...be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation. "Nothing herein shall prevent the shares in any joint stock land bank from being included in the valuation...

...and all credit instruments issued by Federal Rural Credits Company, or by any Federal debenture bank, including the capital and reserve or surplus therein...upon real estate held, purchased or taken by said company or bank under the provisions of sec twelve of this Act. Mortgages executed to any Federal debenture...

...be deemed and held to be instrumentalities of the government of the United States, and as such they and the income derived therefrom shall be exempt from federal, state, municipal, and local taxation. "Nothing herein shall prevent the shares in any Joint-Stock Land Bank from being included in the valuation...

...be deemed and held to be instrumentalities of the government of the United States, and as such they and the income derived therefrom shall be exempt from federal, state, municipal and local taxation. Nothing herein contained shall be construed to exempt the real property of Federal Rural Credits Company...

...be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from...Federal, State, ' municipal, and local taxation." The Supreme Court of the United States, by decision rendered February 28, 1921, fully sustained the...

...be deemed and held to be instrumentalities of the Government of the united States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation. Nothing herein contained shall be construed to exempt the real property of Federal rural credits company...

...Banks shall be deemed " instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation." 39 Stat. 360, 380. The validity of this provision is not questioned. Smith v. Kansas City Title & Trust...

...act, shall be deemed and held to be instrumentalities of the Government of the US, and as such they and the income derived therefrom shall be exempt from federal, state, municipal, and local taxation." 2 The farm loan system has provided capital for agricultural development; it has standardized one type...

...be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation. Nothing herein shall prevent the shares in any joint stock land bank from being included in the valuation...

...by said land bank, with all unmatured coupons attached." EXEMPTION FROM TAXATION SEC. 26. That every Federal land bank and every national farm loan association,...by said bank or association under the provisions of section eleven and section thirteen of this Act. First mortgages executed to Federal land banks, or...