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NATIONAL BANK OF BURLINGTON v. HUNEKE

Nos. 49751, 49752.

98 N.W.2d 7 (1959)

NATIONAL BANK OF BURLINGTON, Trustee under the Will of F. Albert Klein, deceased, Appellee, v. Emil F. HUNEKE, Chairman, and Board of Review of the City of Burlington, Iowa, Appellants. NATIONAL BANK OF BURLINGTON, Executor of the Estate of F. Albert Klein, deceased, Appellee, v. Emil F. HUNEKE, Chairman, and Board of Review of the City of Burlington, Iowa, Appellants.

Supreme Court of Iowa.

July 24, 1959.

Attorney(s) appearing for the Case

H. C. Walsh, City Solicitor, and Pryor, Hale, Plock, Riley & Jones, Burlington, for appellants.

Poor, Cray, Walter & Youngstrom, Burlington, for appellee.

LARSON, Justice.

The issue before us in this appeal is whether funds held in trust for the purpose of establishing and maintaining a nonprofit hospital are exempt from moneys and credits tax by the provisions of Chapter 427, Code of Iowa, 1958, I.C.A. The trial court held they were, and we concur in that conclusion.

The facts are not in dispute. F. Albert Klein, deceased, by will left the residue of his estate to the National Bank of Burlington, Iowa, in trust...

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