Charlotte Union Bus Station, Inc. v. Commissioner of Internal Revenue

PARKER, Chief Judge.

This is a petition to review a decision of the Tax Court affirming assessment of income and excess profits taxes against the Charlotte Union Bus Station, Inc., for the taxable years ending July 31, 1945, 1946 and 1947. See 19 T.C. 336. Taxpayer is a corporation owning a bus terminal building in Charlotte, N. C. It was organized by three of the principal bus companies using its facilities. These owned all of its capital stock and entered into a written agreement with it that the terminal should be operated without profit and that the expenses of operation in excess of the…