Advertising Associates was assessed additional income taxes by the Commissioner of Internal Revenue. Advertising Associates appealed to the Court of Appeals arguing that it was exempt from income tax under the Omnibus Investments Code. The Court of Appeals ruled against Advertising Associates, finding that it did not qualify for tax exemption as a dealer in securities under the Omnibus Investments Code.
Advertising Associates was assessed additional income taxes by the Commissioner of Internal Revenue. Advertising Associates appealed to the Court of Appeals arguing that it was exempt from income tax under the Omnibus Investments Code. The Court of Appeals ruled against Advertising Associates, finding that it did not qualify for tax exemption as a dealer in securities under the Omnibus Investments Code.
Advertising Associates was assessed additional income taxes by the Commissioner of Internal Revenue. Advertising Associates appealed to the Court of Appeals arguing that it was exempt from income tax under the Omnibus Investments Code. The Court of Appeals ruled against Advertising Associates, finding that it did not qualify for tax exemption as a dealer in securities under the Omnibus Investments Code.