AUGUSTUS N. HAND, Circuit Judge.
The question raised by this appeal is whether, within the meaning of section 103 (14) of the Revenue Act of 1928 (26 USCA § 2103 (14), the plaintiff Sun-Herald Corporation was "organized for the exclusive purpose of holding title to property" and on that ground exempt from income taxes during the years 1928 and 1929.
The statute invoked provided that:
"The following organizations shall be exempt from taxation under...
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