HEALY, Circuit Judge.
The question in this case is whether a business corporation, wholly owned by an exempt educational institution, whose earnings are entirely devoted to the purposes of the educational institution, is exempt from federal income tax under § 101(6) of the Internal Revenue Code, 26 U.S.C.A. § 101(6), as being organized and operated exclusively for an educational purpose. The trial court decided the question in the affirmative.
The...
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