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VIRGINIA NATIONAL BANK v. UNITED STATES

No. 71-1317.

450 F.2d 1155 (1971)

VIRGINIA NATIONAL BANK, Appellee, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided November 15, 1971.

Attorney(s) appearing for the Case

David English Carmack, Atty., Tax Div., Dept. of Justice (Johnnie M. Walters, Asst. Atty. Gen., Fred B. Ugast, Acting Asst. Atty. Gen., Meyer Rothwacks, Thomas L. Stapleton, Attys., Tax Div., Dept. of Justice, and Brian P. Gettings, U. S. Atty., and William T. Mason, Jr., Asst. U. S. Atty., on brief), for appellant.

T. Howard Spainhour, Norfolk, Va. (Kaufman, Oberndorfer & Spainhour, Norfolk, Va., on brief), for appellee.

Before HAYNSWORTH, Chief Judge, and WINTER and CRAVEN, Circuit Judges.

CRAVEN, Circuit Judge:

Virginia law requires national banks to pay to the State a tax on shares of bank stock ($1 on each $100 share certificate) assessed against their stockholders. Title 58 Code of Virginia, ch. 10, § 58-465 et seq. Some stockholders (among whom are charities and insurance companies) are exempted from the tax. The banks are required by the State to pay directly to these exempt stockholders an amount equal to the tax that would be assessed...

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