Charles Schreiner Bank, of Kerrville v. Kerrville Independent School District

OPINION

CADENA, Chief Justice.

Plaintiffs in this case appeal from a judgment denying them injunctive and other relief to prevent enforcement of a tax plan which imposes a tax on obligations of the United States Government declared exempt from taxation by 31 U.S.C. § 742. The specific complaint is that the taxing authorities, in determining the taxable value of shares of stock in three national banks, included the government obligations as part of the assets of the banks.

The suit was filed by three Kerrville banks, Charles Schreiner National Bank, First National Bank and National Bank of…