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Anyone care to comment? Set forth below is the definition of "dealer" from
s475.
"Dealer in securities defined
The term ''dealer in securities'' means a taxpayer who -
(A) regularly purchases securities from or sells securities to customers in
the ordinary course of a trade or business; or
(B) regularly offers to enter into, assume, offset, assign or otherwise
terminate positions in securities with customers in the ordinary course of
a trade or business."
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