SWAN, Circuit Judge.
Section 727 of the Internal Revenue Code, 26 U.S.C.A.Int.Rev. § 727, exempts from the excess profits tax corporations exempt under section 101 from the income tax imposed by chapter 1. Debs Memorial Radio Fund, Inc., is a corporation organized in 1928 under the Stock Corporation Law of the state of New York, Consol.Laws N.Y. c. 59, "to engage in the business of broadcasting"; it operates radio station WEVD. It succeeded an unincorporated...
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