Acacia Park Cemetery Ass'n v. Commissioner of Int. Rev.

SPARKS, Circuit Judge.

There was substantial evidence to support the following facts found by the Board. Petitioner, an Illinois corporation, in 1922, constructed a cemetery, the first section of which, 25% acres, was divided into 5,896 fom’-grave lots. These lots were sold by the petitioner under contracts which provided that “the purchase price hereof shall include perpetual care.” Salesmen were instructed to represent to purchasers that a fund of $100,000 was to be established, and that ten per cent of all sales would be placed in that fund, and that the income of the fund would be used for…