	19	)	)	PUNCT
ftr-397	962	20	;	;	PUNCT
ftr-397	962	21	internal	internal	ADJ
ftr-397	962	22	revenue	revenue	NOUN
ftr-397	962	23	service	service	NOUN
ftr-397	962	24	form	form	NOUN
ftr-397	962	25	4797	4797	NUM
ftr-397	962	26	instructions	instruction	NOUN
ftr-397	962	27	,	,	PUNCT
ftr-397	962	28	available	available	ADJ
ftr-397	962	29	at	at	ADP
ftr-397	962	30	http://www.irs.gov/pub/irspdf/i4797.pdf	http://www.irs.gov/pub/irspdf/i4797.pdf	PROPN
ftr-397	962	31	(	(	PUNCT
ftr-397	962	32	last	last	ADV
ftr-397	962	33	visited	visit	VERB
ftr-397	962	34	jan	jan	PROPN
ftr-397	962	35	.	.	PROPN
ftr-397	962	36	15	15	NUM
ftr-397	962	37	,	,	PUNCT
ftr-397	962	38	2008	2008	NUM
ftr-397	962	39	)	)	PUNCT
ftr-397	962	40	;	;	PUNCT
ftr-397	962	41	internal	internal	ADJ
ftr-397	962	42	revenue	revenue	NOUN
ftr-397	962	43	service	service	NOUN
ftr-397	962	44	form	form	NOUN
ftr-397	962	45	1040	1040	NUM
ftr-397	962	46	line	line	NOUN
ftr-397	962	47	14	14	NUM
ftr-397	962	48	,	,	PUNCT
ftr-397	962	49	available	available	ADJ
ftr-397	962	50	at	at	ADP
ftr-397	962	51	http://www.irs.gov/pub/irs-pdf/f1040.pdf	http://www.irs.gov/pub/irs-pdf/f1040.pdf	NOUN
ftr-397	962	52	(	(	PUNCT
ftr-397	962	53	last	last	ADV
ftr-397	962	54	visited	visit	VERB
ftr-397	962	55	jan	jan	PROPN
ftr-397	962	56	.	.	PROPN
ftr-397	962	57	15	15	NUM
ftr-397	962	58	,	,	PUNCT
ftr-397	962	59	2008	2008	NUM
ftr-397	962	60	)	)	PUNCT
ftr-397	962	61	.	.	PUNCT
ftr-397	963	1	212	212	NUM
ftr-397	963	2	.	.	PUNCT
ftr-397	963	3	compare	compare	VERB
ftr-397	963	4	irc	irc	PROPN
ftr-397	963	5	§	§	PROPN
ftr-397	963	6	§	§	PROPN
ftr-397	963	7	172(d)(2	172(d)(2	NUM
ftr-397	963	8	)	)	PUNCT
ftr-397	963	9	,	,	PUNCT
ftr-397	963	10	1211(b	1211(b	NUM
ftr-397	963	11	)	)	PUNCT
ftr-397	963	12	,	,	PUNCT
ftr-397	963	13	1212(b	1212(b	NUM
ftr-397	963	14	)	)	PUNCT
ftr-397	963	15	.	.	PUNCT
ftr-397	964	1	213	213	NUM
ftr-397	964	2	.	.	PUNCT
ftr-397	965	1	the	the	DET
ftr-397	965	2	mark	mark	NOUN
ftr-397	965	3	-	-	PUNCT
ftr-397	965	4	to	to	ADP
ftr-397	965	5	-	-	PUNCT
ftr-397	965	6	market	market	NOUN
ftr-397	965	7	election	election	NOUN
ftr-397	965	8	,	,	PUNCT
ftr-397	965	9	once	once	ADV
ftr-397	965	10	made	make	VERB
ftr-397	965	11	,	,	PUNCT
ftr-397	965	12	may	may	AUX
ftr-397	965	13	not	not	PART
ftr-397	965	14	be	be	AUX
ftr-397	965	15	revoked	revoke	VERB
ftr-397	965	16	except	except	SCONJ
ftr-397	965	17	with	with	ADP
ftr-397	965	18	the	the	DET
ftr-397	965	19	consent	consent	NOUN
ftr-397	965	20	of	of	ADP
ftr-397	965	21	the	the	DET
ftr-397	965	22	secretary	secretary	NOUN
ftr-397	965	23	.	.	PUNCT
ftr-397	966	1	irc	irc	PROPN
ftr-397	966	2	§	§	PROPN
ftr-397	966	3	475(f)(3	475(f)(3	NUM
ftr-397	966	4	)	)	PUNCT
ftr-397	966	5	.	.	PUNCT
ftr-397	967	1	214	214	NUM
ftr-397	967	2	.	.	PUNCT
ftr-397	968	1	see	see	VERB
ftr-397	968	2	,	,	PUNCT
ftr-397	968	3	e.g.	e.g.	ADV
ftr-397	968	4	,	,	PUNCT
ftr-397	968	5	raby	raby	NOUN
ftr-397	968	6	,	,	PUNCT
ftr-397	968	7	nondealer	nondealer	NOUN
ftr-397	968	8	security	security	NOUN
ftr-397	968	9	losses	loss	NOUN
ftr-397	968	10	,	,	PUNCT
ftr-397	968	11	supra	supra	PROPN
ftr-397	968	12	note	note	NOUN
ftr-397	968	13	5	5	NUM
ftr-397	968	14	at	at	ADP
ftr-397	968	15	46	46	NUM
ftr-397	968	16	(	(	PUNCT
ftr-397	968	17	“	"	PUNCT
ftr-397	968	18	[	[	X
ftr-397	968	19	t]he	t]he	ADV
ftr-397	968	20	schedule	schedule	ADJ
ftr-397	968	21	c	c	NOUN
ftr-397	968	22	for	for	ADP
ftr-397	968	23	an	an	DET
ftr-397	968	24	electing	electing	ADJ
ftr-397	968	25	trader	trader	NOUN
ftr-397	968	26	…	…	PUNCT
ftr-397	968	27	shows	show	VERB
ftr-397	968	28	gross	gross	ADJ
ftr-397	968	29	receipts	receipt	NOUN
ftr-397	968	30	and	and	CCONJ
ftr-397	968	31	cost	cost	NOUN
ftr-397	968	32	of	of	ADP
ftr-397	968	33	sales	sale	NOUN
ftr-397	968	34	as	as	ADV
ftr-397	968	35	well	well	ADV
ftr-397	968	36	as	as	ADP
ftr-397	968	37	expenses	expense	NOUN
ftr-397	968	38	,	,	PUNCT
ftr-397	968	39	and	and	CCONJ
ftr-397	968	40	looks	look	VERB
ftr-397	968	41	more	more	ADV
ftr-397	968	42	conventional	conventional	ADJ
ftr-397	968	43	”	"	PUNCT
ftr-397	968	44	)	)	PUNCT
ftr-397	968	45	;	;	PUNCT
ftr-397	968	46	compare	compare	VERB
ftr-397	968	47	irs	irs	PROPN
ftr-397	968	48	form	form	NOUN
ftr-397	968	49	4797	4797	NUM
ftr-397	968	50	and	and	CCONJ
ftr-397	968	51	instructions	instruction	NOUN
ftr-397	968	52	,	,	PUNCT
ftr-397	968	53	supra	supra	PROPN
ftr-397	968	54	note	note	NOUN
ftr-397	968	55	211	211	NUM
ftr-397	968	56	.	.	PUNCT
ftr-397	969	1	215	215	NUM
ftr-397	969	2	.	.	X
ftr-397	969	3	1993	1993	NUM
ftr-397	969	4	omnibus	omnibus	NOUN
ftr-397	969	5	budget	budget	NOUN
ftr-397	969	6	reconciliation	reconciliation	NOUN
ftr-397	969	7	act	act	PROPN
ftr-397	969	8	,	,	PUNCT
ftr-397	969	9	p.l	p.l	PROPN
ftr-397	969	10	.	.	PROPN
ftr-397	969	11	105	105	NUM
ftr-397	969	12	-	-	SYM
ftr-397	969	13	34	34	NUM
ftr-397	969	14	,	,	PUNCT
ftr-397	969	15	§	§	PROPN
ftr-397	969	16	13223(a	13223(a	NUM
ftr-397	969	17	)	)	PUNCT
ftr-397	969	18	.	.	PUNCT
ftr-397	970	1	1164	1164	NUM
ftr-397	970	2	florida	florida	PROPN
ftr-397	970	3	tax	tax	PROPN
ftr-397	970	4	review	review	NOUN
ftr-397	971	1	[	[	X
ftr-397	971	2	vol	vol	NOUN
ftr-397	971	3	.	.	PUNCT
ftr-397	972	1	8:10	8:10	NUM
ftr-397	972	2	enactment	enactment	NOUN
ftr-397	972	3	of	of	ADP
ftr-397	972	4	irc	irc	PROPN
ftr-397	972	5	section	section	NOUN
ftr-397	972	6	475	475	NUM
ftr-397	972	7	,	,	PUNCT
ftr-397	972	8	securities	security	NOUN
ftr-397	972	9	dealers	dealer	NOUN
ftr-397	972	10	were	be	AUX
ftr-397	972	11	required	require	VERB
ftr-397	972	12	to	to	PART
ftr-397	972	13	maintain	maintain	VERB
ftr-397	972	14	an	an	DET
ftr-397	972	15	inventory	inventory	NOUN
ftr-397	972	16	of	of	ADP
ftr-397	972	17	securities	security	NOUN
ftr-397	972	18	that	that	PRON
ftr-397	972	19	they	they	PRON
ftr-397	972	20	held	hold	VERB
ftr-397	972	21	for	for	ADP
ftr-397	972	22	sale	sale	NOUN
ftr-397	972	23	to	to	ADP
ftr-397	972	24	customers	customer	NOUN
ftr-397	972	25	,	,	PUNCT
ftr-397	972	26	but	but	CCONJ
ftr-397	972	27	were	be	AUX
ftr-397	972	28	allowed	allow	VERB
ftr-397	972	29	to	to	PART
ftr-397	972	30	choose	choose	VERB
ftr-397	972	31	between	between	ADP
ftr-397	972	32	three	three	NUM
ftr-397	972	33	methods	method	NOUN
ftr-397	972	34	of	of	ADP
ftr-397	972	35	valuing	value	VERB
ftr-397	972	36	that	that	DET
ftr-397	972	37	inventory	inventory	NOUN
ftr-397	972	38	:	:	PUNCT
ftr-397	972	39	a	a	DET
ftr-397	972	40	cost	cost	NOUN
ftr-397	972	41	method	method	NOUN
ftr-397	972	42	,	,	PUNCT
ftr-397	972	43	a	a	DET
ftr-397	972	44	lower	low	ADJ
ftr-397	972	45	-	-	PUNCT
ftr-397	972	46	of	of	ADP
ftr-397	972	47	-	-	PUNCT
ftr-397	972	48	cost	cost	NOUN
ftr-397	972	49	-	-	PUNCT
ftr-397	972	50	or	or	CCONJ
ftr-397	972	51	-	-	PUNCT
ftr-397	972	52	market	market	NOUN
ftr-397	972	53	-	-	PUNCT
ftr-397	972	54	value	value	NOUN
ftr-397	972	55	method	method	NOUN
ftr-397	972	56	,	,	PUNCT
ftr-397	972	57	or	or	CCONJ
ftr-397	972	58	a	a	DET
ftr-397	972	59	mark	mark	NOUN
ftr-397	972	60	-	-	PUNCT
ftr-397	972	61	to	to	ADP
ftr-397	972	62	-	-	PUNCT
ftr-397	972	63	market	market	NOUN
ftr-397	972	64	(	(	PUNCT
ftr-397	972	65	i.e.	i.e.	X
ftr-397	972	66	,	,	PUNCT
ftr-397	972	67	fair	fair	ADJ
ftr-397	972	68	market	market	NOUN
ftr-397	972	69	value	value	NOUN
ftr-397	972	70	)	)	PUNCT
ftr-397	972	71	method.216	method.216	VERB
ftr-397	972	72	irc	irc	NOUN
ftr-397	972	73	section	section	NOUN
ftr-397	972	74	475	475	NUM
ftr-397	972	75	,	,	PUNCT
ftr-397	972	76	as	as	SCONJ
ftr-397	972	77	enacted	enact	VERB
ftr-397	972	78	in	in	ADP
ftr-397	972	79	1993	1993	NUM
ftr-397	972	80	,	,	PUNCT
ftr-397	972	81	mandated	mandate	VERB
ftr-397	972	82	the	the	DET
ftr-397	972	83	use	use	NOUN
ftr-397	972	84	of	of	ADP
ftr-397	972	85	the	the	DET
ftr-397	972	86	third	third	ADJ
ftr-397	972	87	,	,	PUNCT
ftr-397	972	88	mark	mark	NOUN
ftr-397	972	89	-	-	PUNCT
ftr-397	972	90	to	to	ADP
ftr-397	972	91	-	-	PUNCT
ftr-397	972	92	market	market	NOUN
ftr-397	972	93	method	method	NOUN
ftr-397	972	94	for	for	ADP
ftr-397	972	95	securities	security	NOUN
ftr-397	972	96	dealers	dealer	NOUN
ftr-397	972	97	,	,	PUNCT
ftr-397	972	98	reflecting	reflect	VERB
ftr-397	972	99	a	a	DET
ftr-397	972	100	congressional	congressional	ADJ
ftr-397	972	101	belief	belief	NOUN
ftr-397	972	102	that	that	SCONJ
ftr-397	972	103	the	the	DET
ftr-397	972	104	first	first	ADJ
ftr-397	972	105	two	two	NUM
ftr-397	972	106	methods	method	NOUN
ftr-397	972	107	understated	understate	VERB
ftr-397	972	108	a	a	DET
ftr-397	972	109	dealer	dealer	NOUN
ftr-397	972	110	’s	’s	PART
ftr-397	972	111	income	income	NOUN
ftr-397	972	112	and	and	CCONJ
ftr-397	972	113	that	that	SCONJ
ftr-397	972	114	marking	mark	VERB
ftr-397	972	115	-	-	PUNCT
ftr-397	972	116	to	to	ADP
ftr-397	972	117	-	-	PUNCT
ftr-397	972	118	market	market	NOUN
ftr-397	972	119	at	at	ADP
ftr-397	972	120	year	year	NOUN
ftr-397	972	121	end	end	NOUN
ftr-397	972	122	was	be	AUX
ftr-397	972	123	most	most	ADV
ftr-397	972	124	clearly	clearly	ADV
ftr-397	972	125	reflective	reflective	ADJ
ftr-397	972	126	of	of	ADP
ftr-397	972	127	income	income	NOUN
ftr-397	972	128	and	and	CCONJ
ftr-397	972	129	was	be	AUX
ftr-397	972	130	also	also	ADV
ftr-397	972	131	easy	easy	ADJ
ftr-397	972	132	to	to	ADP
ftr-397	972	133	administer.217	administer.217	NOUN
ftr-397	972	134	as	as	SCONJ
ftr-397	972	135	enacted	enact	VERB
ftr-397	972	136	in	in	ADP
ftr-397	972	137	1993	1993	NUM
ftr-397	972	138	,	,	PUNCT
ftr-397	972	139	irc	irc	ADP
ftr-397	972	140	section	section	NOUN
ftr-397	972	141	475	475	NUM
ftr-397	972	142	required	require	VERB
ftr-397	972	143	securities	security	NOUN
ftr-397	972	144	dealers	dealer	NOUN
ftr-397	972	145	to	to	PART
ftr-397	972	146	mark	mark	VERB
ftr-397	972	147	-	-	PUNCT
ftr-397	972	148	to	to	ADP
ftr-397	972	149	-	-	PUNCT
ftr-397	972	150	market	market	VERB
ftr-397	972	151	their	their	PRON
ftr-397	972	152	securities	security	NOUN
ftr-397	972	153	held	hold	VERB
ftr-397	972	154	at	at	ADP
ftr-397	972	155	the	the	DET
ftr-397	972	156	end	end	NOUN
ftr-397	972	157	of	of	ADP
ftr-397	972	158	the	the	DET
ftr-397	972	159	taxable	taxable	ADJ
ftr-397	972	160	year	year	NOUN
ftr-397	972	161	,	,	PUNCT
ftr-397	972	162	that	that	ADV
ftr-397	972	163	is	is	ADV
ftr-397	972	164	,	,	PUNCT
ftr-397	972	165	to	to	PART
ftr-397	972	166	compute	compute	VERB
ftr-397	972	167	the	the	DET
ftr-397	972	168	gain	gain	NOUN
ftr-397	972	169	or	or	CCONJ
ftr-397	972	170	loss	loss	NOUN
ftr-397	972	171	recognized	recognize	VERB
ftr-397	972	172	for	for	ADP
ftr-397	972	173	the	the	DET
ftr-397	972	174	year	year	NOUN
ftr-397	972	175	as	as	SCONJ
ftr-397	972	176	if	if	SCONJ
ftr-397	972	177	the	the	DET
ftr-397	972	178	securities	security	NOUN
