Monterey Public Parking Corporation v. United States

MEMORANDUM OPINION

This is an action for a refund of moneys paid as corporation income taxes for the years 1964, 1965, and 1967. The case was tried as a short cause under Local Rule 108; the parties entered into a stipulation of relevant facts; witnesses were heard; and the matter has been taken under submission for final decision on the merits.

The aforementioned Agreed Statement of Facts, filed on July 10, 1970, is hereby adopted as the Court’s findings of fact in the instant case. The parties have agreed that the questions for the Court are whether or not plaintiff corporation qualifies for exemption for federal income tax under § 501(c) of the Internal Revenue Code of 1954, and if not, whether a certain investment credit claimed for 1964 was correctly determined by defendant. Stipulation #39.

The Court finds that it need not reach the issue of the investment carryover in view of its determination that plaintiff corporation qualifies for exemption from federal income taxes under 26 U.S.C. § 501 (c) (3), (4).

Most briefly summarized, the above mentioned stipulation indicates that plaintiff is a non-profit California corporation operating solely in the city of Monterey. It…