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PHILADELPHIA NAT. BANK v. UNITED STATES

No. 81-1331.

666 F.2d 834 (1981)

PHILADELPHIA NATIONAL BANK and Philadelphia National Corporation, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Third Circuit.

Decided December 11, 1981.

Attorney(s) appearing for the Case

John F. Murray, Acting Asst. Atty. Gen., Michael L. Paup, Gary R. Allen, David I. Pincus (argued), Tax Division Dept. of Justice, Washington, D. C., for appellant; Peter F. Vaira, Jr., U. S. Atty., Philadelphia, Pa., of counsel.

Robert R. Batt, Richard Z. Freemann, Jr. (argued), Bonnie S. Brier, Thomas B. Roberts, Philadelphia, Pa., for appellees; Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., of counsel.

Before HUNTER, ROSENN and WEIS, Circuit Judges.

OPINION OF THE COURT

WEIS, Circuit Judge.

Interest on money borrowed by political subdivisions is exempt from federal income tax. In this case, the district court concluded that Temple University, a state-related school in Pennsylvania, had sufficient governmental functions and powers to qualify as a political subdivision. Our review of the record, however, persuades us that although the university has close ties with and is dependent upon the state, a delegation...

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