Bank of Clarksdale v. United States

CLAYTON, District Judge.

This is a suit for refund of income taxes in the amount of $20,598.34 which were paid by the Bank of Clarksdale for the fiscal year ending January 31, 1960, under unusual circumstances.

The basic facts which give rise to this cause have been the subject of other litigation both in this court and, in other aspects, in the state courts. Pacts pertinent to this case are now before the court without dispute and will be briefly summarized.

W. B. Barr and his wife Mae Suddoth Barr executed a joint will dated July 15,1932, whereby Mae Suddoth Barr was bequeathed a life estate…