Show to I O. O 4 t I t t t t t ft t. t 1 f t I II I I I 4 o t WHAT MAKES A BROKER JM J l lt M t I M It M t M t 0 H 1 M 1 M M t f 1 M I M 0 M M M I H tit M M I M M M Unless we are greatly mistaken in the premises premises promises prem prom the law officer of the Internal Revenue Re Bureau will find it difficult to coincide with Special Agent Wheelock's theory of what constitutes a stock stockbroker broker broker The idea of the government representative seems to be that where officers or agents agent of a corporation corporation cor cor- have bought and sold the shares of f the same for their own benefit as they would other stocks the fact constitutes them stock brokers broken under the internal revenue law and as such they are liable for licenses and penalties for failure to take out licenses rf Such a strained construction would make a astock astock astock stock broker broker of about every man who ho has bought boughtor or 01 sold a share of stock in a corporation the since war tax went into effect Certainly it would catch everybody in the tue country including chairmen presidents directors clerks and messengers who whoever whoever Who Whoever ever had anything to do with a corporate reorganization reorganization I If the officers and directors of the Utah Sugar company bought its shares for their own benefit t th that t on its face was a transaction between the buyer and seller and whether in certain circumstances circumstances circumstances circum circum- stances such a transaction might be attacked on ethical grounds or not we WP do not see how it b considered act of the an brokerage on buyers buyer's part paIt It II ri is said that Special Agent Wheelock is i's s sin in some sone doubt concerning the accuracy of his position position tion in the thc matter When the lw legal talent tl nt of h his is Depa Department ha has hm operated on OIl the tile question we think that doubt will be changed to certainty that flint he is I wrong ong |