NORFOLK NAT. BANK OF C. AND T. v. COMMISSIONER OF INT. REV.

Nos. 3456, 3457.

66 F.2d 48 (1933)

NORFOLK NAT. BANK OF COMMERCE AND TRUSTS v. COMMISSIONER OF INTERNAL REVENUE (two cases).

Circuit Court of Appeals, Fourth Circuit.

June 15, 1933.


Attorney(s) appearing for the Case

Hugh W. Davis and William L. Parker, both of Norfolk, Va., for petitioner.

Helen R. Carloss, Sp. Asst. to Atty. Gen. (Sewall Key, Sp. Asst. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, of Washington, D. C., on the brief), for respondent.

Before PARKER, NORTHCOTT, and SOPER, Circuit Judges.


SOPER, Circuit Judge.

These cases involve income taxes for the years 1924 and 1925 assessed against the Norfolk National Bank of Commerce and Trusts, on account of income received by it, or by the Norfolk National Bank, its predecessor. Interest received in the taxable years was reported by the taxpayer in its returns, but was not included in its computation of gross income on the ground that the interest was derived from obligations of a state or a political subdivision...

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