X Corp., a foreign corporation is not a dealer in securities. X Corp. (for its own account) on a regular and continuous basis trades in securities and commodities on U.S. exchanges through an independent registered broker. X Corp. does not have a U.S. office.

a) Does X Corp. have a U.S. trade or business?

b) Does your answer in 4 (a) change if X Corp. has an employee in N.Y. effecting the

transactions?

c) What if X Corp. is a dealer in securities and does these trades through its N.Y. office?