ftr-397	972	179	were	be	AUX
ftr-397	972	180	sold	sell	VERB
ftr-397	972	181	for	for	ADP
ftr-397	972	182	their	their	PRON
ftr-397	972	183	“	"	PUNCT
ftr-397	972	184	fair	fair	ADJ
ftr-397	972	185	market	market	NOUN
ftr-397	972	186	value	value	NOUN
ftr-397	972	187	”	"	PUNCT
ftr-397	972	188	on	on	ADP
ftr-397	972	189	the	the	DET
ftr-397	972	190	last	last	ADJ
ftr-397	972	191	business	business	NOUN
ftr-397	972	192	day	day	NOUN
ftr-397	972	193	of	of	ADP
ftr-397	972	194	the	the	DET
ftr-397	972	195	year	year	NOUN
ftr-397	972	196	,	,	PUNCT
ftr-397	972	197	with	with	ADP
ftr-397	972	198	such	such	ADJ
ftr-397	972	199	gain	gain	NOUN
ftr-397	972	200	or	or	CCONJ
ftr-397	972	201	loss	loss	NOUN
ftr-397	972	202	being	be	AUX
ftr-397	972	203	ordinary	ordinary	ADJ
ftr-397	972	204	income	income	NOUN
ftr-397	972	205	or	or	CCONJ
ftr-397	972	206	loss	loss	NOUN
ftr-397	972	207	.	.	PUNCT
ftr-397	973	1	irc	irc	PROPN
ftr-397	973	2	section	section	NOUN
ftr-397	973	3	475(f	475(f	PROPN
ftr-397	973	4	)	)	PUNCT
ftr-397	973	5	merely	merely	ADV
ftr-397	973	6	makes	make	VERB
ftr-397	973	7	the	the	DET
ftr-397	973	8	treatment	treatment	NOUN
ftr-397	973	9	already	already	ADV
ftr-397	973	10	required	require	VERB
ftr-397	973	11	of	of	ADP
ftr-397	973	12	securities	security	NOUN
ftr-397	973	13	dealers	dealer	NOUN
ftr-397	973	14	elective	elective	ADJ
ftr-397	973	15	for	for	ADP
ftr-397	973	16	traders	trader	NOUN
ftr-397	973	17	,	,	PUNCT
ftr-397	973	18	thereby	thereby	ADV
ftr-397	973	19	offering	offer	VERB
ftr-397	973	20	traders	trader	NOUN
ftr-397	973	21	the	the	DET
ftr-397	973	22	option	option	NOUN
ftr-397	973	23	of	of	ADP
ftr-397	973	24	bringing	bring	VERB
ftr-397	973	25	their	their	PRON
ftr-397	973	26	tax	tax	NOUN
ftr-397	973	27	treatment	treatment	NOUN
ftr-397	973	28	in	in	ADP
ftr-397	973	29	line	line	NOUN
ftr-397	973	30	with	with	ADP
ftr-397	973	31	that	that	PRON
ftr-397	973	32	of	of	ADP
ftr-397	973	33	securities	security	NOUN
ftr-397	973	34	dealers	dealer	NOUN
ftr-397	973	35	.	.	PUNCT
ftr-397	974	1	by	by	ADP
ftr-397	974	2	making	make	VERB
ftr-397	974	3	the	the	DET
ftr-397	974	4	irc	irc	NOUN
ftr-397	974	5	section	section	NOUN
ftr-397	974	6	475(f	475(f	PROPN
ftr-397	974	7	)	)	PUNCT
ftr-397	974	8	election	election	NOUN
ftr-397	974	9	,	,	PUNCT
ftr-397	974	10	the	the	DET
ftr-397	974	11	electing	elect	VERB
ftr-397	974	12	trader	trader	NOUN
ftr-397	974	13	gets	get	VERB
ftr-397	974	14	the	the	DET
ftr-397	974	15	same	same	ADJ
ftr-397	974	16	treatment	treatment	NOUN
ftr-397	974	17	as	as	ADP
ftr-397	974	18	securities	security	NOUN
ftr-397	974	19	dealers	dealer	NOUN
ftr-397	974	20	with	with	ADP
ftr-397	974	21	respect	respect	NOUN
ftr-397	974	22	to	to	ADP
ftr-397	974	23	the	the	DET
ftr-397	974	24	character	character	NOUN
ftr-397	974	25	and	and	CCONJ
ftr-397	974	26	timing	timing	NOUN
ftr-397	974	27	of	of	ADP
ftr-397	974	28	the	the	DET
ftr-397	974	29	income	income	NOUN
ftr-397	974	30	side	side	NOUN
ftr-397	974	31	of	of	ADP
ftr-397	974	32	the	the	DET
ftr-397	974	33	equation	equation	NOUN
ftr-397	974	34	,	,	PUNCT
ftr-397	974	35	as	as	ADV
ftr-397	974	36	well	well	ADV
ftr-397	974	37	as	as	ADP
ftr-397	974	38	with	with	ADP
ftr-397	974	39	respect	respect	NOUN
ftr-397	974	40	to	to	ADP
ftr-397	974	41	the	the	DET
ftr-397	974	42	business	business	NOUN
ftr-397	974	43	deductions	deduction	NOUN
ftr-397	974	44	side	side	NOUN
ftr-397	974	45	of	of	ADP
ftr-397	974	46	the	the	DET
ftr-397	974	47	equation	equation	NOUN
ftr-397	974	48	.	.	PUNCT
ftr-397	975	1	the	the	DET
ftr-397	975	2	election	election	NOUN
ftr-397	975	3	therefore	therefore	ADV
ftr-397	975	4	basically	basically	ADV
ftr-397	975	5	“	"	PUNCT
ftr-397	975	6	converts	convert	NOUN
ftr-397	975	7	”	"	PUNCT
ftr-397	975	8	his	his	PRON
ftr-397	975	9	asymmetrical	asymmetrical	ADJ
ftr-397	975	10	treatment	treatment	NOUN
ftr-397	975	11	under	under	ADP
ftr-397	975	12	the	the	DET
ftr-397	975	13	general	general	ADJ
ftr-397	975	14	tax	tax	NOUN
ftr-397	975	15	rule	rule	NOUN
ftr-397	975	16	for	for	ADP
ftr-397	975	17	non	non	ADJ
ftr-397	975	18	-	-	ADJ
ftr-397	975	19	electing	electing	ADJ
ftr-397	975	20	traders	trader	NOUN
ftr-397	975	21	to	to	ADP
ftr-397	975	22	the	the	DET
ftr-397	975	23	symmetrical	symmetrical	ADJ
ftr-397	975	24	,	,	PUNCT
ftr-397	975	25	structurally	structurally	ADV
ftr-397	975	26	sound	sound	ADJ
ftr-397	975	27	treatment	treatment	NOUN
ftr-397	975	28	accorded	accord	VERB
ftr-397	975	29	to	to	ADP
ftr-397	975	30	securities	security	NOUN
ftr-397	975	31	dealers	dealer	NOUN
ftr-397	975	32	,	,	PUNCT
ftr-397	975	33	effectively	effectively	ADV
ftr-397	975	34	bringing	bring	VERB
ftr-397	975	35	the	the	DET
ftr-397	975	36	treatment	treatment	NOUN
ftr-397	975	37	of	of	ADP
ftr-397	975	38	traders	trader	NOUN
ftr-397	975	39	in	in	ADP
ftr-397	975	40	line	line	NOUN
ftr-397	975	41	with	with	ADP
ftr-397	975	42	that	that	PRON
ftr-397	975	43	of	of	ADP
ftr-397	975	44	dealers	dealer	NOUN
ftr-397	975	45	.	.	PUNCT
ftr-397	976	1	a	a	DET
ftr-397	976	2	non	non	ADJ
ftr-397	976	3	-	-	ADJ
ftr-397	976	4	electing	electing	ADJ
ftr-397	976	5	trader	trader	NOUN
ftr-397	976	6	,	,	PUNCT
ftr-397	976	7	however	however	ADV
ftr-397	976	8	,	,	PUNCT
ftr-397	976	9	would	would	AUX
ftr-397	976	10	not	not	PART
ftr-397	976	11	likewise	likewise	ADV
ftr-397	976	12	have	have	VERB
ftr-397	976	13	his	his	PRON
ftr-397	976	14	asymmetrical	asymmetrical	ADJ
ftr-397	976	15	treatment	treatment	NOUN
ftr-397	976	16	converted	convert	VERB
ftr-397	976	17	into	into	ADP
ftr-397	976	18	the	the	DET
ftr-397	976	19	structurally	structurally	ADV
ftr-397	976	20	sound	sound	ADJ
ftr-397	976	21	tax	tax	NOUN
ftr-397	976	22	treatment	treatment	NOUN
ftr-397	976	23	experienced	experience	VERB
ftr-397	976	24	by	by	ADP
ftr-397	976	25	investors	investor	NOUN
ftr-397	976	26	.	.	PUNCT
ftr-397	977	1	finally	finally	ADV
ftr-397	977	2	,	,	PUNCT
ftr-397	977	3	it	it	PRON
ftr-397	977	4	should	should	AUX
ftr-397	977	5	be	be	AUX
ftr-397	977	6	noted	note	VERB
ftr-397	977	7	that	that	SCONJ
ftr-397	977	8	the	the	DET
ftr-397	977	9	term	term	NOUN
ftr-397	977	10	“	"	PUNCT
ftr-397	977	11	dealer	dealer	NOUN
ftr-397	977	12	in	in	ADP
ftr-397	977	13	securities	security	NOUN
ftr-397	977	14	”	"	PUNCT
ftr-397	977	15	is	be	AUX
ftr-397	977	16	defined	define	VERB
ftr-397	977	17	in	in	ADP
ftr-397	977	18	irc	irc	PROPN
ftr-397	977	19	section	section	NOUN
ftr-397	977	20	475(c)(1	475(c)(1	NUM
ftr-397	977	21	)	)	PUNCT
ftr-397	977	22	as	as	ADP
ftr-397	977	23	“	"	PUNCT
ftr-397	977	24	a	a	DET
ftr-397	977	25	taxpayer	taxpayer	NOUN
ftr-397	977	26	who	who	PRON
ftr-397	977	27	(	(	PUNCT
ftr-397	977	28	a	a	X
ftr-397	977	29	)	)	PUNCT
ftr-397	977	30	regularly	regularly	ADV
ftr-397	977	31	purchases	purchase	VERB
ftr-397	977	32	securities	security	NOUN
ftr-397	977	33	from	from	ADP
ftr-397	977	34	or	or	CCONJ
ftr-397	977	35	sells	sell	VERB
ftr-397	977	36	securities	security	NOUN
ftr-397	977	37	to	to	ADP
ftr-397	977	38	customers	customer	NOUN
ftr-397	977	39	in	in	ADP
ftr-397	977	40	the	the	DET
ftr-397	977	41	ordinary	ordinary	ADJ
ftr-397	977	42	course	course	NOUN
ftr-397	977	43	of	of	ADP
ftr-397	977	44	a	a	DET
ftr-397	977	45	trade	trade	NOUN
ftr-397	977	46	or	or	CCONJ
ftr-397	977	47	business	business	NOUN
ftr-397	977	48	;	;	PUNCT
ftr-397	977	49	or	or	CCONJ
ftr-397	977	50	(	(	PUNCT
ftr-397	977	51	b	b	NOUN
ftr-397	977	52	)	)	PUNCT
ftr-397	977	53	regularly	regularly	ADV
ftr-397	977	54	offers	offer	VERB
ftr-397	977	55	to	to	PART
ftr-397	977	56	enter	enter	VERB
ftr-397	977	57	into	into	ADP
ftr-397	977	58	,	,	PUNCT
ftr-397	977	59	assume	assume	VERB
ftr-397	977	60	,	,	PUNCT
ftr-397	977	61	offset	offset	VERB
ftr-397	977	62	,	,	PUNCT
ftr-397	977	63	assign	assign	VERB
ftr-397	977	64	or	or	CCONJ
ftr-397	977	65	otherwise	otherwise	ADV
ftr-397	977	66	terminate	terminate	VERB
ftr-397	977	67	positions	position	NOUN
ftr-397	977	68	in	in	ADP
ftr-397	977	69	securities	security	NOUN
ftr-397	977	70	with	with	ADP
ftr-397	977	71	customers	customer	NOUN
ftr-397	977	72	in	in	ADP
ftr-397	977	73	the	the	DET
ftr-397	977	74	ordinary	ordinary	ADJ
ftr-397	977	75	course	course	NOUN
ftr-397	977	76	of	of	ADP
ftr-397	977	77	a	a	DET
ftr-397	977	78	trade	trade	NOUN
ftr-397	977	79	or	or	CCONJ
ftr-397	977	80	business	business	NOUN
ftr-397	977	81	.	.	PUNCT
ftr-397	978	1	”218	”218	NOUN
ftr-397	978	2	ironically	ironically	ADV
ftr-397	978	3	,	,	PUNCT
ftr-397	978	4	therefore	therefore	ADV
ftr-397	978	5	,	,	PUNCT
ftr-397	978	6	the	the	DET
ftr-397	978	7	irc	irc	PROPN
ftr-397	978	8	section	section	NOUN
ftr-397	978	9	475(f	475(f	PROPN
ftr-397	978	10	)	)	PUNCT
ftr-397	978	11	mark	mark	NOUN
ftr-397	978	12	-	-	PUNCT
ftr-397	978	13	to	to	ADP
ftr-397	978	14	-	-	PUNCT
ftr-397	978	15	market	market	NOUN
ftr-397	978	16	election	election	NOUN
ftr-397	978	17	for	for	ADP
ftr-397	978	18	traders	trader	NOUN
ftr-397	978	19	therefore	therefore	ADV
ftr-397	978	20	brings	bring	VERB
ftr-397	978	21	the	the	DET
ftr-397	978	22	statutory	statutory	ADJ
ftr-397	978	23	structure	structure	NOUN
ftr-397	978	24	216	216	NUM
ftr-397	978	25	.	.	PUNCT
ftr-397	979	1	peter	peter	PROPN
ftr-397	979	2	j.	j.	PROPN
ftr-397	979	3	connors	connors	PROPN
ftr-397	979	4	,	,	PUNCT
ftr-397	979	5	the	the	DET
ftr-397	979	6	mark	mark	NOUN
ftr-397	979	7	-	-	PUNCT
ftr-397	979	8	to	to	ADP
ftr-397	979	9	-	-	PUNCT
ftr-397	979	10	market	market	NOUN
ftr-397	979	11	rules	rule	NOUN
ftr-397	979	12	of	of	ADP
ftr-397	979	13	section	section	NOUN
ftr-397	979	14	475	475	NUM
ftr-397	979	15	,	,	PUNCT
ftr-397	979	16	543	543	NUM
ftr-397	979	17	-	-	PUNCT
ftr-397	979	18	1st	1st	ADJ
ftr-397	979	19	tax	tax	NOUN
ftr-397	979	20	mgmt	mgmt	NOUN
ftr-397	979	21	.	.	PUNCT
ftr-397	980	1	(	(	PUNCT
ftr-397	980	2	bna	bna	PROPN
ftr-397	980	3	)	)	PUNCT
ftr-397	980	4	a-3	a-3	NOUN
ftr-397	980	5	at	at	ADP
ftr-397	980	6	n.11	n.11	NOUN
ftr-397	980	7	(	(	PUNCT
ftr-397	980	8	citing	cite	VERB
ftr-397	980	9	ways	way	NOUN
ftr-397	980	10	and	and	CCONJ
ftr-397	980	11	means	mean	VERB
ftr-397	980	12	committee	committee	NOUN
ftr-397	980	13	report	report	NOUN
ftr-397	980	14	to	to	ADP
ftr-397	980	15	1993	1993	NUM
ftr-397	980	16	omnibus	omnibus	NOUN
ftr-397	980	17	budget	budget	NOUN
ftr-397	980	18	reconciliation	reconciliation	NOUN
ftr-397	980	19	act	act	NOUN
ftr-397	980	20	at	at	ADP
ftr-397	980	21	224	224	NUM
ftr-397	980	22	,	,	PUNCT
ftr-397	980	23	1993	1993	NUM
ftr-397	980	24	-	-	SYM
ftr-397	980	25	3	3	NUM
ftr-397	980	26	c.b	c.b	PROPN
ftr-397	980	27	.	.	PROPN
ftr-397	980	28	vol	vol	NOUN
ftr-397	980	29	.	.	PROPN
ftr-397	980	30	3	3	NUM
ftr-397	980	31	at	at	ADP
ftr-397	980	32	240	240	NUM
ftr-397	980	33	;	;	PUNCT
