The Seventh Circuit Court of Appeals has affirmed a District Court ruling that the American Bar Association’s nonprofit subsidiary known as ABA Retirement Funds does not qualify for tax exemption as a 501(c)(6) business league. The Court said it meets only one of the six criteria for exemption set out in the Treasury regulations. The corporation was originally formed in 1963 “for the sole purpose of providing members of the ABA and their employees” with a retirement plan. It does not have members in the traditional sense. The program competes with other retirement plans in the marketplace. The Regs require (1) an association of persons having some common business interest, (2) whose purpose...