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DEBS MEMORIAL RADIO FUND, INC. v. COMMISSIONER

Docket No. 576.

3 T.C. 949 (1944)

DEBS MEMORIAL RADIO FUND, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 5, 1944.

Attorney(s) appearing for the Case

I. Herman Sher, Esq., for the petitioner.

Sidney B. Gambill, Esq., and Laurence F. Casey, Esq., for the respondent.

The Commissioner determined a deficiency of $4,750.85 in 1940 excess profits tax. The petitioner claims (1) exemption from taxation, or, (2) in the alternative, the inclusion of $250,000 in invested capital.

FINDINGS OF FACT.

The petitioner was organized on March 15, 1928, under article 2 of the Stock Corporation Law of the State of New York, for the following stated purposes:

(a) To engage in the business of broadcasting and/or radio-casting by...

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