ftr-397	980	34	senate	senate	PROPN
ftr-397	980	35	finance	finance	PROPN
ftr-397	980	36	committee	committee	PROPN
ftr-397	980	37	report	report	NOUN
ftr-397	980	38	at	at	ADP
ftr-397	980	39	129	129	NUM
ftr-397	980	40	,	,	PUNCT
ftr-397	980	41	1993	1993	NUM
ftr-397	980	42	-	-	SYM
ftr-397	980	43	3	3	NUM
ftr-397	980	44	c.b	c.b	PROPN
ftr-397	980	45	.	.	PROPN
ftr-397	980	46	vol	vol	NOUN
ftr-397	980	47	.	.	PROPN
ftr-397	980	48	4	4	NUM
ftr-397	980	49	at	at	ADP
ftr-397	980	50	139	139	NUM
ftr-397	980	51	)	)	PUNCT
ftr-397	980	52	.	.	PUNCT
ftr-397	981	1	217	217	NUM
ftr-397	981	2	.	.	PUNCT
ftr-397	982	1	i	i	PRON
ftr-397	982	2	d.	d.	PROPN
ftr-397	982	3	218	218	NUM
ftr-397	982	4	.	.	PUNCT
ftr-397	982	5	irc	irc	PROPN
ftr-397	982	6	§	§	PROPN
ftr-397	982	7	475(c)(1)(a	475(c)(1)(a	PROPN
ftr-397	982	8	)	)	PUNCT
ftr-397	982	9	(	(	PUNCT
ftr-397	982	10	emphasis	emphasis	NOUN
ftr-397	982	11	added	add	VERB
ftr-397	982	12	)	)	PUNCT
ftr-397	982	13	;	;	PUNCT
ftr-397	982	14	see	see	VERB
ftr-397	982	15	also	also	ADV
ftr-397	982	16	,	,	PUNCT
ftr-397	982	17	generally	generally	ADV
ftr-397	982	18	,	,	PUNCT
ftr-397	982	19	§	§	PROPN
ftr-397	982	20	1236(a	1236(a	NUM
ftr-397	982	21	)	)	PUNCT
ftr-397	982	22	(	(	PUNCT
ftr-397	982	23	“	"	PUNCT
ftr-397	982	24	gain	gain	VERB
ftr-397	982	25	by	by	ADP
ftr-397	982	26	a	a	DET
ftr-397	982	27	dealer	dealer	NOUN
ftr-397	982	28	in	in	ADP
ftr-397	982	29	securities	security	NOUN
ftr-397	982	30	from	from	ADP
ftr-397	982	31	the	the	DET
ftr-397	982	32	sale	sale	NOUN
ftr-397	982	33	or	or	CCONJ
ftr-397	982	34	exchange	exchange	NOUN
ftr-397	982	35	of	of	ADP
ftr-397	982	36	any	any	DET
ftr-397	982	37	security	security	NOUN
ftr-397	982	38	shall	shall	AUX
ftr-397	982	39	in	in	ADP
ftr-397	982	40	no	no	DET
ftr-397	982	41	event	event	NOUN
ftr-397	982	42	be	be	AUX
ftr-397	982	43	considered	consider	VERB
ftr-397	982	44	as	as	ADP
ftr-397	982	45	gain	gain	NOUN
ftr-397	982	46	from	from	ADP
ftr-397	982	47	the	the	DET
ftr-397	982	48	sale	sale	NOUN
ftr-397	982	49	or	or	CCONJ
ftr-397	982	50	exchange	exchange	NOUN
ftr-397	982	51	of	of	ADP
ftr-397	982	52	a	a	DET
ftr-397	982	53	capital	capital	NOUN
ftr-397	982	54	asset	asset	NOUN
ftr-397	982	55	”	"	PUNCT
ftr-397	982	56	unless	unless	SCONJ
ftr-397	982	57	(	(	PUNCT
ftr-397	982	58	1	1	NUM
ftr-397	982	59	)	)	PUNCT
ftr-397	982	60	“	"	PUNCT
ftr-397	982	61	clearly	clearly	ADV
ftr-397	982	62	identified	identify	VERB
ftr-397	982	63	”	"	PUNCT
ftr-397	982	64	as	as	SCONJ
ftr-397	982	65	held	hold	VERB
ftr-397	982	66	for	for	ADP
ftr-397	982	67	investment	investment	NOUN
ftr-397	982	68	or	or	CCONJ
ftr-397	982	69	(	(	PUNCT
ftr-397	982	70	2	2	X
ftr-397	982	71	)	)	PUNCT
ftr-397	982	72	the	the	DET
ftr-397	982	73	security	security	NOUN
ftr-397	982	74	was	be	AUX
ftr-397	982	75	not	not	PART
ftr-397	982	76	,	,	PUNCT
ftr-397	982	77	at	at	ADP
ftr-397	982	78	any	any	DET
ftr-397	982	79	time	time	NOUN
ftr-397	982	80	after	after	ADP
ftr-397	982	81	the	the	DET
ftr-397	982	82	close	close	NOUN
ftr-397	982	83	of	of	ADP
ftr-397	982	84	such	such	ADJ
ftr-397	982	85	day	day	NOUN
ftr-397	982	86	(	(	PUNCT
ftr-397	982	87	or	or	CCONJ
ftr-397	982	88	such	such	ADJ
ftr-397	982	89	earlier	early	ADJ
ftr-397	982	90	time	time	NOUN
ftr-397	982	91	)	)	PUNCT
ftr-397	982	92	,	,	PUNCT
ftr-397	982	93	held	hold	VERB
ftr-397	982	94	by	by	ADP
ftr-397	982	95	such	such	ADJ
ftr-397	982	96	dealer	dealer	NOUN
ftr-397	982	97	primarily	primarily	ADV
ftr-397	982	98	for	for	ADP
ftr-397	982	99	sale	sale	NOUN
ftr-397	982	100	to	to	ADP
ftr-397	982	101	customers	customer	NOUN
ftr-397	982	102	in	in	ADP
ftr-397	982	103	the	the	DET
ftr-397	982	104	ordinary	ordinary	ADJ
ftr-397	982	105	course	course	NOUN
ftr-397	982	106	of	of	ADP
ftr-397	982	107	his	his	PRON
ftr-397	982	108	trade	trade	NOUN
ftr-397	982	109	or	or	CCONJ
ftr-397	982	110	business	business	NOUN
ftr-397	982	111	”	"	PUNCT
ftr-397	982	112	(	(	PUNCT
ftr-397	982	113	emphasis	emphasis	NOUN
ftr-397	982	114	added	add	VERB
ftr-397	982	115	)	)	PUNCT
ftr-397	982	116	)	)	PUNCT
ftr-397	982	117	.	.	PUNCT
ftr-397	983	1	2008	2008	NUM
ftr-397	983	2	]	]	PUNCT
ftr-397	984	1	a	a	DET
ftr-397	984	2	structural	structural	ADJ
ftr-397	984	3	critique	critique	NOUN
ftr-397	984	4	of	of	ADP
ftr-397	984	5	trader	trader	NOUN
ftr-397	984	6	taxation	taxation	NOUN
ftr-397	984	7	1165	1165	NUM
ftr-397	984	8	full	full	ADJ
ftr-397	984	9	circle	circle	NOUN
ftr-397	984	10	:	:	PUNCT
ftr-397	984	11	it	it	PRON
ftr-397	984	12	allows	allow	VERB
ftr-397	984	13	traders	trader	NOUN
ftr-397	984	14	,	,	PUNCT
ftr-397	984	15	a	a	DET
ftr-397	984	16	group	group	NOUN
ftr-397	984	17	accorded	accord	VERB
ftr-397	984	18	capital	capital	NOUN
ftr-397	984	19	gain	gain	NOUN
ftr-397	984	20	and	and	CCONJ
ftr-397	984	21	loss	loss	NOUN
ftr-397	984	22	treatment	treatment	NOUN
ftr-397	984	23	specifically	specifically	ADV
ftr-397	984	24	because	because	SCONJ
ftr-397	984	25	they	they	PRON
ftr-397	984	26	have	have	VERB
ftr-397	984	27	no	no	DET
ftr-397	984	28	customers	customer	NOUN
ftr-397	984	29	,	,	PUNCT
ftr-397	984	30	to	to	PART
ftr-397	984	31	in	in	ADP
ftr-397	984	32	effect	effect	NOUN
ftr-397	984	33	opt	opt	NOUN
ftr-397	984	34	in	in	ADP
ftr-397	984	35	to	to	ADP
ftr-397	984	36	the	the	DET
ftr-397	984	37	treatment	treatment	NOUN
ftr-397	984	38	accorded	accord	VERB
ftr-397	984	39	to	to	ADP
ftr-397	984	40	securities	security	NOUN
ftr-397	984	41	dealers	dealer	NOUN
ftr-397	984	42	,	,	PUNCT
ftr-397	984	43	a	a	DET
ftr-397	984	44	group	group	NOUN
ftr-397	984	45	that	that	PRON
ftr-397	984	46	is	be	AUX
ftr-397	984	47	specifically	specifically	ADV
ftr-397	984	48	defined	define	VERB
ftr-397	984	49	in	in	ADP
ftr-397	984	50	irc	irc	PROPN
ftr-397	984	51	section	section	NOUN
ftr-397	984	52	475(c	475(c	PROPN
ftr-397	984	53	)	)	PUNCT
ftr-397	984	54	by	by	ADP
ftr-397	984	55	reference	reference	NOUN
ftr-397	984	56	to	to	ADP
ftr-397	984	57	the	the	DET
ftr-397	984	58	existence	existence	NOUN
ftr-397	984	59	of	of	ADP
ftr-397	984	60	their	their	PRON
ftr-397	984	61	customers	customer	NOUN
ftr-397	984	62	.	.	PUNCT
ftr-397	985	1	like	like	ADP
ftr-397	985	2	the	the	DET
ftr-397	985	3	courts	court	NOUN
ftr-397	985	4	in	in	ADP
ftr-397	985	5	ignoring	ignore	VERB
ftr-397	985	6	the	the	DET
ftr-397	985	7	“	"	PUNCT
ftr-397	985	8	to	to	ADP
ftr-397	985	9	customers	customer	NOUN
ftr-397	985	10	”	"	PUNCT
ftr-397	985	11	requirement	requirement	NOUN
ftr-397	985	12	with	with	ADP
ftr-397	985	13	respect	respect	NOUN
ftr-397	985	14	to	to	ADP
ftr-397	985	15	taxpayers	taxpayer	NOUN
ftr-397	985	16	other	other	ADJ
ftr-397	985	17	than	than	ADP
ftr-397	985	18	securities	security	NOUN
ftr-397	985	19	traders	trader	NOUN
ftr-397	985	20	,	,	PUNCT
ftr-397	985	21	the	the	DET
ftr-397	985	22	legislature	legislature	NOUN
ftr-397	985	23	,	,	PUNCT
ftr-397	985	24	in	in	ADP
ftr-397	985	25	enacting	enact	VERB
ftr-397	985	26	the	the	DET
ftr-397	985	27	irc	irc	PROPN
ftr-397	985	28	section	section	NOUN
ftr-397	985	29	475(f	475(f	PROPN
ftr-397	985	30	)	)	PUNCT
ftr-397	985	31	mark	mark	NOUN
ftr-397	985	32	-	-	PUNCT
ftr-397	985	33	to	to	ADP
ftr-397	985	34	-	-	PUNCT
ftr-397	985	35	market	market	NOUN
ftr-397	985	36	election	election	NOUN
ftr-397	985	37	for	for	ADP
ftr-397	985	38	traders	trader	NOUN
ftr-397	985	39	,	,	PUNCT
ftr-397	985	40	has	have	AUX
ftr-397	985	41	made	make	VERB
ftr-397	985	42	significantly	significantly	ADV
ftr-397	985	43	moot	moot	VERB
ftr-397	985	44	the	the	DET
ftr-397	985	45	legislatively	legislatively	ADV
ftr-397	985	46	enacted	enact	VERB
ftr-397	985	47	(	(	PUNCT
ftr-397	985	48	and	and	CCONJ
ftr-397	985	49	court	court	NOUN
ftr-397	985	50	-	-	PUNCT
ftr-397	985	51	aided	aid	VERB
ftr-397	985	52	)	)	PUNCT
ftr-397	985	53	distinction	distinction	NOUN
ftr-397	985	54	made	make	VERB
ftr-397	985	55	between	between	ADP
ftr-397	985	56	those	those	DET
ftr-397	985	57	taxpayers	taxpayer	NOUN
ftr-397	985	58	in	in	ADP
ftr-397	985	59	a	a	DET
ftr-397	985	60	trade	trade	NOUN
ftr-397	985	61	or	or	CCONJ
ftr-397	985	62	business	business	NOUN
ftr-397	985	63	who	who	PRON
ftr-397	985	64	have	have	VERB
ftr-397	985	65	customers	customer	NOUN
ftr-397	985	66	and	and	CCONJ
ftr-397	985	67	those	those	PRON
ftr-397	985	68	who	who	PRON
ftr-397	985	69	do	do	VERB
ftr-397	985	70	not	not	PART
ftr-397	985	71	.	.	PUNCT
ftr-397	986	1	c.	c.	NOUN
ftr-397	986	2	an	an	DET
ftr-397	986	3	argument	argument	NOUN
ftr-397	986	4	for	for	ADP
ftr-397	986	5	change	change	NOUN
ftr-397	986	6	the	the	DET
ftr-397	986	7	above	above	ADJ
ftr-397	986	8	discussion	discussion	NOUN
ftr-397	986	9	demonstrates	demonstrate	VERB
ftr-397	986	10	that	that	SCONJ
ftr-397	986	11	the	the	DET
ftr-397	986	12	courts	court	NOUN
ftr-397	986	13	and	and	CCONJ
ftr-397	986	14	congress	congress	PROPN
ftr-397	986	15	have	have	AUX
ftr-397	986	16	already	already	ADV
ftr-397	986	17	taken	take	VERB
ftr-397	986	18	steps	step	NOUN
ftr-397	986	19	to	to	PART
ftr-397	986	20	minimize	minimize	VERB
ftr-397	986	21	the	the	DET
ftr-397	986	22	impact	impact	NOUN
ftr-397	986	23	of	of	ADP
ftr-397	986	24	the	the	DET
ftr-397	986	25	“	"	PUNCT
ftr-397	986	26	to	to	ADP
ftr-397	986	27	customers	customer	NOUN
ftr-397	986	28	”	"	PUNCT
ftr-397	986	29	requirement	requirement	NOUN
ftr-397	986	30	in	in	ADP
ftr-397	986	31	situations	situation	NOUN
ftr-397	986	32	not	not	PART
ftr-397	986	33	involving	involve	VERB
ftr-397	986	34	traders	trader	NOUN
ftr-397	986	35	,	,	PUNCT
ftr-397	986	36	as	as	ADV
ftr-397	986	37	well	well	ADV
ftr-397	986	38	as	as	ADP
ftr-397	986	39	in	in	ADP
ftr-397	986	40	the	the	DET
ftr-397	986	41	trader	trader	NOUN
ftr-397	986	42	context	context	NOUN
ftr-397	986	43	.	.	PUNCT
ftr-397	987	1	one	one	PRON
ftr-397	987	2	should	should	AUX
ftr-397	987	3	also	also	ADV
ftr-397	987	4	not	not	PART
ftr-397	987	5	lose	lose	VERB
ftr-397	987	6	sight	sight	NOUN
ftr-397	987	7	of	of	ADP
ftr-397	987	8	the	the	DET
ftr-397	987	9	fact	fact	NOUN
ftr-397	987	10	that	that	SCONJ
ftr-397	987	11	courts	court	NOUN
ftr-397	987	12	(	(	PUNCT
ftr-397	987	13	and	and	CCONJ
ftr-397	987	14	the	the	DET
ftr-397	987	15	irs	irs	PROPN
ftr-397	987	16	)	)	PUNCT
ftr-397	987	17	have	have	AUX
ftr-397	987	18	also	also	ADV
ftr-397	987	19	done	do	VERB
ftr-397	987	20	their	their	PRON
ftr-397	987	21	part	part	NOUN
ftr-397	987	22	by	by	ADP
ftr-397	987	23	ensuring	ensure	VERB
ftr-397	987	24	that	that	SCONJ
ftr-397	987	25	it	it	PRON
ftr-397	987	26	is	be	AUX
ftr-397	987	27	difficult	difficult	ADJ
ftr-397	987	28	to	to	PART
ftr-397	987	29	qualify	qualify	VERB
ftr-397	987	30	as	as	ADP
ftr-397	987	31	a	a	DET
ftr-397	987	32	trader	trader	NOUN
ftr-397	987	33	under	under	ADP
ftr-397	987	34	current	current	ADJ
