Living Funded Trust of Lyman ex rel. Lyman v. Commissioner

*165OPINION.

Hill :

Respondent has determined that petitioner is an association taxable as a corporation, and has computed the deficiency on that, basis. Petitioner assigns such action as error.

The Revenue Act of 1932, in section 13, levies a tax upon the net income of corporations, and in section 1111 (a) (2), provides that “the term ‘corporation’ includes associations, joint-stock companies, and insurance companies.”

*166Neither the facts nor the parties suggest that petitioner is a joint-stock company or an insurance company, and obviously it is not. The sole question is whether it is an…