Produce Exchange Stock Clearing Ass'n v. Helvering

SWAN, Circuit Judge.

The question presented for decision is' whether the petitioner is exempt from income tax by virtue of section 103 (7) of the Revenue Act of 1928 [45 Stat. 812, 813, 26 US CA § 2103 (7) ], granting exemption to “Business leagues, chambers of commerce, real estate boards, or boards of trade, not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or individual.” The Board decided adversely to the taxpayer’s claim of exemption.

The petitioning taxpayer is a corporation, organized under the Stock Corporation Law of New…