MEMORANDUM AND ORDER
ROBERTS, District Judge.
Plaintiff, the American National Bank of Austin, seeks to recover income tax and interest assessed against it in the amount of $788,031.77 for the taxable years 1962-1964. This case was tried before this Court without a jury.
During the years involved (1962-1964), the bank entered into transactions with certain bond dealers. In these transactions the bank would take delivery of municipal bonds either...
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