Norfolk Nat. Bank of C. and T. v. Commissioner of Int. Rev.

SOPER, Circuit Judge.

These eases involve income taxes for the years 1924 and 1925 assessed against the Norfolk National Bank of Commerce and Trusts, on account of income received by it, or by the Norfolk National Bank, its predecessor. Interest received in the taxable years was reported by the taxpayer in its returns, but was not included in its computation of gross income on the ground that the interest was derived from obligations of a state or a political subdivision thereof, exempt under section 213 of the Revenue Act of 1924, 43 Stat. 25-3, 267 (26 USCA § 954 and note), and section 213…