FUND v. COMMISSIONER

Docket No. 55061.

35 T.C. 490 (1960)

THE LEON A. BEEGHLY FUND, THE UNION NATIONAL BANK OF YOUNGSTOWN, OHIO, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed December 30, 1960.


Attorney(s) appearing for the Case

Howard F. Burns, Esq., L. C. Weiss, Esq., William H. Fleming, Esq., and Alan G. Rorick, Esq., for the petitioner.

William O. Allen, Esq., for the respondent.


DRENNEN, Judge:

Respondent determined a deficiency in petitioner's income tax for the year 1949 in the amount of $10,280,673.27. The deficiency results from respondent's determination that petitioner was not an exempt organization in 1949 and that an accumulation of patent royalties and infringement claims, totaling $15,366,841.12, which had been paid into the registry of various courts by orders of those courts in various patent litigations and which were...

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