Bank of America National Trust and Savings Association, as Trustee of Fox Oil Company Trusts v. United States

Bank of America National Trust and Savings Association (“Trustee”) as trustee of the Fox Oil Company Trusts (“Taxpayer”) sued for a refund of taxes overpaid during 1969-1971, claiming that the Government improperly characterized the Taxpayer as an “association” taxable as a corporation under Internal Revenue Code §§ 7701(a)(3), 11(A). The district court held that the Trustee was foreclosed from relitigating the issue by reason of this court’s prior adjudication against the Trustee in a case involving the same facts and the same parties. (See United States v. Trust No. B.I. 35, Bank of America…