Iowa State University of Science & Technology v. United States

Per Curiam :*

In this case, Iowa State University of Science and Technology, as plaintiff, seeks to recover a total of $496,280.36, plus interest allowed by law, which was assessed and paid on the income of its wholly owned television station WOI-TV for fiscal years ended June 30, 1962, 1963, 1964, and 1965. The central issues in the case are whether the income in question constituted unrelated business income and, if so, whether expenses derived from the operation of the two university radio stations, WOI-AM and WOI-FM, may be deducted as ordinary and necessary expenses of that business. For…