United States v. Bank of Leipsic Company

This is an appeal from the judgment of the District Court awarding a refund to the appellee, The Bank of Leipsic Company, of income and excess profits taxes paid for the calendar years 1952, 1953 and 1954 in the total amount of $64,276.-51.

The sole issue in the case is whether the bank was exempt from such taxes under the provisions of Section 3798(b) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 3798(b), and Section 7507(b) of the Internal Revenue Code of 1954, 26 U.S.C.A. § 7507(b).

The Superintendent of Banks of Ohio closed the bank on January 13, 1932 and took custody and control of…