...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." This bank is organized under section 16 of the Federal farm loan act, operates under the provisions...

...surtax. REGULATION. As section 26 of the Federal Farm Loan Act of July 17, 1916, provides that every Federal land bank and every national farm loan association,...the income derived therefrom, shall be exempt from taxation, except taxes upon real estate, and that farm loan bonds, with the income therefrom, shall...

...provides that Federal land banks, Federal intermediate credit banks, and national farm loan associations, including the capital and reserve or surplus therein...the income derived therefrom, shall be exempt from taxation, except taxes upon real estate, and that first mortgages executed to Federal land banks, Federal...

...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 privilege hereby granted is one that necessarily derives from a corresponding submission to the...

...act shall be held to be instrumentalities of the Uovernment of the United States, and as such they and the income derived therefrom shall be exempt from Federal, State, municipal, and local taxation. This bank is organized under section 16 of the Federal farm loan act, operates under the provisions...

...provides that Federal land banks, Federal intermediate credit banks, and national farm-loan associations, including the capital and reserve or surplus therein...the income derived therefrom, shall be exempt from taxation, except taxes upon real estate, and that first mortgages executed to Federal land banks, Federal...

...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. SEC. 12. When designated for that purpose by the Secretary of the Treasury, each Federal home loan...

...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. (July 17, 1916, c. 245, § 26, 39 Stat. 380.) Shares in joint stock banks included in valuation of...

...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. SEC. 12. When designated for that purpose by the Secretary of the Treasury, each Federal home loan...

...be deemed and held to he 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. That is simply to wind that up there. I will not go any further on that, although. I have much to back...