Credit Managers Ass'n v. Commissioner

KEALY, Circuit Judge.

This is a petition for review of a decision of the Tax Court sustaining the assessment of deficiencies in income tax for the taxable years ending April 30, 1940, and April 30, 1941. We are asked to hold that the Tax Court was wrong in deciding that petitioner is not a business league within the meaning of § 101(7) of the Internal Revenue Code, 26 U.S.C.A.Int. Rev.Code, § 101(7). This section exempts from taxation the income of “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…