ftr-397	987	35	law.219	law.219	NOUN
ftr-397	987	36	as	as	SCONJ
ftr-397	987	37	discussed	discuss	VERB
ftr-397	987	38	in	in	ADP
ftr-397	987	39	section	section	NOUN
ftr-397	987	40	iii	iii	NOUN
ftr-397	987	41	above	above	ADV
ftr-397	987	42	,	,	PUNCT
ftr-397	987	43	proving	prove	VERB
ftr-397	987	44	that	that	SCONJ
ftr-397	987	45	one	one	NOUN
ftr-397	987	46	is	be	AUX
ftr-397	987	47	a	a	DET
ftr-397	987	48	trader	trader	NOUN
ftr-397	987	49	is	be	AUX
ftr-397	987	50	a	a	DET
ftr-397	987	51	non	non	ADJ
ftr-397	987	52	-	-	ADJ
ftr-397	987	53	trivial	trivial	ADJ
ftr-397	987	54	undertaking	undertaking	NOUN
ftr-397	987	55	.	.	PUNCT
ftr-397	988	1	the	the	DET
ftr-397	988	2	taxpayer	taxpayer	NOUN
ftr-397	988	3	in	in	ADP
ftr-397	988	4	question	question	NOUN
ftr-397	988	5	must	must	AUX
ftr-397	988	6	show	show	VERB
ftr-397	988	7	that	that	SCONJ
ftr-397	988	8	his	his	PRON
ftr-397	988	9	trading	trading	NOUN
ftr-397	988	10	behaviors	behavior	NOUN
ftr-397	988	11	are	be	AUX
ftr-397	988	12	frequent	frequent	ADJ
ftr-397	988	13	,	,	PUNCT
ftr-397	988	14	regular	regular	ADJ
ftr-397	988	15	,	,	PUNCT
ftr-397	988	16	continuous	continuous	ADJ
ftr-397	988	17	,	,	PUNCT
ftr-397	988	18	non	non	ADJ
ftr-397	988	19	-	-	ADJ
ftr-397	988	20	sporadic	sporadic	ADJ
ftr-397	988	21	,	,	PUNCT
ftr-397	988	22	and	and	CCONJ
ftr-397	988	23	must	must	AUX
ftr-397	988	24	also	also	ADV
ftr-397	988	25	show	show	VERB
ftr-397	988	26	that	that	SCONJ
ftr-397	988	27	the	the	DET
ftr-397	988	28	gain	gain	NOUN
ftr-397	988	29	he	he	PRON
ftr-397	988	30	realizes	realize	VERB
ftr-397	988	31	from	from	ADP
ftr-397	988	32	the	the	DET
ftr-397	988	33	activities	activity	NOUN
ftr-397	988	34	are	be	AUX
ftr-397	988	35	of	of	ADP
ftr-397	988	36	the	the	DET
ftr-397	988	37	appropriate	appropriate	ADJ
ftr-397	988	38	type.220	type.220	NOUN
ftr-397	988	39	while	while	SCONJ
ftr-397	988	40	court	court	NOUN
ftr-397	988	41	decisions	decision	NOUN
ftr-397	988	42	have	have	AUX
ftr-397	988	43	varied	vary	VERB
ftr-397	988	44	on	on	ADP
ftr-397	988	45	a	a	DET
ftr-397	988	46	case	case	NOUN
ftr-397	988	47	-	-	PUNCT
ftr-397	988	48	by	by	ADP
ftr-397	988	49	-	-	PUNCT
ftr-397	988	50	case	case	NOUN
ftr-397	988	51	basis	basis	NOUN
ftr-397	988	52	,	,	PUNCT
ftr-397	988	53	the	the	DET
ftr-397	988	54	standard	standard	NOUN
ftr-397	988	55	is	be	AUX
ftr-397	988	56	generally	generally	ADV
ftr-397	988	57	quite	quite	ADV
ftr-397	988	58	onerous	onerous	ADJ
ftr-397	988	59	.	.	PUNCT
ftr-397	989	1	in	in	ADP
ftr-397	989	2	part	part	NOUN
ftr-397	989	3	because	because	SCONJ
ftr-397	989	4	of	of	ADP
ftr-397	989	5	the	the	DET
ftr-397	989	6	difficulty	difficulty	NOUN
ftr-397	989	7	of	of	ADP
ftr-397	989	8	qualifying	qualify	VERB
ftr-397	989	9	as	as	ADP
ftr-397	989	10	a	a	DET
ftr-397	989	11	trader	trader	NOUN
ftr-397	989	12	before	before	ADP
ftr-397	989	13	the	the	DET
ftr-397	989	14	courts	court	NOUN
ftr-397	989	15	,	,	PUNCT
ftr-397	989	16	a	a	DET
ftr-397	989	17	repeal	repeal	NOUN
ftr-397	989	18	of	of	ADP
ftr-397	989	19	the	the	DET
ftr-397	989	20	“	"	PUNCT
ftr-397	989	21	to	to	ADP
ftr-397	989	22	customers	customer	NOUN
ftr-397	989	23	”	"	PUNCT
ftr-397	989	24	requirement	requirement	NOUN
ftr-397	989	25	would	would	AUX
ftr-397	989	26	not	not	PART
ftr-397	989	27	necessarily	necessarily	ADV
ftr-397	989	28	result	result	VERB
ftr-397	989	29	in	in	ADP
ftr-397	989	30	the	the	DET
ftr-397	989	31	feared	fear	VERB
ftr-397	989	32	widespread	widespread	ADJ
ftr-397	989	33	abuse	abuse	NOUN
ftr-397	989	34	by	by	ADP
ftr-397	989	35	traders	trader	NOUN
ftr-397	989	36	taking	take	VERB
ftr-397	989	37	such	such	ADJ
ftr-397	989	38	losses	loss	NOUN
ftr-397	989	39	as	as	ADP
ftr-397	989	40	ordinary	ordinary	ADJ
ftr-397	989	41	losses	loss	NOUN
ftr-397	989	42	.	.	PUNCT
ftr-397	990	1	provided	provide	VERB
ftr-397	990	2	that	that	SCONJ
ftr-397	990	3	this	this	DET
ftr-397	990	4	high	high	ADJ
ftr-397	990	5	standard	standard	NOUN
ftr-397	990	6	is	be	AUX
ftr-397	990	7	properly	properly	ADV
ftr-397	990	8	applied	apply	VERB
ftr-397	990	9	by	by	ADP
ftr-397	990	10	courts	court	NOUN
ftr-397	990	11	,	,	PUNCT
ftr-397	990	12	sporadically	sporadically	ADV
ftr-397	990	13	trading	trade	VERB
ftr-397	990	14	taxpayers	taxpayer	NOUN
ftr-397	990	15	,	,	PUNCT
ftr-397	990	16	taxpayers	taxpayer	NOUN
ftr-397	990	17	who	who	PRON
ftr-397	990	18	hold	hold	VERB
ftr-397	990	19	securities	security	NOUN
ftr-397	990	20	with	with	ADP
ftr-397	990	21	a	a	DET
ftr-397	990	22	too	too	ADV
ftr-397	990	23	-	-	PUNCT
ftr-397	990	24	long	long	ADJ
ftr-397	990	25	holding	holding	NOUN
ftr-397	990	26	period	period	NOUN
ftr-397	990	27	(	(	PUNCT
ftr-397	990	28	including	include	VERB
ftr-397	990	29	taxpayers	taxpayer	NOUN
ftr-397	990	30	that	that	PRON
ftr-397	990	31	are	be	AUX
ftr-397	990	32	investment	investment	NOUN
ftr-397	990	33	funds	fund	NOUN
ftr-397	990	34	)	)	PUNCT
ftr-397	990	35	,	,	PUNCT
ftr-397	990	36	and	and	CCONJ
ftr-397	990	37	“	"	PUNCT
ftr-397	990	38	dilettante	dilettante	ADJ
ftr-397	990	39	”	"	PUNCT
ftr-397	990	40	taxpayers	taxpayer	NOUN
ftr-397	990	41	who	who	PRON
ftr-397	990	42	buy	buy	VERB
ftr-397	990	43	and	and	CCONJ
ftr-397	990	44	sell	sell	VERB
ftr-397	990	45	securities	security	NOUN
ftr-397	990	46	as	as	ADP
ftr-397	990	47	a	a	DET
ftr-397	990	48	hobby	hobby	NOUN
ftr-397	990	49	would	would	AUX
ftr-397	990	50	not	not	PART
ftr-397	990	51	qualify	qualify	VERB
ftr-397	990	52	for	for	ADP
ftr-397	990	53	trader	trader	NOUN
ftr-397	990	54	treatment	treatment	NOUN
ftr-397	990	55	.	.	PUNCT
ftr-397	991	1	furthermore	furthermore	ADV
ftr-397	991	2	,	,	PUNCT
ftr-397	991	3	as	as	SCONJ
ftr-397	991	4	discussed	discuss	VERB
ftr-397	991	5	in	in	ADP
ftr-397	991	6	section	section	NOUN
ftr-397	991	7	v.b	v.b	PROPN
ftr-397	991	8	,	,	PUNCT
ftr-397	991	9	above	above	ADV
ftr-397	991	10	,	,	PUNCT
ftr-397	991	11	a	a	DET
ftr-397	991	12	trader	trader	NOUN
ftr-397	991	13	who	who	PRON
ftr-397	991	14	has	have	AUX
ftr-397	991	15	suffered	suffer	VERB
ftr-397	991	16	large	large	ADJ
ftr-397	991	17	and	and	CCONJ
ftr-397	991	18	irrecoverable	irrecoverable	ADJ
ftr-397	991	19	losses	loss	NOUN
ftr-397	991	20	is	be	AUX
ftr-397	991	21	already	already	ADV
ftr-397	991	22	able	able	ADJ
ftr-397	991	23	to	to	PART
ftr-397	991	24	make	make	VERB
ftr-397	991	25	the	the	DET
ftr-397	991	26	irc	irc	NOUN
ftr-397	991	27	section	section	NOUN
ftr-397	991	28	475(f	475(f	PROPN
ftr-397	991	29	)	)	PUNCT
ftr-397	991	30	election	election	NOUN
ftr-397	991	31	to	to	PART
ftr-397	991	32	convert	convert	VERB
ftr-397	991	33	such	such	ADJ
ftr-397	991	34	losses	loss	NOUN
ftr-397	991	35	into	into	ADP
ftr-397	991	36	ordinary	ordinary	ADJ
ftr-397	991	37	losses	loss	NOUN
ftr-397	991	38	under	under	ADP
ftr-397	991	39	present	present	ADJ
ftr-397	991	40	law	law	NOUN
ftr-397	991	41	.	.	PUNCT
ftr-397	992	1	it	it	PRON
ftr-397	992	2	is	be	AUX
ftr-397	992	3	true	true	ADJ
ftr-397	992	4	that	that	SCONJ
ftr-397	992	5	the	the	DET
ftr-397	992	6	trader	trader	NOUN
ftr-397	992	7	is	be	AUX
ftr-397	992	8	generally	generally	ADV
ftr-397	992	9	required	require	VERB
ftr-397	992	10	to	to	PART
ftr-397	992	11	make	make	VERB
ftr-397	992	12	the	the	DET
ftr-397	992	13	election	election	NOUN
ftr-397	992	14	by	by	ADP
ftr-397	992	15	the	the	DET
ftr-397	992	16	due	due	ADJ
ftr-397	992	17	date	date	NOUN
ftr-397	992	18	(	(	PUNCT
ftr-397	992	19	without	without	ADP
ftr-397	992	20	regard	regard	NOUN
ftr-397	992	21	to	to	ADP
ftr-397	992	22	extensions	extension	NOUN
ftr-397	992	23	)	)	PUNCT
ftr-397	992	24	of	of	ADP
ftr-397	992	25	the	the	DET
ftr-397	992	26	original	original	ADJ
ftr-397	992	27	federal	federal	ADJ
ftr-397	992	28	income	income	NOUN
ftr-397	992	29	tax	tax	NOUN
ftr-397	992	30	return	return	NOUN
ftr-397	992	31	for	for	ADP
ftr-397	992	32	the	the	DET
ftr-397	992	33	taxable	taxable	ADJ
ftr-397	992	34	year	year	NOUN
ftr-397	992	35	immediately	immediately	ADV
ftr-397	992	36	preceding	precede	VERB
ftr-397	992	37	the	the	DET
ftr-397	992	38	year	year	NOUN
ftr-397	992	39	the	the	DET
ftr-397	992	40	taxpayer	taxpayer	NOUN
ftr-397	992	41	wants	want	VERB
ftr-397	992	42	to	to	PART
ftr-397	992	43	election	election	VERB
ftr-397	992	44	to	to	PART
ftr-397	992	45	be	be	AUX
ftr-397	992	46	effective	effective	ADJ
ftr-397	992	47	,	,	PUNCT
ftr-397	992	48	thereby	thereby	ADV
ftr-397	992	49	eliminating	eliminate	VERB
ftr-397	992	50	the	the	DET
ftr-397	992	51	benefits	benefit	NOUN
ftr-397	992	52	of	of	ADP
ftr-397	992	53	219	219	NUM
ftr-397	992	54	.	.	PUNCT
ftr-397	993	1	see	see	VERB
ftr-397	993	2	section	section	NOUN
ftr-397	993	3	iii.a	iii.a	PROPN
ftr-397	993	4	,	,	PUNCT
ftr-397	993	5	supra	supra	NOUN
ftr-397	993	6	;	;	PUNCT
ftr-397	993	7	see	see	VERB
ftr-397	993	8	also	also	ADV
ftr-397	993	9	rev	rev	VERB
ftr-397	993	10	.	.	PUNCT
ftr-397	994	1	rul	rul	PROPN
ftr-397	994	2	.	.	PUNCT
ftr-397	994	3	2008	2008	NUM
ftr-397	994	4	-	-	SYM
ftr-397	994	5	12	12	NUM
ftr-397	994	6	(	(	PUNCT
ftr-397	994	7	imposing	impose	VERB
ftr-397	994	8	investment	investment	NOUN
ftr-397	994	9	interest	interest	NOUN
ftr-397	994	10	limitation	limitation	NOUN
ftr-397	994	11	on	on	ADP
ftr-397	994	12	non	non	ADJ
ftr-397	994	13	-	-	ADJ
ftr-397	994	14	materially	materially	ADV
ftr-397	994	15	participating	participate	VERB
ftr-397	994	16	limited	limited	ADJ
ftr-397	994	17	partner	partner	NOUN
ftr-397	994	18	’s	’s	PART
ftr-397	994	19	distributive	distributive	ADJ
ftr-397	994	20	share	share	NOUN
ftr-397	994	21	of	of	ADP
ftr-397	994	22	partnership	partnership	NOUN
ftr-397	994	23	income	income	NOUN
ftr-397	994	24	)	)	PUNCT
ftr-397	994	25	.	.	PUNCT
ftr-397	995	1	220	220	NUM
ftr-397	995	2	.	.	PUNCT
ftr-397	996	1	i	i	PRON
ftr-397	996	2	d.	d.	PROPN
ftr-397	996	3	1166	1166	NUM
ftr-397	996	4	florida	florida	PROPN
ftr-397	996	5	tax	tax	PROPN
ftr-397	996	6	review	review	NOUN
ftr-397	997	1	[	[	X
ftr-397	997	2	vol	vol	NOUN
ftr-397	997	3	.	.	PUNCT
ftr-397	997	4	8:10	8:10	NUM
ftr-397	997	5	retroactive	retroactive	ADJ
ftr-397	997	6	tax	tax	NOUN
ftr-397	997	7	planning.221	planning.221	NOUN
ftr-397	997	8	however	however	ADV
ftr-397	997	9	,	,	PUNCT
ftr-397	997	10	it	it	PRON
ftr-397	997	11	would	would	AUX
ftr-397	997	12	be	be	AUX
ftr-397	997	13	naïve	naïve	ADJ
ftr-397	997	14	to	to	PART
ftr-397	997	15	think	think	VERB
ftr-397	997	16	that	that	SCONJ
ftr-397	997	17	this	this	DET
ftr-397	997	18	deadline	deadline	NOUN
ftr-397	997	19	eliminates	eliminate	VERB
ftr-397	997	20	all	all	DET
ftr-397	997	21	the	the	DET
ftr-397	997	22	benefits	benefit	NOUN
ftr-397	997	23	of	of	ADP
ftr-397	997	24	retroactivity	retroactivity	NOUN
ftr-397	997	25	.	.	PUNCT
ftr-397	998	1	for	for	ADP
ftr-397	998	2	example	example	NOUN
