FEDERAL NATIONAL BANK v. COMMISSIONER OF INT. REV.

No. 3980.

180 F.2d 494 (1950)

FEDERAL NATIONAL BANK OF SHAWNEE, OKLAHOMA v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Tenth Circuit.

February 13, 1950.


Attorney(s) appearing for the Case

John E. Marshall, Oklahoma City, Okl. (John L. Goode, Shawnee, Okl., on the brief), for petitioner.

Ellis N. Slack, Sp. Asst. to Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen. and A. F. Prescott and S. Dee Hanson, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before PHILLIPS, Chief Judge, and MURRAH and PICKETT, Circuit Judges.


PHILLIPS, Chief Judge.

This is a petition to review a decision of the Tax Court of the United States. It involves a deficiency in corporate income tax asserted against the Federal National Bank of Shawnee, Oklahoma,1 of $8,494.79 for the taxable year 1944.

On or about June 25, 1919, Patrick H. Adams assigned a $20,000 policy of life insurance, theretofore issued to him by the New York Life Insurance Company, to the Security State...

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