Alumni Association of the University of Oregon, Inc. - Page 25

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               We disagree with respondent's contention that petitioner was           
          unfairly competing with taxed businesses.                                   
          C.   Conclusion                                                             
               For the foregoing reasons, we hold that petitioner's income            
          from the affinity credit card program is a royalty for purposes             
          of section 511.                                                             
               To reflect the foregoing,                                              

          Decision will be entered                                                    
          under Rule 155.                                                             

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