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FIRST CITY BANK v. FRANCHISE TAX BD.

Docket No. 38627.

70 Cal.App.3d 444 (1977)

139 Cal. Rptr. 12

FIRST CITY BANK, Plaintiff and Appellant, v. FRANCHISE TAX BOARD, Defendant and Respondent.

Court of Appeals of California, First District, Division One.

June 7, 1977.

Attorney(s) appearing for the Case

COUNSEL

Landels, Ripley & Diamond, Frederick M. Pownall, William R. Pascoe and Byron J. Massey for Plaintiff and Appellant.

Evelle J. Younger, Attorney General, Ernest P. Goodman, Assistant Attorney General, and Charles Kobayashi, Deputy Attorney General, for Defendant and Respondent.

OPINION

LAZARUS, J.*

Plaintiff First City Bank (hereinafter First City) appeals from a summary judgment denying its claim for a $4,999 tax refund paid to respondent Franchise Tax Board (hereinafter Board). Both sides moved for summary judgment on the basis of stipulated facts. First City's motion was denied. At issue was the question of whether a 2.5 percent tax on items of so-called "preference income...

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