ftr-397	998	3	,	,	PUNCT
ftr-397	998	4	an	an	DET
ftr-397	998	5	individual	individual	ADJ
ftr-397	998	6	trader	trader	NOUN
ftr-397	998	7	expecting	expect	VERB
ftr-397	998	8	to	to	PART
ftr-397	998	9	suffer	suffer	VERB
ftr-397	998	10	large	large	ADJ
ftr-397	998	11	losses	loss	NOUN
ftr-397	998	12	in	in	ADP
ftr-397	998	13	july	july	PROPN
ftr-397	998	14	2008	2008	NUM
ftr-397	998	15	might	might	AUX
ftr-397	998	16	well	well	ADV
ftr-397	998	17	be	be	AUX
ftr-397	998	18	able	able	ADJ
ftr-397	998	19	to	to	PART
ftr-397	998	20	make	make	VERB
ftr-397	998	21	an	an	DET
ftr-397	998	22	informed	informed	ADJ
ftr-397	998	23	guess	guess	NOUN
ftr-397	998	24	as	as	ADP
ftr-397	998	25	to	to	ADP
ftr-397	998	26	whether	whether	SCONJ
ftr-397	998	27	it	it	PRON
ftr-397	998	28	would	would	AUX
ftr-397	998	29	be	be	AUX
ftr-397	998	30	wise	wise	ADJ
ftr-397	998	31	to	to	PART
ftr-397	998	32	make	make	VERB
ftr-397	998	33	the	the	DET
ftr-397	998	34	election	election	NOUN
ftr-397	998	35	with	with	ADP
ftr-397	998	36	his	his	PRON
ftr-397	998	37	2007	2007	NUM
ftr-397	998	38	tax	tax	NOUN
ftr-397	998	39	return	return	NOUN
ftr-397	998	40	on	on	ADP
ftr-397	998	41	april	april	PROPN
ftr-397	998	42	15	15	NUM
ftr-397	998	43	,	,	PUNCT
ftr-397	998	44	2008	2008	NUM
ftr-397	998	45	,	,	PUNCT
ftr-397	998	46	thereby	thereby	ADV
ftr-397	998	47	converting	convert	VERB
ftr-397	998	48	those	those	DET
ftr-397	998	49	losses	loss	NOUN
ftr-397	998	50	to	to	ADP
ftr-397	998	51	ordinary	ordinary	ADJ
ftr-397	998	52	losses	loss	NOUN
ftr-397	998	53	for	for	ADP
ftr-397	998	54	the	the	DET
ftr-397	998	55	2008	2008	NUM
ftr-397	998	56	taxable	taxable	ADJ
ftr-397	998	57	year	year	NOUN
ftr-397	998	58	.	.	PUNCT
ftr-397	999	1	in	in	ADP
ftr-397	999	2	light	light	NOUN
ftr-397	999	3	of	of	ADP
ftr-397	999	4	the	the	DET
ftr-397	999	5	difficulty	difficulty	NOUN
ftr-397	999	6	of	of	ADP
ftr-397	999	7	qualifying	qualify	VERB
ftr-397	999	8	for	for	ADP
ftr-397	999	9	trader	trader	NOUN
ftr-397	999	10	treatment	treatment	NOUN
ftr-397	999	11	and	and	CCONJ
ftr-397	999	12	the	the	DET
ftr-397	999	13	widespread	widespread	ADJ
ftr-397	999	14	availability	availability	NOUN
ftr-397	999	15	of	of	ADP
ftr-397	999	16	the	the	DET
ftr-397	999	17	mark	mark	NOUN
ftr-397	999	18	-	-	PUNCT
ftr-397	999	19	to	to	ADP
ftr-397	999	20	-	-	PUNCT
ftr-397	999	21	market	market	NOUN
ftr-397	999	22	election	election	NOUN
ftr-397	999	23	,	,	PUNCT
ftr-397	999	24	a	a	DET
ftr-397	999	25	repeal	repeal	NOUN
ftr-397	999	26	of	of	ADP
ftr-397	999	27	the	the	DET
ftr-397	999	28	“	"	PUNCT
ftr-397	999	29	to	to	ADP
ftr-397	999	30	customers	customer	NOUN
ftr-397	999	31	”	"	PUNCT
ftr-397	999	32	requirement	requirement	NOUN
ftr-397	999	33	need	need	AUX
ftr-397	999	34	not	not	PART
ftr-397	999	35	lead	lead	VERB
ftr-397	999	36	to	to	ADP
ftr-397	999	37	increased	increase	VERB
ftr-397	999	38	abuses	abuse	NOUN
ftr-397	999	39	,	,	PUNCT
ftr-397	999	40	such	such	ADJ
ftr-397	999	41	as	as	ADP
ftr-397	999	42	traders	trader	NOUN
ftr-397	999	43	taking	take	VERB
ftr-397	999	44	runaway	runaway	ADJ
ftr-397	999	45	deductions	deduction	NOUN
ftr-397	999	46	of	of	ADP
ftr-397	999	47	ordinary	ordinary	ADJ
ftr-397	999	48	trading	trading	NOUN
ftr-397	999	49	losses	loss	NOUN
ftr-397	999	50	against	against	ADP
ftr-397	999	51	other	other	ADJ
ftr-397	999	52	income	income	NOUN
ftr-397	999	53	.	.	PUNCT
ftr-397	1000	1	such	such	ADJ
ftr-397	1000	2	repeal	repeal	NOUN
ftr-397	1000	3	would	would	AUX
ftr-397	1000	4	also	also	ADV
ftr-397	1000	5	reduce	reduce	VERB
ftr-397	1000	6	the	the	DET
ftr-397	1000	7	degree	degree	NOUN
ftr-397	1000	8	of	of	ADP
ftr-397	1000	9	complexity	complexity	NOUN
ftr-397	1000	10	currently	currently	ADV
ftr-397	1000	11	involved	involve	VERB
ftr-397	1000	12	in	in	ADP
ftr-397	1000	13	taxing	tax	VERB
ftr-397	1000	14	traders	trader	NOUN
ftr-397	1000	15	.	.	PUNCT
ftr-397	1001	1	this	this	DET
ftr-397	1001	2	article	article	NOUN
ftr-397	1001	3	therefore	therefore	ADV
ftr-397	1001	4	recommends	recommend	VERB
ftr-397	1001	5	a	a	DET
ftr-397	1001	6	two	two	NUM
ftr-397	1001	7	-	-	PUNCT
ftr-397	1001	8	pronged	pronged	ADJ
ftr-397	1001	9	approach	approach	NOUN
ftr-397	1001	10	to	to	ADP
ftr-397	1001	11	dealing	deal	VERB
ftr-397	1001	12	with	with	ADP
ftr-397	1001	13	the	the	DET
ftr-397	1001	14	problems	problem	NOUN
ftr-397	1001	15	with	with	ADP
ftr-397	1001	16	the	the	DET
ftr-397	1001	17	current	current	ADJ
ftr-397	1001	18	rules	rule	NOUN
ftr-397	1001	19	on	on	ADP
ftr-397	1001	20	trader	trader	NOUN
ftr-397	1001	21	taxation	taxation	NOUN
ftr-397	1001	22	.	.	PUNCT
ftr-397	1002	1	first	first	ADV
ftr-397	1002	2	,	,	PUNCT
ftr-397	1002	3	for	for	ADP
ftr-397	1002	4	the	the	DET
ftr-397	1002	5	reasons	reason	NOUN
ftr-397	1002	6	extensively	extensively	ADV
ftr-397	1002	7	argued	argue	VERB
ftr-397	1002	8	above	above	ADV
ftr-397	1002	9	,	,	PUNCT
ftr-397	1002	10	the	the	DET
ftr-397	1002	11	“	"	PUNCT
ftr-397	1002	12	to	to	ADP
ftr-397	1002	13	customers	customer	NOUN
ftr-397	1002	14	”	"	PUNCT
ftr-397	1002	15	requirement	requirement	NOUN
ftr-397	1002	16	in	in	ADP
ftr-397	1002	17	irc	irc	PROPN
ftr-397	1002	18	section	section	NOUN
ftr-397	1002	19	1221(a)(1	1221(a)(1	NUM
ftr-397	1002	20	)	)	PUNCT
ftr-397	1002	21	should	should	AUX
ftr-397	1002	22	be	be	AUX
ftr-397	1002	23	repealed	repeal	VERB
ftr-397	1002	24	and	and	CCONJ
ftr-397	1002	25	the	the	DET
ftr-397	1002	26	currently	currently	ADV
ftr-397	1002	27	optional	optional	ADJ
ftr-397	1002	28	markto	markto	NOUN
ftr-397	1002	29	-	-	PUNCT
ftr-397	1002	30	market	market	NOUN
ftr-397	1002	31	accounting	accounting	NOUN
ftr-397	1002	32	method	method	NOUN
ftr-397	1002	33	made	make	VERB
ftr-397	1002	34	mandatory	mandatory	ADJ
ftr-397	1002	35	.	.	PUNCT
ftr-397	1003	1	with	with	ADP
ftr-397	1003	2	these	these	DET
ftr-397	1003	3	steps	step	NOUN
ftr-397	1003	4	,	,	PUNCT
ftr-397	1003	5	the	the	DET
ftr-397	1003	6	taxation	taxation	NOUN
ftr-397	1003	7	of	of	ADP
ftr-397	1003	8	traders	trader	NOUN
ftr-397	1003	9	would	would	AUX
ftr-397	1003	10	be	be	AUX
ftr-397	1003	11	brought	bring	VERB
ftr-397	1003	12	more	more	ADV
ftr-397	1003	13	or	or	CCONJ
ftr-397	1003	14	less	less	ADJ
ftr-397	1003	15	in	in	ADP
ftr-397	1003	16	line	line	NOUN
ftr-397	1003	17	with	with	ADP
ftr-397	1003	18	that	that	PRON
ftr-397	1003	19	of	of	ADP
ftr-397	1003	20	dealers	dealer	NOUN
ftr-397	1003	21	,	,	PUNCT
ftr-397	1003	22	including	include	VERB
ftr-397	1003	23	with	with	ADP
ftr-397	1003	24	respect	respect	NOUN
ftr-397	1003	25	to	to	ADP
ftr-397	1003	26	the	the	DET
ftr-397	1003	27	requirement	requirement	NOUN
ftr-397	1003	28	that	that	SCONJ
ftr-397	1003	29	mark	mark	NOUN
ftr-397	1003	30	-	-	PUNCT
ftr-397	1003	31	to	to	ADP
ftr-397	1003	32	-	-	PUNCT
ftr-397	1003	33	market	market	NOUN
ftr-397	1003	34	accounting	accounting	NOUN
ftr-397	1003	35	be	be	AUX
ftr-397	1003	36	used	use	VERB
ftr-397	1003	37	for	for	ADP
ftr-397	1003	38	securities	security	NOUN
ftr-397	1003	39	held	hold	VERB
ftr-397	1003	40	in	in	ADP
ftr-397	1003	41	the	the	DET
ftr-397	1003	42	trader	trader	NOUN
ftr-397	1003	43	’s	’s	PART
ftr-397	1003	44	trade	trade	NOUN
ftr-397	1003	45	or	or	CCONJ
ftr-397	1003	46	business	business	NOUN
ftr-397	1003	47	.	.	PUNCT
ftr-397	1004	1	this	this	PRON
ftr-397	1004	2	is	be	AUX
ftr-397	1004	3	arguably	arguably	ADV
ftr-397	1004	4	what	what	PRON
ftr-397	1004	5	the	the	DET
ftr-397	1004	6	mark	mark	NOUN
ftr-397	1004	7	-	-	PUNCT
ftr-397	1004	8	to	to	ADP
ftr-397	1004	9	-	-	PUNCT
ftr-397	1004	10	market	market	NOUN
ftr-397	1004	11	election	election	NOUN
ftr-397	1004	12	already	already	ADV
ftr-397	1004	13	does	do	VERB
ftr-397	1004	14	in	in	ADP
ftr-397	1004	15	the	the	DET
ftr-397	1004	16	first	first	ADJ
ftr-397	1004	17	place	place	NOUN
ftr-397	1004	18	.	.	PUNCT
ftr-397	1005	1	repealing	repeal	VERB
ftr-397	1005	2	the	the	DET
ftr-397	1005	3	“	"	PUNCT
ftr-397	1005	4	to	to	ADP
ftr-397	1005	5	customers	customer	NOUN
ftr-397	1005	6	”	"	PUNCT
ftr-397	1005	7	requirement	requirement	NOUN
ftr-397	1005	8	and	and	CCONJ
ftr-397	1005	9	imposing	impose	VERB
ftr-397	1005	10	on	on	ADP
ftr-397	1005	11	traders	trader	NOUN
ftr-397	1005	12	the	the	DET
ftr-397	1005	13	symmetrical	symmetrical	ADJ
ftr-397	1005	14	tax	tax	NOUN
ftr-397	1005	15	treatment	treatment	NOUN
ftr-397	1005	16	(	(	PUNCT
ftr-397	1005	17	and	and	CCONJ
ftr-397	1005	18	mark	mark	NOUN
ftr-397	1005	19	-	-	PUNCT
ftr-397	1005	20	to	to	ADP
ftr-397	1005	21	-	-	PUNCT
ftr-397	1005	22	market	market	NOUN
ftr-397	1005	23	accounting	accounting	NOUN
ftr-397	1005	24	approach	approach	NOUN
ftr-397	1005	25	)	)	PUNCT
ftr-397	1005	26	currently	currently	ADV
ftr-397	1005	27	required	require	VERB
ftr-397	1005	28	of	of	ADP
ftr-397	1005	29	dealers	dealer	NOUN
ftr-397	1005	30	would	would	AUX
ftr-397	1005	31	eliminate	eliminate	VERB
ftr-397	1005	32	the	the	DET
ftr-397	1005	33	statutory	statutory	ADJ
ftr-397	1005	34	asymmetry	asymmetry	NOUN
ftr-397	1005	35	and	and	CCONJ
ftr-397	1005	36	its	its	PRON
ftr-397	1005	37	associated	associated	ADJ
ftr-397	1005	38	problems	problem	NOUN
ftr-397	1005	39	,	,	PUNCT
ftr-397	1005	40	and	and	CCONJ
ftr-397	1005	41	would	would	AUX
ftr-397	1005	42	also	also	ADV
ftr-397	1005	43	eliminate	eliminate	VERB
ftr-397	1005	44	the	the	DET
ftr-397	1005	45	simultaneous	simultaneous	ADJ
ftr-397	1005	46	complexity	complexity	NOUN
ftr-397	1005	47	and	and	CCONJ
ftr-397	1005	48	inadequacy	inadequacy	NOUN
ftr-397	1005	49	of	of	ADP
ftr-397	1005	50	having	have	VERB
ftr-397	1005	51	an	an	DET
ftr-397	1005	52	elective	elective	ADJ
ftr-397	1005	53	mark	mark	NOUN
ftr-397	1005	54	-	-	PUNCT
ftr-397	1005	55	to	to	ADP
ftr-397	1005	56	-	-	PUNCT
ftr-397	1005	57	market	market	NOUN
ftr-397	1005	58	election	election	NOUN
ftr-397	1005	59	in	in	ADP
ftr-397	1005	60	the	the	DET
ftr-397	1005	61	first	first	ADJ
ftr-397	1005	62	place.222	place.222	PROPN
ftr-397	1005	63	second	second	ADJ
ftr-397	1005	64	,	,	PUNCT
ftr-397	1005	65	once	once	SCONJ
ftr-397	1005	66	the	the	DET
ftr-397	1005	67	“	"	PUNCT
ftr-397	1005	68	to	to	ADP
ftr-397	1005	69	customers	customer	NOUN
ftr-397	1005	70	”	"	PUNCT
ftr-397	1005	71	requirement	requirement	NOUN
ftr-397	1005	72	has	have	AUX
ftr-397	1005	73	been	be	AUX
ftr-397	1005	74	repealed	repeal	VERB
ftr-397	1005	75	,	,	PUNCT
ftr-397	1005	76	and	and	CCONJ
ftr-397	1005	77	the	the	DET
ftr-397	1005	78	gains	gain	NOUN
ftr-397	1005	79	and	and	CCONJ
ftr-397	1005	80	losses	loss	NOUN
ftr-397	1005	81	of	of	ADP
ftr-397	1005	82	traders	trader	NOUN
ftr-397	1005	83	rendered	render	VERB
ftr-397	1005	84	ordinary	ordinary	ADJ
ftr-397	1005	85	,	,	PUNCT
ftr-397	1005	86	the	the	DET
ftr-397	1005	87	irs	irs	PROPN
