Page:United States Statutes at Large Volume 53 Part 1.djvu/696

 APPENDIX FArIMES' HOME CORPORATION The corporation, including its franchises, its capital, reserves, and surplus and its income and property shall, * * * be exempt from all taxation now or hereafter imposed by the United States * * *. (July 22, 1937, . 517, §40 (i), 50 Stat. 528.) (U. S. C., Title 7, § 1014 (i).) FEDERAL DEPOSIT INSUBANCE OORPORATION All notes, debentures, bonds, or other such obligations issued by the Corpora- tion shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States * * *. The Corporation, including its franchise, its capital, reserves, surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, * * *. (Dec. 23, 1913, c. 6, § 12 B (p), added June 16, 1933, § 8, 48 Stat. 177.) (U. S . C., Title 12, § 264 (p).) New banks organized by the Federal Deposit Insurance Corporation, not- withstanding any other provision of law, are exempt from all taxation now or hereafter imposed by the United States * * * on their franchises, property and income. (Dec. 23, 1913, c. 6, § 12 B (1) (9) added Aug. 23, 1935, c. 614, § 101, 49 Stat 696.) (U. S . C., Title 12, § 264 (1) (9).) FEDERAL FARM MORTGAGE CORPORATION The corporation, including its franchise, its capital, reserves, and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States; * * * Mortgages executed to the Land Bank Commissioner and mortgages held by the Corporation, and the credit instruments secured thereby, and bonds issued by the Corporation under the provisions of this Act, shall 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 * * * taxation (except surtaxes, estate, inheritance, and gift taxes). (Jan. 31, 1934, c. 7, § 12 (a), 48 Stat. 347 amended Feb. 26, 1934, c. 33, 48 Stat. 360 .) (U. S . C, Title 12, § 1020f.) FEDERAL HOUSING ADMINISTRATION See Mutual Mortgage Insurance Fund. FEDERAL HOME LOAN BANKS Any and all notes, debentures, bonds, and other such obligations Issued by any bank, and any consolidated Federal Home Loan Bank bonds and de- bentures, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter im- posed by the United States, * * *. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income shall be exempt from all taxation now or hereafter imposed by the United States, (July 22, 1932, c. 522, § 13, 47 Stat. 735, amended by May 28, 1935, c. 150, § 8, 49 Stat. 295.) (U. S. C., Title 12, § 1433.) FEDERAL INTERMEDIATE CREDIT BANKS Same as Federal Land Banks. (Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459.) (U. S . C., Title 12, § 1111.) FEDERAL LAND BANKS Every Federal Land Bank and every national farm loan association, includ- ing the capital and reserves or surplus therein and the income derived there- from, shall be exempt from Federal * * taxation, * *. First mortgages executed to Federal land banks, or to joint stock land banks, and farm loan bonds issued under this Act shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income de- rived therefrom shall be exempt from Federal * * * taxation. (July 17, 1916, c. 245, § 26, 39 Stat. 380 .) (U. S . C., Title 12, § 931.) Notwithstanding the provisions of section 26 of the Federal Farm Loan Act, as amended, in the case of mortgages made or obligations issued by any joint- stock land bank after the date of the enactment of this Act, all income, except interest, derived therefrom shall be included in gross income and shall not be exempt from Federal income taxation. (May 28, 198, c 289, sec. 817, 52 Stat. 578) (U. S . C., Title 12, sec. 931 (a).) CXCI

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