COMMISSIONER OF INTERNAL REV. v. BANK OF CALIFORNIA, ETC.

No. 7739.

80 F.2d 389 (1935)

COMMISSIONER OF INTERNAL REVENUE v. BANK OF CALIFORNIA, NAT. ASS'N.

Circuit Court of Appeals, Ninth Circuit.

December 5, 1935.


Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key, Norman D. Keller, and Louise Foster, Sp. Assts. to Atty. Gen., for petitioner.

F. D. Madison, Alfred Sutro, Felix T. Smith, and Marshall P. Madison, all of San Francisco, Cal., for respondent.

Before WILBUR, MATHEWS, and HANEY, Circuit Judges.


MATHEWS, Circuit Judge.

Respondent collected and received, in 1928 and 1929, the interest on certain bonds held by it, all of which were, as to principal and interest, exempt from federal taxation. In respondent's income tax returns for 1928 and 1929, the interest on these bonds was not included as taxable income. The Commissioner of Internal Revenue held that it should have been so included, and accordingly determined deficiencies...

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