Legal Opinion
Farmers & Traders State Bank v. Johnson
Appellate Court of Illinois
Decided January 11, 1984No. 4—83—0415PublishedCited by 3 opinions
1Opinion of the CourtJustice Trapp
Farmers & Traders State Bank (Taxpayer) brought this action to review the 1981 assessment of a deficiency by the Illinois Department of Revenue (Department). Taxpayer challenges the Department’s inclusion of interest earned from 1975 through 1977 on certain Government National Mortgage Association (GNMA) securities (Ginnie Maes) and on Federal National Mortgage Association (FNMA) securities (Fannie Maes). The trial court upheld the Department’s position and this appeal followed.
The issues on appeal are: (1) Whether the interest earned on Ginnie Maes is constitutionally immune or statutorily…
2Cases cited11 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Smith v. DavisSupreme Court of the United States · 1944
- Hibernia Savings & Loan Society v. San FranciscoSupreme Court of the United States · 1906
- New York Guardian Mortgagee Corp. v. ClelandDistrict Court, S.D. New York · 1979
- Danison v. PaleyAppellate Court of Illinois · 1976
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3Cited by3 opinions
- Bank One Dayton, N.A. v. LimbachOhio Supreme Court · 1990
- Rockford Life Insurance v. Department of RevenueAppellate Court of Illinois · 1984
- First Tennessee Bank, N.A. Chattanooga v. OlsenTennessee Supreme Court · 1987