State Tax Commission v. PoGM Co.

The State Tax Commission appeals from a decision of the Appellate Tax Board which concluded that the taxpayer, The PoGM Co. (PoGM), was entitled to the tax treatment accorded by G. L. c. 63, § 38B, as appearing in St. 1966, c. 698, § 60, to a corporation (herein called a security corporation) “which is engaged exclusively in buying, selling, dealing in, or holding securities on its own behalf and not as a broker,” provided that the corporation (as here) meets the other conditions of § 38B.1 The question is whether PoGM, which was *612once engaged in the production and sale of jams, jellies, and…