The National Life and Accident Insurance Company v. United States

CECIL, Senior Circuit Judge.

This is an appeal by The National Life and Accident Insurance Company, taxpayer, from a judgment in the United States District Court for the Middle District of Tennessee. The action was brought in the District Court by the taxpayer to recover income taxes alleged to have been erroneously and illegally collected in the year 1957. The district judge allowed a recovery but not in the amount claimed by the taxpayer.

The taxpayer’s claim arises out of the matter of interest received on two issues of government bonds. These bonds carried an interest rate of 2% percent per…