ftr-397	1005	88	could	could	AUX
ftr-397	1005	89	then	then	ADV
ftr-397	1005	90	help	help	VERB
ftr-397	1005	91	to	to	PART
ftr-397	1005	92	prevent	prevent	VERB
ftr-397	1005	93	taxpayer	taxpayer	NOUN
ftr-397	1005	94	abuses	abuse	NOUN
ftr-397	1005	95	by	by	ADP
ftr-397	1005	96	promulgating	promulgate	VERB
ftr-397	1005	97	more	more	ADV
ftr-397	1005	98	specific	specific	ADJ
ftr-397	1005	99	and	and	CCONJ
ftr-397	1005	100	stringent	stringent	ADJ
ftr-397	1005	101	guidance	guidance	NOUN
ftr-397	1005	102	regarding	regard	VERB
ftr-397	1005	103	the	the	DET
ftr-397	1005	104	precise	precise	ADJ
ftr-397	1005	105	requirements	requirement	NOUN
ftr-397	1005	106	that	that	PRON
ftr-397	1005	107	must	must	AUX
ftr-397	1005	108	be	be	AUX
ftr-397	1005	109	met	meet	VERB
ftr-397	1005	110	in	in	ADP
ftr-397	1005	111	order	order	NOUN
ftr-397	1005	112	to	to	PART
ftr-397	1005	113	qualify	qualify	VERB
ftr-397	1005	114	for	for	ADP
ftr-397	1005	115	trader	trader	NOUN
ftr-397	1005	116	221	221	NUM
ftr-397	1005	117	.	.	PUNCT
ftr-397	1006	1	rev	rev	PROPN
ftr-397	1006	2	.	.	PROPN
ftr-397	1006	3	proc	proc	PROPN
ftr-397	1006	4	.	.	PUNCT
ftr-397	1007	1	99	99	NUM
ftr-397	1007	2	-	-	SYM
ftr-397	1007	3	17	17	NUM
ftr-397	1007	4	,	,	PUNCT
ftr-397	1007	5	1999	1999	NUM
ftr-397	1007	6	-	-	SYM
ftr-397	1007	7	7	7	NUM
ftr-397	1007	8	i.r.b	i.r.b	NOUN
ftr-397	1007	9	.	.	PUNCT
ftr-397	1008	1	52	52	NUM
ftr-397	1008	2	,	,	PUNCT
ftr-397	1008	3	section	section	NOUN
ftr-397	1008	4	5.02	5.02	NUM
ftr-397	1008	5	.	.	PUNCT
ftr-397	1009	1	however	however	ADV
ftr-397	1009	2	,	,	PUNCT
ftr-397	1009	3	for	for	ADP
ftr-397	1009	4	taxpayers	taxpayer	NOUN
ftr-397	1009	5	for	for	ADP
ftr-397	1009	6	which	which	PRON
ftr-397	1009	7	a	a	DET
ftr-397	1009	8	tax	tax	NOUN
ftr-397	1009	9	return	return	NOUN
ftr-397	1009	10	was	be	AUX
ftr-397	1009	11	not	not	PART
ftr-397	1009	12	required	require	VERB
ftr-397	1009	13	to	to	PART
ftr-397	1009	14	be	be	AUX
ftr-397	1009	15	filed	file	VERB
ftr-397	1009	16	for	for	ADP
ftr-397	1009	17	the	the	DET
ftr-397	1009	18	tax	tax	NOUN
ftr-397	1009	19	year	year	NOUN
ftr-397	1009	20	preceding	precede	VERB
ftr-397	1009	21	the	the	DET
ftr-397	1009	22	election	election	NOUN
ftr-397	1009	23	year	year	NOUN
ftr-397	1009	24	,	,	PUNCT
ftr-397	1009	25	the	the	DET
ftr-397	1009	26	election	election	NOUN
ftr-397	1009	27	must	must	AUX
ftr-397	1009	28	be	be	AUX
ftr-397	1009	29	filed	file	VERB
ftr-397	1009	30	no	no	ADV
ftr-397	1009	31	later	later	ADV
ftr-397	1009	32	than	than	ADP
ftr-397	1009	33	two	two	NUM
ftr-397	1009	34	months	month	NOUN
ftr-397	1009	35	and	and	CCONJ
ftr-397	1009	36	15	15	NUM
ftr-397	1009	37	days	day	NOUN
ftr-397	1009	38	after	after	ADP
ftr-397	1009	39	the	the	DET
ftr-397	1009	40	first	first	ADJ
ftr-397	1009	41	day	day	NOUN
ftr-397	1009	42	of	of	ADP
ftr-397	1009	43	the	the	DET
ftr-397	1009	44	election	election	NOUN
ftr-397	1009	45	year	year	NOUN
ftr-397	1009	46	.	.	PUNCT
ftr-397	1010	1	222	222	X
ftr-397	1010	2	.	.	PUNCT
ftr-397	1011	1	see	see	VERB
ftr-397	1011	2	,	,	PUNCT
ftr-397	1011	3	e.g.	e.g.	ADV
ftr-397	1011	4	,	,	PUNCT
ftr-397	1011	5	james	james	PROPN
ftr-397	1011	6	s.	s.	PROPN
ftr-397	1011	7	eustice	eustice	PROPN
ftr-397	1011	8	,	,	PUNCT
ftr-397	1011	9	abusive	abusive	ADJ
ftr-397	1011	10	tax	tax	NOUN
ftr-397	1011	11	shelters	shelter	NOUN
ftr-397	1011	12	:	:	PUNCT
ftr-397	1011	13	old	old	ADJ
ftr-397	1011	14	“	"	PUNCT
ftr-397	1011	15	brine	brine	NOUN
ftr-397	1011	16	”	"	PUNCT
ftr-397	1011	17	in	in	ADP
ftr-397	1011	18	new	new	ADJ
ftr-397	1011	19	bottles	bottle	NOUN
ftr-397	1011	20	,	,	PUNCT
ftr-397	1011	21	55	55	NUM
ftr-397	1011	22	tax	tax	NOUN
ftr-397	1011	23	law	law	NOUN
ftr-397	1011	24	rev	rev	VERB
ftr-397	1011	25	.	.	PROPN
ftr-397	1011	26	135	135	NUM
ftr-397	1011	27	,	,	PUNCT
ftr-397	1011	28	142	142	NUM
ftr-397	1011	29	&	&	CCONJ
ftr-397	1011	30	n.39	n.39	PROPN
ftr-397	1011	31	(	(	PUNCT
ftr-397	1011	32	2002	2002	NUM
ftr-397	1011	33	)	)	PUNCT
ftr-397	1011	34	(	(	PUNCT
ftr-397	1011	35	“	"	PUNCT
ftr-397	1011	36	the	the	DET
ftr-397	1011	37	current	current	ADJ
ftr-397	1011	38	realization	realization	NOUN
ftr-397	1011	39	-	-	PUNCT
ftr-397	1011	40	based	base	VERB
ftr-397	1011	41	income	income	NOUN
ftr-397	1011	42	tax	tax	NOUN
ftr-397	1011	43	,	,	PUNCT
ftr-397	1011	44	lacking	lack	VERB
ftr-397	1011	45	extensive	extensive	ADJ
ftr-397	1011	46	mark	mark	NOUN
ftr-397	1011	47	-	-	PUNCT
ftr-397	1011	48	to	to	ADP
ftr-397	1011	49	-	-	PUNCT
ftr-397	1011	50	market	market	NOUN
ftr-397	1011	51	rules	rule	NOUN
ftr-397	1011	52	for	for	ADP
ftr-397	1011	53	readily	readily	ADV
ftr-397	1011	54	tradable	tradable	ADJ
ftr-397	1011	55	assets	asset	NOUN
ftr-397	1011	56	,	,	PUNCT
ftr-397	1011	57	leaves	leave	VERB
ftr-397	1011	58	the	the	DET
ftr-397	1011	59	timing	timing	NOUN
ftr-397	1011	60	of	of	ADP
ftr-397	1011	61	gain	gain	NOUN
ftr-397	1011	62	or	or	CCONJ
ftr-397	1011	63	loss	loss	NOUN
ftr-397	1011	64	recognition	recognition	NOUN
ftr-397	1011	65	in	in	ADP
ftr-397	1011	66	the	the	DET
ftr-397	1011	67	hands	hand	NOUN
ftr-397	1011	68	of	of	ADP
ftr-397	1011	69	the	the	DET
ftr-397	1011	70	holder	holder	NOUN
ftr-397	1011	71	of	of	ADP
ftr-397	1011	72	the	the	DET
ftr-397	1011	73	property	property	NOUN
ftr-397	1011	74	…	…	SYM
ftr-397	1011	75	taxpayers	taxpayer	NOUN
ftr-397	1011	76	’	'	PUNCT
ftr-397	1011	77	ability	ability	NOUN
ftr-397	1011	78	to	to	PART
ftr-397	1011	79	select	select	VERB
ftr-397	1011	80	which	which	DET
ftr-397	1011	81	gains	gain	NOUN
ftr-397	1011	82	or	or	CCONJ
ftr-397	1011	83	losses	loss	NOUN
ftr-397	1011	84	are	be	AUX
ftr-397	1011	85	to	to	PART
ftr-397	1011	86	be	be	AUX
ftr-397	1011	87	recognized	recognize	VERB
ftr-397	1011	88	for	for	ADP
ftr-397	1011	89	tax	tax	NOUN
ftr-397	1011	90	purposes	purpose	NOUN
ftr-397	1011	91	,	,	PUNCT
ftr-397	1011	92	and	and	CCONJ
ftr-397	1011	93	when	when	SCONJ
ftr-397	1011	94	that	that	DET
ftr-397	1011	95	event	event	NOUN
ftr-397	1011	96	is	be	AUX
ftr-397	1011	97	to	to	PART
ftr-397	1011	98	occur	occur	VERB
ftr-397	1011	99	,	,	PUNCT
ftr-397	1011	100	is	be	AUX
ftr-397	1011	101	a	a	DET
ftr-397	1011	102	common	common	ADJ
ftr-397	1011	103	theme	theme	NOUN
ftr-397	1011	104	in	in	ADP
ftr-397	1011	105	many	many	ADJ
ftr-397	1011	106	tax	tax	NOUN
ftr-397	1011	107	shelter	shelter	NOUN
ftr-397	1011	108	transaction	transaction	NOUN
ftr-397	1011	109	planning	planning	NOUN
ftr-397	1011	110	scenarios	scenario	NOUN
ftr-397	1011	111	”	"	PUNCT
ftr-397	1011	112	;	;	PUNCT
ftr-397	1011	113	“	"	PUNCT
ftr-397	1011	114	[	[	X
ftr-397	1011	115	w]hile	w]hile	PROPN
ftr-397	1011	116	§	§	PROPN
ftr-397	1011	117	475	475	NUM
ftr-397	1011	118	has	have	AUX
ftr-397	1011	119	imposed	impose	VERB
ftr-397	1011	120	a	a	DET
ftr-397	1011	121	mark	mark	NOUN
ftr-397	1011	122	-	-	PUNCT
ftr-397	1011	123	tomarket	tomarket	NOUN
ftr-397	1011	124	regime	regime	NOUN
ftr-397	1011	125	for	for	ADP
ftr-397	1011	126	certain	certain	ADJ
ftr-397	1011	127	traded	trade	VERB
ftr-397	1011	128	securities	security	NOUN
ftr-397	1011	129	,	,	PUNCT
ftr-397	1011	130	it	it	PRON
ftr-397	1011	131	has	have	AUX
ftr-397	1011	132	done	do	VERB
ftr-397	1011	133	so	so	ADV
ftr-397	1011	134	only	only	ADV
ftr-397	1011	135	on	on	ADP
ftr-397	1011	136	a	a	DET
ftr-397	1011	137	limited	limited	ADJ
ftr-397	1011	138	basis	basis	NOUN
ftr-397	1011	139	for	for	ADP
ftr-397	1011	140	limited	limited	ADJ
ftr-397	1011	141	classes	class	NOUN
ftr-397	1011	142	of	of	ADP
ftr-397	1011	143	taxpayers	taxpayer	NOUN
ftr-397	1011	144	”	"	PUNCT
ftr-397	1011	145	)	)	PUNCT
ftr-397	1011	146	;	;	PUNCT
ftr-397	1011	147	sheppard	sheppard	NOUN
ftr-397	1011	148	,	,	PUNCT
ftr-397	1011	149	supra	supra	PROPN
ftr-397	1011	150	note	note	NOUN
ftr-397	1011	151	5	5	NUM
ftr-397	1011	152	,	,	PUNCT
ftr-397	1011	153	at	at	ADP
ftr-397	1011	154	721	721	NUM
ftr-397	1011	155	-	-	SYM
ftr-397	1011	156	22	22	NUM
ftr-397	1011	157	(	(	PUNCT
ftr-397	1011	158	arguing	argue	VERB
ftr-397	1011	159	that	that	SCONJ
ftr-397	1011	160	markto	markto	NOUN
ftr-397	1011	161	-	-	PUNCT
ftr-397	1011	162	market	market	NOUN
ftr-397	1011	163	accounting	accounting	NOUN
ftr-397	1011	164	should	should	AUX
ftr-397	1011	165	be	be	AUX
ftr-397	1011	166	required	require	VERB
ftr-397	1011	167	for	for	ADP
ftr-397	1011	168	securities	security	NOUN
ftr-397	1011	169	traders	trader	NOUN
ftr-397	1011	170	)	)	PUNCT
ftr-397	1011	171	.	.	PUNCT
ftr-397	1012	1	2008	2008	NUM
ftr-397	1012	2	]	]	PUNCT
ftr-397	1013	1	a	a	DET
ftr-397	1013	2	structural	structural	ADJ
ftr-397	1013	3	critique	critique	NOUN
ftr-397	1013	4	of	of	ADP
ftr-397	1013	5	trader	trader	NOUN
ftr-397	1013	6	taxation	taxation	NOUN
ftr-397	1013	7	1167	1167	NUM
ftr-397	1013	8	taxation.223	taxation.223	ADP
ftr-397	1013	9	such	such	ADJ
ftr-397	1013	10	guidance	guidance	NOUN
ftr-397	1013	11	could	could	AUX
ftr-397	1013	12	,	,	PUNCT
ftr-397	1013	13	for	for	ADP
ftr-397	1013	14	example	example	NOUN
ftr-397	1013	15	,	,	PUNCT
ftr-397	1013	16	state	state	NOUN
ftr-397	1013	17	exactly	exactly	ADV
ftr-397	1013	18	what	what	DET
ftr-397	1013	19	level	level	NOUN
ftr-397	1013	20	of	of	ADP
ftr-397	1013	21	activity	activity	NOUN
ftr-397	1013	22	is	be	AUX
ftr-397	1013	23	required	require	VERB
ftr-397	1013	24	to	to	PART
ftr-397	1013	25	qualify	qualify	VERB
ftr-397	1013	26	as	as	ADP
ftr-397	1013	27	a	a	DET
ftr-397	1013	28	trader	trader	NOUN
ftr-397	1013	29	or	or	CCONJ
ftr-397	1013	30	could	could	AUX
ftr-397	1013	31	clarify	clarify	VERB
ftr-397	1013	32	that	that	DET
ftr-397	1013	33	partnership	partnership	NOUN
ftr-397	1013	34	and	and	CCONJ
ftr-397	1013	35	individual	individual	ADJ
ftr-397	1013	36	“	"	PUNCT
ftr-397	1013	37	traders	trader	NOUN
ftr-397	1013	38	”	"	PUNCT
ftr-397	1013	39	that	that	PRON
ftr-397	1013	40	undergo	undergo	VERB
ftr-397	1013	41	a	a	DET
ftr-397	1013	42	change	change	NOUN
ftr-397	1013	43	in	in	ADP
ftr-397	1013	44	investment	investment	NOUN
ftr-397	1013	45	strategy	strategy	NOUN
ftr-397	1013	46	from	from	ADP
ftr-397	1013	47	shortterm	shortterm	PROPN
ftr-397	1013	48	to	to	ADP
ftr-397	1013	49	long	long	ADJ
ftr-397	1013	50	-	-	PUNCT
ftr-397	1013	51	term	term	NOUN
ftr-397	1013	52	investments	investment	NOUN
ftr-397	1013	53	during	during	ADP
ftr-397	1013	54	the	the	DET
ftr-397	1013	55	tax	tax	NOUN
ftr-397	1013	56	year	year	NOUN
ftr-397	1013	57	are	be	AUX
ftr-397	1013	58	not	not	PART
ftr-397	1013	59	considered	consider	VERB
ftr-397	1013	60	traders	trader	NOUN
ftr-397	1013	61	.	.	PUNCT
ftr-397	1014	1	this	this	DET
ftr-397	1014	2	guidance	guidance	NOUN
ftr-397	1014	3	could	could	AUX
ftr-397	1014	4	perhaps	perhaps	ADV
ftr-397	1014	5	be	be	AUX
ftr-397	1014	6	incorporated	incorporate	VERB
