Publishers pay good money for memberships in the Associated Press. Newspaperdom is agreed that an A. P. franchise can be more or less definitely priced. But last week in Washington the Federal Board of Tax Appeals ruled that a press association membership has no definite value, is an "intangible asset." Intangible also, ruled the Board, are circulation and "good will."
The decision was handed down in a case brought by Strong Publishing Co., publishers of the Chicago Daily News, against the Commissioner of Internal Revenue. Said the Daily News: $220,806.78 excess taxes...
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