concluding a bank was exempt from taxes under a federal statute that “was in effect at the time here pertinent”
How later courts described this case
- concluding a bank was exempt from taxes under a federal statute that “was in effect at the time here pertinent”
- see dis. opn. of Mr. Justice Stevens at pp. 268-269 [47 L.Ed.2d at p. 782].
Written by the judges who cited it.
Distinguished
Distinguished by Occidental Life Insurance v. State Board of Equalization, 135 Cal. App. 3d 845 (1982)
(425 U.S. 268) are inapplicable at bench.
The opinion
Per Curiam.
The judgment is reversed. We are not bound by the California court’s contrary conclusion and hold that the incidence of the state and local sales taxes falls upon the national bank as purchaser and not upon the vendors. The national bank is therefore exempt from the taxes under former 12 U. S. C. § 548 (1964 ed.), which was in effect at the time here pertinent. First Agricultural Nat. Bank v. Tax Comm’n, 392 U. S. 339, 346-348 (1968).
Reversed.