ftr-397	1014	7	into	into	ADP
ftr-397	1014	8	federal	federal	ADJ
ftr-397	1014	9	income	income	NOUN
ftr-397	1014	10	tax	tax	NOUN
ftr-397	1014	11	return	return	NOUN
ftr-397	1014	12	filings	filing	NOUN
ftr-397	1014	13	by	by	ADP
ftr-397	1014	14	requiring	require	VERB
ftr-397	1014	15	taxpayers	taxpayer	NOUN
ftr-397	1014	16	claiming	claim	VERB
ftr-397	1014	17	trader	trader	NOUN
ftr-397	1014	18	status	status	NOUN
ftr-397	1014	19	to	to	PART
ftr-397	1014	20	declare	declare	VERB
ftr-397	1014	21	or	or	CCONJ
ftr-397	1014	22	certify	certify	VERB
ftr-397	1014	23	on	on	ADP
ftr-397	1014	24	their	their	PRON
ftr-397	1014	25	tax	tax	NOUN
ftr-397	1014	26	returns	return	NOUN
ftr-397	1014	27	that	that	PRON
ftr-397	1014	28	they	they	PRON
ftr-397	1014	29	have	have	AUX
ftr-397	1014	30	fulfilled	fulfil	VERB
ftr-397	1014	31	certain	certain	ADJ
ftr-397	1014	32	requirements	requirement	NOUN
ftr-397	1014	33	(	(	PUNCT
ftr-397	1014	34	for	for	ADP
ftr-397	1014	35	example	example	NOUN
ftr-397	1014	36	,	,	PUNCT
ftr-397	1014	37	by	by	ADP
ftr-397	1014	38	making	make	VERB
ftr-397	1014	39	such	such	ADJ
ftr-397	1014	40	taxpayers	taxpayer	NOUN
ftr-397	1014	41	check	check	VERB
ftr-397	1014	42	a	a	DET
ftr-397	1014	43	box	box	NOUN
ftr-397	1014	44	stating	state	VERB
ftr-397	1014	45	that	that	SCONJ
ftr-397	1014	46	they	they	PRON
ftr-397	1014	47	are	be	AUX
ftr-397	1014	48	claiming	claim	VERB
ftr-397	1014	49	trader	trader	NOUN
ftr-397	1014	50	status	status	NOUN
ftr-397	1014	51	)	)	PUNCT
ftr-397	1014	52	.	.	PUNCT
ftr-397	1015	1	such	such	DET
ftr-397	1015	2	an	an	DET
ftr-397	1015	3	approach	approach	NOUN
ftr-397	1015	4	would	would	AUX
ftr-397	1015	5	make	make	VERB
ftr-397	1015	6	it	it	PRON
ftr-397	1015	7	harder	hard	ADJ
ftr-397	1015	8	for	for	SCONJ
ftr-397	1015	9	taxpayers	taxpayer	NOUN
ftr-397	1015	10	to	to	PART
ftr-397	1015	11	claim	claim	VERB
ftr-397	1015	12	trader	trader	NOUN
ftr-397	1015	13	status	status	NOUN
ftr-397	1015	14	while	while	SCONJ
ftr-397	1015	15	making	make	VERB
ftr-397	1015	16	it	it	PRON
ftr-397	1015	17	easier	easy	ADJ
ftr-397	1015	18	for	for	SCONJ
ftr-397	1015	19	the	the	DET
ftr-397	1015	20	irs	irs	PROPN
ftr-397	1015	21	to	to	PART
ftr-397	1015	22	identify	identify	VERB
ftr-397	1015	23	taxpayer	taxpayer	NOUN
ftr-397	1015	24	abuses	abuse	NOUN
ftr-397	1015	25	.	.	PUNCT
ftr-397	1016	1	this	this	DET
ftr-397	1016	2	two	two	NUM
ftr-397	1016	3	-	-	PUNCT
ftr-397	1016	4	pronged	pronged	ADJ
ftr-397	1016	5	approach	approach	NOUN
ftr-397	1016	6	would	would	AUX
ftr-397	1016	7	go	go	VERB
ftr-397	1016	8	a	a	DET
ftr-397	1016	9	long	long	ADJ
ftr-397	1016	10	way	way	NOUN
ftr-397	1016	11	toward	toward	ADP
ftr-397	1016	12	ameliorating	ameliorate	VERB
ftr-397	1016	13	the	the	DET
ftr-397	1016	14	problems	problem	NOUN
ftr-397	1016	15	,	,	PUNCT
ftr-397	1016	16	discussed	discuss	VERB
ftr-397	1016	17	above	above	ADV
ftr-397	1016	18	,	,	PUNCT
ftr-397	1016	19	associated	associate	VERB
ftr-397	1016	20	with	with	ADP
ftr-397	1016	21	the	the	DET
ftr-397	1016	22	current	current	ADJ
ftr-397	1016	23	tax	tax	NOUN
ftr-397	1016	24	treatment	treatment	NOUN
ftr-397	1016	25	of	of	ADP
ftr-397	1016	26	traders	trader	NOUN
ftr-397	1016	27	.	.	PUNCT
ftr-397	1017	1	it	it	PRON
ftr-397	1017	2	would	would	AUX
ftr-397	1017	3	also	also	ADV
ftr-397	1017	4	help	help	VERB
ftr-397	1017	5	to	to	PART
ftr-397	1017	6	discourage	discourage	VERB
ftr-397	1017	7	taxpayers	taxpayer	NOUN
ftr-397	1017	8	who	who	PRON
ftr-397	1017	9	do	do	AUX
ftr-397	1017	10	not	not	PART
ftr-397	1017	11	qualify	qualify	VERB
ftr-397	1017	12	as	as	ADP
ftr-397	1017	13	traders	trader	NOUN
ftr-397	1017	14	from	from	ADP
ftr-397	1017	15	taking	take	VERB
ftr-397	1017	16	the	the	DET
ftr-397	1017	17	position	position	NOUN
ftr-397	1017	18	that	that	SCONJ
ftr-397	1017	19	they	they	PRON
ftr-397	1017	20	are	be	AUX
ftr-397	1017	21	in	in	ADP
ftr-397	1017	22	fact	fact	NOUN
ftr-397	1017	23	traders	trader	NOUN
ftr-397	1017	24	,	,	PUNCT
ftr-397	1017	25	thereby	thereby	ADV
ftr-397	1017	26	reducing	reduce	VERB
ftr-397	1017	27	litigation	litigation	NOUN
ftr-397	1017	28	costs	cost	NOUN
ftr-397	1017	29	.	.	PUNCT
ftr-397	1018	1	such	such	DET
ftr-397	1018	2	an	an	DET
ftr-397	1018	3	approach	approach	NOUN
ftr-397	1018	4	would	would	AUX
ftr-397	1018	5	therefore	therefore	ADV
ftr-397	1018	6	eliminate	eliminate	VERB
ftr-397	1018	7	much	much	ADJ
ftr-397	1018	8	of	of	ADP
ftr-397	1018	9	the	the	DET
ftr-397	1018	10	complexity	complexity	NOUN
ftr-397	1018	11	,	,	PUNCT
ftr-397	1018	12	irrationality	irrationality	NOUN
ftr-397	1018	13	,	,	PUNCT
ftr-397	1018	14	and	and	CCONJ
ftr-397	1018	15	costs	cost	VERB
ftr-397	1018	16	inherent	inherent	ADJ
ftr-397	1018	17	in	in	ADP
ftr-397	1018	18	the	the	DET
ftr-397	1018	19	current	current	ADJ
ftr-397	1018	20	statutory	statutory	ADJ
ftr-397	1018	21	structure	structure	NOUN
ftr-397	1018	22	,	,	PUNCT
ftr-397	1018	23	including	include	VERB
ftr-397	1018	24	the	the	DET
ftr-397	1018	25	costs	cost	NOUN
ftr-397	1018	26	of	of	ADP
ftr-397	1018	27	fact	fact	NOUN
ftr-397	1018	28	-	-	PUNCT
ftr-397	1018	29	specific	specific	ADJ
ftr-397	1018	30	litigation	litigation	NOUN
ftr-397	1018	31	,	,	PUNCT
ftr-397	1018	32	and	and	CCONJ
ftr-397	1018	33	the	the	DET
ftr-397	1018	34	costs	cost	NOUN
ftr-397	1018	35	of	of	ADP
ftr-397	1018	36	the	the	DET
ftr-397	1018	37	complexity	complexity	NOUN
ftr-397	1018	38	surrounding	surround	VERB
ftr-397	1018	39	the	the	DET
ftr-397	1018	40	making	making	NOUN
ftr-397	1018	41	of	of	ADP
ftr-397	1018	42	the	the	DET
ftr-397	1018	43	irc	irc	PROPN
ftr-397	1018	44	section	section	NOUN
ftr-397	1018	45	475(f	475(f	PROPN
ftr-397	1018	46	)	)	PUNCT
ftr-397	1018	47	mark	mark	NOUN
ftr-397	1018	48	-	-	PUNCT
ftr-397	1018	49	to	to	ADP
ftr-397	1018	50	-	-	PUNCT
ftr-397	1018	51	market	market	NOUN
ftr-397	1018	52	election	election	NOUN
ftr-397	1018	53	for	for	ADP
ftr-397	1018	54	traders	trader	NOUN
ftr-397	1018	55	.	.	PUNCT
ftr-397	1019	1	section	section	NOUN
ftr-397	1019	2	vi	vi	PROPN
ftr-397	1019	3	:	:	PUNCT
ftr-397	1019	4	conclusion	conclusion	NOUN
ftr-397	1019	5	this	this	DET
ftr-397	1019	6	article	article	NOUN
ftr-397	1019	7	has	have	AUX
ftr-397	1019	8	argued	argue	VERB
ftr-397	1019	9	that	that	SCONJ
ftr-397	1019	10	,	,	PUNCT
ftr-397	1019	11	in	in	ADP
ftr-397	1019	12	addition	addition	NOUN
ftr-397	1019	13	to	to	ADP
ftr-397	1019	14	a	a	DET
ftr-397	1019	15	number	number	NOUN
ftr-397	1019	16	of	of	ADP
ftr-397	1019	17	policy	policy	NOUN
ftr-397	1019	18	concerns	concern	NOUN
ftr-397	1019	19	,	,	PUNCT
ftr-397	1019	20	there	there	PRON
ftr-397	1019	21	are	be	VERB
ftr-397	1019	22	significant	significant	ADJ
ftr-397	1019	23	structural	structural	ADJ
ftr-397	1019	24	problems	problem	NOUN
ftr-397	1019	25	in	in	ADP
ftr-397	1019	26	the	the	DET
ftr-397	1019	27	current	current	ADJ
ftr-397	1019	28	treatment	treatment	NOUN
ftr-397	1019	29	of	of	ADP
ftr-397	1019	30	taxpayers	taxpayer	NOUN
ftr-397	1019	31	who	who	PRON
ftr-397	1019	32	are	be	AUX
ftr-397	1019	33	traders	trader	NOUN
ftr-397	1019	34	in	in	ADP
ftr-397	1019	35	securities	security	NOUN
ftr-397	1019	36	.	.	PUNCT
ftr-397	1020	1	the	the	DET
ftr-397	1020	2	current	current	ADJ
ftr-397	1020	3	structure	structure	NOUN
ftr-397	1020	4	of	of	ADP
ftr-397	1020	5	the	the	DET
ftr-397	1020	6	statute	statute	NOUN
ftr-397	1020	7	leaves	leave	VERB
ftr-397	1020	8	the	the	DET
ftr-397	1020	9	degree	degree	NOUN
ftr-397	1020	10	to	to	PART
ftr-397	1020	11	which	which	PRON
ftr-397	1020	12	the	the	DET
ftr-397	1020	13	treatment	treatment	NOUN
ftr-397	1020	14	of	of	ADP
ftr-397	1020	15	traders	trader	NOUN
ftr-397	1020	16	is	be	AUX
ftr-397	1020	17	fair	fair	ADJ
ftr-397	1020	18	or	or	CCONJ
ftr-397	1020	19	unfair	unfair	ADJ
ftr-397	1020	20	especially	especially	ADV
ftr-397	1020	21	sensitive	sensitive	ADJ
ftr-397	1020	22	to	to	ADP
ftr-397	1020	23	capital	capital	NOUN
ftr-397	1020	24	gain	gain	NOUN
ftr-397	1020	25	rate	rate	NOUN
ftr-397	1020	26	changes	change	NOUN
ftr-397	1020	27	.	.	PUNCT
ftr-397	1021	1	furthermore	furthermore	ADV
ftr-397	1021	2	,	,	PUNCT
ftr-397	1021	3	the	the	DET
ftr-397	1021	4	current	current	ADJ
ftr-397	1021	5	statutory	statutory	ADJ
ftr-397	1021	6	structure	structure	NOUN
ftr-397	1021	7	is	be	AUX
ftr-397	1021	8	prone	prone	ADJ
ftr-397	1021	9	to	to	ADP
ftr-397	1021	10	widespread	widespread	ADJ
ftr-397	1021	11	proliferation	proliferation	NOUN
ftr-397	1021	12	and	and	CCONJ
ftr-397	1021	13	abuse	abuse	NOUN
ftr-397	1021	14	,	,	PUNCT
ftr-397	1021	15	given	give	VERB
ftr-397	1021	16	the	the	DET
ftr-397	1021	17	increased	increase	VERB
ftr-397	1021	18	magnitude	magnitude	NOUN
ftr-397	1021	19	of	of	ADP
ftr-397	1021	20	trading	trading	NOUN
ftr-397	1021	21	activities	activity	NOUN
ftr-397	1021	22	in	in	ADP
ftr-397	1021	23	the	the	DET
ftr-397	1021	24	present	present	ADJ
ftr-397	1021	25	day	day	NOUN
ftr-397	1021	26	.	.	PUNCT
ftr-397	1022	1	these	these	DET
ftr-397	1022	2	structural	structural	ADJ
ftr-397	1022	3	problems	problem	NOUN
ftr-397	1022	4	stem	stem	VERB
ftr-397	1022	5	from	from	ADP
ftr-397	1022	6	the	the	DET
ftr-397	1022	7	requirement	requirement	NOUN
ftr-397	1022	8	that	that	SCONJ
ftr-397	1022	9	,	,	PUNCT
ftr-397	1022	10	in	in	ADP
ftr-397	1022	11	order	order	NOUN
ftr-397	1022	12	to	to	PART
ftr-397	1022	13	be	be	AUX
ftr-397	1022	14	subject	subject	ADJ
ftr-397	1022	15	to	to	ADP
ftr-397	1022	16	ordinary	ordinary	ADJ
ftr-397	1022	17	income	income	NOUN
ftr-397	1022	18	or	or	CCONJ
ftr-397	1022	19	loss	loss	NOUN
ftr-397	1022	20	treatment	treatment	NOUN
ftr-397	1022	21	on	on	ADP
ftr-397	1022	22	sales	sale	NOUN
ftr-397	1022	23	of	of	ADP
ftr-397	1022	24	securities	security	NOUN
ftr-397	1022	25	held	hold	VERB
ftr-397	1022	26	in	in	ADP
ftr-397	1022	27	their	their	PRON
ftr-397	1022	28	trading	trading	NOUN
ftr-397	1022	29	business	business	NOUN
ftr-397	1022	30	,	,	PUNCT
ftr-397	1022	31	traders	trader	NOUN
ftr-397	1022	32	must	must	AUX
ftr-397	1022	33	sell	sell	VERB
ftr-397	1022	34	such	such	ADJ
ftr-397	1022	35	securities	security	NOUN
ftr-397	1022	36	“	"	PUNCT
ftr-397	1022	37	to	to	ADP
ftr-397	1022	38	customers	customer	NOUN
ftr-397	1022	39	,	,	PUNCT
ftr-397	1022	40	”	"	PUNCT
ftr-397	1022	41	which	which	PRON
ftr-397	1022	42	courts	court	NOUN
ftr-397	1022	43	have	have	AUX
ftr-397	1022	44	held	hold	VERB
ftr-397	1022	45	that	that	SCONJ
ftr-397	1022	46	traders	trader	NOUN
ftr-397	1022	47	do	do	AUX
ftr-397	1022	48	not	not	PART
ftr-397	1022	49	do	do	VERB
ftr-397	1022	50	.	.	PUNCT
ftr-397	1023	1	the	the	DET
ftr-397	1023	2	1934	1934	NUM
ftr-397	1023	3	addition	addition	NOUN
ftr-397	1023	4	of	of	ADP
ftr-397	1023	5	the	the	DET
ftr-397	1023	6	“	"	PUNCT
