DAVIS, Circuit Judge.
The question in this case is whether or not the Philadelphia Contributionship, the plaintiff-appellee, is exempt from taxes on its income under section 231 (11) of the Revenue Act of 1926 (26 USCA § 982 (11), as a mutual fire insurance company, "the income of which is used or held for the purpose of paying losses or expenses."
The plaintiff is a mutual fire insurance company largely doing business in Philadelphia. Only the holders...
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