Citizens National Bank of Waco v. United States

*238This is a suit by The Citizens National Bank of Waco, a national bank located in Waco, Texas (Bank or Taxpayer), to recover federal income tax deficiencies and interest assessed against it by the Commissioner of Internal Revenue Service for the years 1968 and 1969, in the total sum of $63,863.24, together with interest as provided by law.1 The case is before us on an agreed stipulation of facts. We have carefully considered the pleadings, the briefs and the oral argument of counsel, along with the stipulation of facts, and have concluded that the law and the facts are with the plaintiff. We…