OPINION
ROBERT M. McRAE, Jr., District Judge.
The Plaintiff, Union Planters National Bank of Memphis, brings this suit to recover income taxes paid by it pursuant to assessments of the Commissioner of Internal Revenue for the taxable years 1961, 1962, 1963 and 1964. The controversy concerns the applicability of 26 U.S.C. § 103 which exempts from income taxes the interest on bonds of a state or any political...
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