VETERANS FOUNDATION v. C. I. R.

No. 7109.

317 F.2d 456 (1963)

VETERANS FOUNDATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Tenth Circuit.

May 14, 1963.


Attorney(s) appearing for the Case

Kline D. Strong, Salt Lake City, Utah, for petitioner.

Benjamin M. Parker, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson, Robert N. Anderson and Alan D. Pekelner, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before PICKETT and SETH, Circuit Judges, and CHRISTENSEN, District Judge.


PICKETT, Circuit Judge.

This is a petition to review a decision of the Tax Court which determined that for the purpose of computing the petitioner's income tax for the fiscal year 1958 its basis for the articles which it had sold in its stores was zero. Veterans Foundation, 38 T.C. 66. The taxpayer is a nonprofit corporation which was organized under the laws of Utah with no authorized shares of capital stock. Every member in good standing...

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