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UNION PLANTERS NAT. BANK OF MEMPHIS v. UNITED STATES

No. 19409.

426 F.2d 115 (1970)

UNION PLANTERS NATIONAL BANK OF MEMPHIS, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

May 4, 1970.

Attorney(s) appearing for the Case

Richard B. Stone, Dept. of Justice, Washington, D. C., for defendant-appellant; Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, William Friedlander, Louis M. Kauder, Attys., Dept. of Justice, Washington, D. C., on brief; Thomas F. Turley, Jr., U. S. Atty., Memphis, Tenn., of counsel.

Cooper Turner, Memphis, Tenn., for plaintiff-appellee; John C. Kimbrough, Memphis, Tenn., on brief; Canada, Russell & Turner, Memphis, Tenn., of counsel.

Before CELEBREZZE, McCREE, and COMBS, Circuit Judges.

McCREE, Circuit Judge.

This appeal presents the question whether coupon interest collected by a bank as owner of municipal bonds subject to repurchase agreements is exempt from taxation under § 103(a) of the Internal Revenue Code. We hold that under the circumstances of this case it is not, and accordingly we reverse the decision of the District Court, 295 F.Supp. 1151 (W.D.Tenn.1968). Since 1938 or 1939, appellant Bank has...

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