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During the years in issue, the application fee for a short-form
application was $300.
The Member Services Department collects a delegate fee
whenever a member wishes to lease the trading rights associated
with his membership. The delegate-lessee must submit a delegate
application and pay a nonrefundable delegate fee. Every firm
trading on the CBOT must be registered with petitioner and pay a
registration fee in connection with its registration. All
individuals who are required to wear a badge on the trading floor
must pay the badge fee to petitioner.6 The Member Services
Department collects various miscellaneous fees, including fees
for fingerprinting, certificates, and coat room services.
For financial reporting and tax purposes, petitioner reports
the application, delegate, registration, badge, and miscellaneous
fees as revenues included in gross income. For 1988, 1989, and
1990, these revenues equaled $1,167,750, $1,115,021 and
$2,718,419, respectively.7 For each of the taxable years 1988
6 The badge fees were collected by another department of
the CBOT prior to 1990.
7 The amounts of these other fees and expenses of the
Member Services Department during the taxable years were:
Type of fee 1988 1989 1990
Application fees $720,425$644,550 $766,825
Delegate fees 367,800 391,800 811,200
Registration fees 75,79072,210 74,400
Miscellaneous fees 3,7356,461 83,609
Badge fees 00 982,385
Totals 1,167,750 1,115,021 2,718,419
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