The Tax Court on Friday held that a day trader who engaged in 46 purchases and 14 sales (in 2002) and 109 purchases and 103 sales (in 2003) was an "investor" and was not a "trader" engaged in the securities business because the numbers of stock purchases were not "substantial."  Cameron v. Commissioner, T.C. Memo. 2007-260 (8/30/07).  Cf. Moller v. United States, 721 F.2d 810 (Fed. Cir. 1983) (83 purchases and 41 sales in one year, and 76 purchases and 30 sales in the following year, were not substantial); Mayer v. Commissioner, T.C. Memo. 1994-209 (1,100 sales and purchases were substantial). The Tax Court in Cameron also noted that note that "petitioner’s collecting unemployment compensation during 2003 further undermines his argument that he was engaged in a trade or business during that year."