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WICHITA STATE BANK & T. CO. v. COMMISSIONER OF INT. REV.

No. 7052.

69 F.2d 595 (1934)

WICHITA STATE BANK & TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied April 18, 1934.

Attorney(s) appearing for the Case

Harry C. Weeks, of Wichita Falls, Tex., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., Walter L. Barlow and Sewall Key, Sp. Assts. to Atty. Gen., and E. Barrett Prettyman, Gen. Counsel, and Jacob M. Leinenkugel, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before BRYAN, SIBLEY, and WALKER, Circuit Judges.

SIBLEY, Circuit Judge.

In redetermining the income taxes for 1926 and 1929 of the Wichita State Bank & Trust Company, the Board of Tax Appeals charged to it as income moneys returned to it from the State Depositors' Guaranty Fund and from the liquidation of failed member banks. The bank complains of that action. A Texas statute, Rev. St. 1925, art. 437 et seq., required each state bank to protect its depositors either by a bond or policy of insurance, or by becoming...

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