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CREDIT BUREAU OF GREATER N. Y. v. COMMISSIONER OF INT. REV.

No. 252, Docket 20544.

162 F.2d 7 (1947)

CREDIT BUREAU OF GREATER NEW YORK, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

June 26, 1947.

Attorney(s) appearing for the Case

Kenneth Carroad, of New York City (Arthur Rosenberg, of New York City, of counsel), for petitioner.

Sewall Key, of Washington, D. C., George A. Stinson, of New York City, and Louise Foster, of Washington, D. C., for respondent.

Before CHASE, CLARK, and FRANK, Circuit Judges.

FRANK, Circuit Judge.

Petitioner claims that it comes within the precise terms of the statutory exemption because it was not "organized" for profit. We will not consider that argument here, since the Tax Court based its decision primarily on Treasury Regulation 103, § 19.101(7)-1, which construes the exemption statute. The pertinent portions of the Regulation are as follows: "A business league is an association of persons having a common business interest, the...

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