PEOPLES BANK AND TRUST COMPANY v. C. I. R.

No. 17384.

415 F.2d 1341 (1969)

PEOPLES BANK AND TRUST COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals Seventh Circuit.

August 4, 1969.


Attorney(s) appearing for the Case

Thomas J. Young, Ernest Knox, Indianapolis, Ind., for petitioner-appellant; Young & Young, Ernest Knox, Indianapolis, Ind., of counsel.

Johnnie M. Walters, Asst. Atty. Gen., Tax Division, Edward L. Rogers, Lee A. Jackson, Harry Baum, Jeanine Jacobs, Attys., U. S. Dept. of Justice, Washington, D. C., for respondent-appellee.

Before KILEY and KERNER, Circuit Judges, and MORGAN, District Judge.


KERNER, Circuit Judge.

This is an appeal from a decision of the Tax Court finding the petitioner deficient in the amounts of $11,026.51, $2,476.99 and $3,888.80 in income taxes for the respective calendar years 1962, 1963 and 1964.

Peoples Bank and Trust Company (Peoples) is a corporation incorporated in the State of Indiana with its principal place of business in Indianapolis, Indiana. Peoples pays interest on its passbook savings accounts on May 1 and November...

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