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SECURITY-FIRST NAT. BK. v. FRANCHISE TAX BD.

Docket Nos. Sac. 6952-6968, 6969-6981, 6982-6996.

55 Cal.2d 407 (1961)

359 P.2d 625

11 Cal. Rptr. 289

SECURITY-FIRST NATIONAL BANK OF LOS ANGELES (a National Banking Association), Appellant, v. FRANCHISE TAX BOARD OF THE STATE OF CALIFORNIA, Respondent. (17 Cases) BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (a National Banking Association), Appellant, v. FRANCHISE TAX BOARD OF THE STATE OF CALIFORNIA, Respondent. (13 Cases) THE FARMERS AND MERCHANTS NATIONAL BANK OF LOS ANGELES (a National Banking Association), Appellant, v. FRANCHISE TAX BOARD OF THE STATE OF CALIFORNIA, Respondent. (15 Cases)

Supreme Court of California. In Bank.

February 23, 1961.

Attorney(s) appearing for the Case

O'Melveny & Myers, Pierce Works, Howard J. Deards, Lawler, Felix & Hall, Brenton L. Metzler, Samuel B. Stewart, Jr., and Hugo A. Steinmeyer for Appellants.

Stanley Mosk, Attorney General, James E. Sabine and Irving H. Perluss, Assistant Attorneys General, Ernest P. Goodman, Deputy Attorney General, and Felix S. Wahrhaftig for Respondent.

GIBSON, C.J.

Plaintiffs, national banking associations, appeal from judgments denying recovery in actions for the refund of taxes imposed under the Bank and Corporation Franchise Tax Act during the years 1933 through 1949. (Stats. 1929, ch. 13, p. 19, as amended; Deering's Gen. Laws, 1944, Act 8488.)1

From 1935 through 1949 subdivision 3 of section 4 of the act imposed a franchise tax at the flat rate of 4 per cent of net income...

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