United States Board of Tax Appeals April 21, 1926, Docket No. 5061. (Gardner Printing Co. v. Commissioner)

lead-opinion

*39OPINION.

* Tkttssell:

Perhaps the most important asset of a news publishing business is its reading and advertising clientele. The advertising clientele is built up on the basis of an approved subscription list, and, therefore, in the parlance of the publishers’ business, this asset is known as the circulation structure.