ftr-397	1023	7	to	to	ADP
ftr-397	1023	8	customers	customer	NOUN
ftr-397	1023	9	”	"	PUNCT
ftr-397	1023	10	requirement	requirement	NOUN
ftr-397	1023	11	came	come	VERB
ftr-397	1023	12	about	about	ADP
ftr-397	1023	13	as	as	ADP
ftr-397	1023	14	a	a	DET
ftr-397	1023	15	response	response	NOUN
ftr-397	1023	16	to	to	ADP
ftr-397	1023	17	the	the	DET
ftr-397	1023	18	“	"	PUNCT
ftr-397	1023	19	abusive	abusive	ADJ
ftr-397	1023	20	”	"	PUNCT
ftr-397	1023	21	behaviors	behavior	NOUN
ftr-397	1023	22	of	of	ADP
ftr-397	1023	23	a	a	DET
ftr-397	1023	24	small	small	ADJ
ftr-397	1023	25	group	group	NOUN
ftr-397	1023	26	of	of	ADP
ftr-397	1023	27	securities	security	NOUN
ftr-397	1023	28	speculators	speculator	NOUN
ftr-397	1023	29	and	and	CCONJ
ftr-397	1023	30	was	be	AUX
ftr-397	1023	31	aimed	aim	VERB
ftr-397	1023	32	at	at	ADP
ftr-397	1023	33	preventing	prevent	VERB
ftr-397	1023	34	them	they	PRON
ftr-397	1023	35	from	from	ADP
ftr-397	1023	36	using	use	VERB
ftr-397	1023	37	ordinary	ordinary	ADJ
ftr-397	1023	38	deductions	deduction	NOUN
ftr-397	1023	39	from	from	ADP
ftr-397	1023	40	their	their	PRON
ftr-397	1023	41	losses	loss	NOUN
ftr-397	1023	42	from	from	ADP
ftr-397	1023	43	speculation	speculation	NOUN
ftr-397	1023	44	to	to	PART
ftr-397	1023	45	offset	offset	VERB
ftr-397	1023	46	other	other	ADJ
ftr-397	1023	47	ordinary	ordinary	ADJ
ftr-397	1023	48	income.224	income.224	NOUN
ftr-397	1023	49	however	however	ADV
ftr-397	1023	50	,	,	PUNCT
ftr-397	1023	51	as	as	ADP
ftr-397	1023	52	with	with	ADP
ftr-397	1023	53	many	many	ADJ
ftr-397	1023	54	other	other	ADJ
ftr-397	1023	55	narrowly	narrowly	ADV
ftr-397	1023	56	focused	focus	VERB
ftr-397	1023	57	“	"	PUNCT
ftr-397	1023	58	anti	anti	ADJ
ftr-397	1023	59	-	-	ADJ
ftr-397	1023	60	abuse	abuse	ADJ
ftr-397	1023	61	”	"	PUNCT
ftr-397	1023	62	provisions	provision	NOUN
ftr-397	1023	63	that	that	PRON
ftr-397	1023	64	have	have	AUX
ftr-397	1023	65	been	be	AUX
ftr-397	1023	66	introduced	introduce	VERB
ftr-397	1023	67	into	into	ADP
ftr-397	1023	68	the	the	DET
ftr-397	1023	69	code	code	NOUN
ftr-397	1023	70	,	,	PUNCT
ftr-397	1023	71	the	the	DET
ftr-397	1023	72	small	small	ADJ
ftr-397	1023	73	differences	difference	NOUN
ftr-397	1023	74	intended	intend	VERB
ftr-397	1023	75	by	by	ADP
ftr-397	1023	76	the	the	DET
ftr-397	1023	77	introduction	introduction	NOUN
ftr-397	1023	78	of	of	ADP
ftr-397	1023	79	these	these	DET
ftr-397	1023	80	two	two	NUM
ftr-397	1023	81	words	word	NOUN
ftr-397	1023	82	have	have	AUX
ftr-397	1023	83	become	become	VERB
ftr-397	1023	84	223	223	NUM
ftr-397	1023	85	.	.	PUNCT
ftr-397	1024	1	see	see	VERB
ftr-397	1024	2	also	also	ADV
ftr-397	1024	3	schwartz	schwartz	PROPN
ftr-397	1024	4	,	,	PUNCT
ftr-397	1024	5	supra	supra	PROPN
ftr-397	1024	6	note	note	PROPN
ftr-397	1024	7	5	5	NUM
ftr-397	1024	8	,	,	PUNCT
ftr-397	1024	9	at	at	ADP
ftr-397	1024	10	436	436	NUM
ftr-397	1024	11	-	-	SYM
ftr-397	1024	12	37	37	NUM
ftr-397	1024	13	.	.	PUNCT
ftr-397	1025	1	224	224	NUM
ftr-397	1025	2	.	.	PUNCT
ftr-397	1026	1	h.r	h.r	PROPN
ftr-397	1026	2	.	.	PROPN
ftr-397	1026	3	conf	conf	PROPN
ftr-397	1026	4	.	.	PUNCT
ftr-397	1027	1	rep	rep	PROPN
ftr-397	1027	2	.	.	PROPN
ftr-397	1027	3	no	no	INTJ
ftr-397	1027	4	.	.	PUNCT
ftr-397	1028	1	73	73	NUM
ftr-397	1028	2	-	-	SYM
ftr-397	1028	3	1385	1385	NUM
ftr-397	1028	4	,	,	PUNCT
ftr-397	1028	5	(	(	PUNCT
ftr-397	1028	6	2d	2d	NUM
ftr-397	1028	7	sess	sess	NOUN
ftr-397	1028	8	.	.	PUNCT
ftr-397	1028	9	)	)	PUNCT
ftr-397	1028	10	,	,	PUNCT
ftr-397	1028	11	at	at	ADP
ftr-397	1028	12	22	22	NUM
ftr-397	1028	13	(	(	PUNCT
ftr-397	1028	14	1934	1934	NUM
ftr-397	1028	15	)	)	PUNCT
ftr-397	1028	16	;	;	PUNCT
ftr-397	1028	17	see	see	VERB
ftr-397	1028	18	also	also	ADV
ftr-397	1028	19	peter	peter	PROPN
ftr-397	1028	20	miller	miller	PROPN
ftr-397	1028	21	,	,	PUNCT
ftr-397	1028	22	supra	supra	PROPN
ftr-397	1028	23	note	note	NOUN
ftr-397	1028	24	125	125	NUM
ftr-397	1028	25	,	,	PUNCT
ftr-397	1028	26	at	at	ADP
ftr-397	1028	27	844	844	NUM
ftr-397	1028	28	-	-	SYM
ftr-397	1028	29	45	45	NUM
ftr-397	1028	30	&	&	CCONJ
ftr-397	1028	31	n.38	n.38	PROPN
ftr-397	1028	32	(	(	PUNCT
ftr-397	1028	33	1950	1950	NUM
ftr-397	1028	34	)	)	PUNCT
ftr-397	1028	35	;	;	PUNCT
ftr-397	1028	36	bittker	bittker	NOUN
ftr-397	1028	37	&	&	CCONJ
ftr-397	1028	38	lokken	lokken	PROPN
ftr-397	1028	39	,	,	PUNCT
ftr-397	1028	40	supra	supra	PROPN
ftr-397	1028	41	note	note	PROPN
ftr-397	1028	42	23	23	NUM
ftr-397	1028	43	,	,	PUNCT
ftr-397	1028	44	at	at	ADP
ftr-397	1028	45	¶	¶	PROPN
ftr-397	1028	46	47.2	47.2	NUM
ftr-397	1028	47	.	.	PUNCT
ftr-397	1029	1	1168	1168	NUM
ftr-397	1029	2	florida	florida	PROPN
ftr-397	1029	3	tax	tax	PROPN
ftr-397	1029	4	review	review	NOUN
ftr-397	1030	1	[	[	X
ftr-397	1030	2	vol	vol	NOUN
ftr-397	1030	3	.	.	PUNCT
ftr-397	1031	1	8:10	8:10	NUM
ftr-397	1031	2	magnified	magnify	VERB
ftr-397	1031	3	in	in	ADP
ftr-397	1031	4	the	the	DET
ftr-397	1031	5	light	light	NOUN
ftr-397	1031	6	of	of	ADP
ftr-397	1031	7	modern	modern	ADJ
ftr-397	1031	8	-	-	PUNCT
ftr-397	1031	9	day	day	NOUN
ftr-397	1031	10	exigencies	exigency	NOUN
ftr-397	1031	11	and	and	CCONJ
ftr-397	1031	12	changes	change	NOUN
ftr-397	1031	13	in	in	ADP
ftr-397	1031	14	the	the	DET
ftr-397	1031	15	tax	tax	NOUN
ftr-397	1031	16	law	law	NOUN
ftr-397	1031	17	,	,	PUNCT
ftr-397	1031	18	and	and	CCONJ
ftr-397	1031	19	have	have	AUX
ftr-397	1031	20	hence	hence	ADV
ftr-397	1031	21	led	lead	VERB
ftr-397	1031	22	to	to	ADP
ftr-397	1031	23	unforeseen	unforeseen	ADJ
ftr-397	1031	24	difficulties	difficulty	NOUN
ftr-397	1031	25	.	.	PUNCT
ftr-397	1032	1	this	this	DET
ftr-397	1032	2	article	article	NOUN
ftr-397	1032	3	has	have	AUX
ftr-397	1032	4	also	also	ADV
ftr-397	1032	5	shown	show	VERB
ftr-397	1032	6	that	that	SCONJ
ftr-397	1032	7	there	there	PRON
ftr-397	1032	8	have	have	AUX
ftr-397	1032	9	already	already	ADV
ftr-397	1032	10	been	be	AUX
ftr-397	1032	11	“	"	PUNCT
ftr-397	1032	12	structural	structural	ADJ
ftr-397	1032	13	remediation	remediation	NOUN
ftr-397	1032	14	”	"	PUNCT
ftr-397	1032	15	attempts	attempt	NOUN
ftr-397	1032	16	by	by	ADP
ftr-397	1032	17	the	the	DET
ftr-397	1032	18	courts	court	NOUN
ftr-397	1032	19	and	and	CCONJ
ftr-397	1032	20	by	by	ADP
ftr-397	1032	21	congress	congress	PROPN
ftr-397	1032	22	,	,	PUNCT
ftr-397	1032	23	which	which	PRON
ftr-397	1032	24	serve	serve	VERB
ftr-397	1032	25	to	to	PART
ftr-397	1032	26	effect	effect	VERB
ftr-397	1032	27	a	a	DET
ftr-397	1032	28	de	de	X
ftr-397	1032	29	facto	facto	X
ftr-397	1032	30	repeal	repeal	NOUN
ftr-397	1032	31	of	of	ADP
ftr-397	1032	32	the	the	DET
ftr-397	1032	33	“	"	PUNCT
ftr-397	1032	34	to	to	ADP
ftr-397	1032	35	customers	customer	NOUN
ftr-397	1032	36	”	"	PUNCT
ftr-397	1032	37	requirement	requirement	NOUN
ftr-397	1032	38	and	and	CCONJ
ftr-397	1032	39	to	to	PART
ftr-397	1032	40	render	render	VERB
ftr-397	1032	41	the	the	DET
ftr-397	1032	42	statutory	statutory	ADJ
ftr-397	1032	43	structure	structure	NOUN
ftr-397	1032	44	less	less	ADV
ftr-397	1032	45	imbalanced	imbalanced	ADJ
ftr-397	1032	46	.	.	PUNCT
ftr-397	1033	1	in	in	ADP
ftr-397	1033	2	light	light	NOUN
ftr-397	1033	3	of	of	ADP
ftr-397	1033	4	these	these	DET
ftr-397	1033	5	remediation	remediation	NOUN
ftr-397	1033	6	attempts	attempt	NOUN
ftr-397	1033	7	,	,	PUNCT
ftr-397	1033	8	this	this	DET
ftr-397	1033	9	article	article	NOUN
ftr-397	1033	10	has	have	AUX
ftr-397	1033	11	advocated	advocate	VERB
ftr-397	1033	12	a	a	DET
ftr-397	1033	13	two	two	NUM
ftr-397	1033	14	-	-	PUNCT
ftr-397	1033	15	prong	prong	NOUN
ftr-397	1033	16	approach	approach	NOUN
ftr-397	1033	17	towards	towards	ADP
ftr-397	1033	18	reinventing	reinvent	VERB
ftr-397	1033	19	trader	trader	NOUN
ftr-397	1033	20	taxation	taxation	NOUN
ftr-397	1033	21	:	:	PUNCT
ftr-397	1033	22	the	the	DET
ftr-397	1033	23	elimination	elimination	NOUN
ftr-397	1033	24	of	of	ADP
ftr-397	1033	25	the	the	DET
ftr-397	1033	26	“	"	PUNCT
ftr-397	1033	27	to	to	ADP
ftr-397	1033	28	customers	customer	NOUN
ftr-397	1033	29	”	"	PUNCT
ftr-397	1033	30	requirement	requirement	NOUN
ftr-397	1033	31	and	and	CCONJ
ftr-397	1033	32	simultaneous	simultaneous	ADJ
ftr-397	1033	33	requirement	requirement	NOUN
ftr-397	1033	34	of	of	ADP
ftr-397	1033	35	dealer	dealer	NOUN
ftr-397	1033	36	-	-	PUNCT
ftr-397	1033	37	like	like	ADJ
ftr-397	1033	38	mark	mark	NOUN
ftr-397	1033	39	-	-	PUNCT
ftr-397	1033	40	to	to	ADP
ftr-397	1033	41	-	-	PUNCT
ftr-397	1033	42	market	market	NOUN
ftr-397	1033	43	accounting	accounting	NOUN
ftr-397	1033	44	,	,	PUNCT
ftr-397	1033	45	and	and	CCONJ
ftr-397	1033	46	promulgation	promulgation	NOUN
ftr-397	1033	47	of	of	ADP
ftr-397	1033	48	strict	strict	ADJ
ftr-397	1033	49	and	and	CCONJ
ftr-397	1033	50	concrete	concrete	ADJ
ftr-397	1033	51	guidance	guidance	NOUN
ftr-397	1033	52	containing	contain	VERB
ftr-397	1033	53	clear	clear	ADJ
ftr-397	1033	54	and	and	CCONJ
ftr-397	1033	55	stringent	stringent	ADJ
ftr-397	1033	56	standards	standard	NOUN
ftr-397	1033	57	for	for	ADP
ftr-397	1033	58	“	"	PUNCT
ftr-397	1033	59	trader	trader	NOUN
ftr-397	1033	60	”	"	PUNCT
ftr-397	1033	61	qualification	qualification	NOUN
ftr-397	1033	62	.	.	PUNCT
ftr-397	1034	1	such	such	DET
ftr-397	1034	2	an	an	DET
ftr-397	1034	3	approach	approach	NOUN
ftr-397	1034	4	would	would	AUX
ftr-397	1034	5	help	help	VERB
ftr-397	1034	6	to	to	PART
ftr-397	1034	7	correct	correct	VERB
ftr-397	1034	8	the	the	DET
ftr-397	1034	9	current	current	ADJ
ftr-397	1034	10	statutory	statutory	ADJ
ftr-397	1034	11	imbalances	imbalance	NOUN
ftr-397	1034	12	and	and	CCONJ
ftr-397	1034	13	would	would	AUX
ftr-397	1034	14	also	also	ADV
ftr-397	1034	15	help	help	VERB
ftr-397	1034	16	promote	promote	VERB
ftr-397	1034	17	rationality	rationality	NOUN
ftr-397	1034	18	and	and	CCONJ
ftr-397	1034	19	eliminate	eliminate	VERB
ftr-397	1034	20	unnecessary	unnecessary	ADJ
ftr-397	1034	21	complexity	complexity	NOUN
ftr-397	1034	22	in	in	ADP
ftr-397	1034	23	the	the	DET
ftr-397	1034	24	taxation	taxation	NOUN
ftr-397	1034	25	of	of	ADP
ftr-397	1034	26	traders	trader	NOUN
ftr-397	1034	27	.	.	PUNCT
ftr-397	1035	1	done	do	VERB
ftr-397	1035	2	properly	properly	ADV
ftr-397	1035	3	,	,	PUNCT
ftr-397	1035	4	these	these	DET
ftr-397	1035	5	goals	goal	NOUN
ftr-397	1035	6	could	could	AUX
ftr-397	1035	7	also	also	ADV
ftr-397	1035	8	be	be	AUX
ftr-397	1035	9	accomplished	accomplish	VERB
ftr-397	1035	10	without	without	ADP
ftr-397	1035	11	opening	open	VERB
ftr-397	1035	12	up	up	ADP
ftr-397	1035	13	additional	additional	ADJ
ftr-397	1035	14	loopholes	loophole	NOUN
ftr-397	1035	15	for	for	ADP
ftr-397	1035	16	abuses	abuse	NOUN
ftr-397	1035	17	by	by	ADP
ftr-397	1035	18	traders	trader	NOUN
ftr-397	1035	19	.	.	PUNCT