United States Board of Tax Appeals June 23, 1925, Docket No. 2268. (Permanent Loan & Sav. Asso. v. Commissioner)

lead-opinion

*133OPINION.

Littleton:

The taxpayer contends that it is entitled to exemption from taxation for the year 1921 under the provisions of section 231 (4) of the Revenue Act of 1921, which provides:

That the following organizations shall be exempt from taxation under this title— * * *

(4) Domestic building and loan associations substantially all the business of which is confined to