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States, any State, or any of the possessions of the United States, or by any local taxing authority;

(2) Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate, inheritance, or gift taxes and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations;

(3) Exempt, both as to principal and interest, as provided in paragraph (2); and with an additional exemption from the taxes referred to in clause (b) of such paragraph, of the interest on an amount of such notes the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation; or

(4) Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate, inheritance, or gift taxes, and (b) all income, excess-profits, and war-profits taxes, now or hereafter imposed by the United States, upon the income or prof. its of individuals, partnerships, associations or corporations.

(NOTE.—Provision (1) applies to Treasury notes outstanding October 31, 1935. For any notes thereafter issued, the terms should be examined for tax exemptions.) Treasury Certificates of Indebtedne88.—All certificates of indebtedness are exempt, both as to principal and interest, from all taxation (except estate, inheritance, or gift taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority.

Treasury Bills.-All Treasury bills are exempt, both as to principal and interest, from all taxation (except estate, inheritance, or gift taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority; and the amount of discount at which Treasury bills are originally sold by the United States is considered to be interest within the meaning of this provision.

Any gain from the sale or other disposition of Treasury bills is exempt from all taxation (except estate, Inheritance, or gift taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority; and no loss from the sale or other disposition of such Treasury bills is allowable as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.

IN HANDS OF FORCIGN FOLDERS

Bonds, notes and certificates of indebtedness of the United States, shall, while beneficially owned by a nonresident alien individual, or a foreign corporation, partnership, or association, not engaged in business in the United States, be exempt both as to principal and interest from any and all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States or by any local taxing authority. (Sec. 3 of the Fourth Liberty Bond Act, approved July 9, 1918, as amended by Sec. 4 of the Victory Liberty Loan Act, approved March 3, 1919.) (U. S. C., Title 31, $ 750.)

(B) INSTRUMENTALITIES OF THE UNITED STATES AND

THEIR OBLIGATIONS

BANKS FOR 00OPERATIVES

See Production Credit Corporations.

CENTRAL BANK FOR COOPERATIVES

See Production Credit Corporations.

COMMODITY CREDIT CORPORATION

Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit 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). The Commodity Credit 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,

(Mar. 8, 1938, c. 44, sec. 5, 52 Stat. 108).

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FARMERS' HOME CORPORATION

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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, c. 517, $ 40 (i), 50 Stat. 528.) (U. S. C., Title 7, § 1014 (i).)

FEDERAL DEPOSIT INSURANCE 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, 8 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, notwithstanding 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).)

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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, 8 12 (a), 48 Stat. 347 amended Feb. 26, 1934, c. 33, 48 Stat. 360.) (U. S. O., Title 12, 8 10201.)

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FEDERAL HOUSING ADMINISTRATION

See Mutual Mortgage Insurance Fund.

FEDERAL HOME LOAN BANKS

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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 imposed 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.)

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FEDERAL INTERMEDIATE CREDIT BANKS

Same as Federal Land Banks. (U. S. C., Title 12, § 1111.)

(Mar. 4, 1923, c. 252, § 2, 42 Stat. 1459.)

FEDERAL LAND BANKS

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Every Federal Land Bank and every national farm loan association, including the capital and reserves or surplus therein and the income derived therefrom, 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 derived therefrom shall be exempt from Federal

taxation. (July 17, 1916, c. 245, 8 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 jointstock 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, 1938, c. 289, sec. 817, 52 Stat. 578.) (U. S. C., Title 12, sec. 931 (a).)

FEDERAL BESERVE BANKS

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Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal

taxation. (Dec. 23, 1913, c. 6, § 7, 38 Stat. 258; March 3, 1919, c. 101, § 1, 40 Stat. 1314.) (U. S. C., Title 12, § 531.)

FEDEBAL SAVINGS AND LOAN ASSOCIATIONS

Such associations, including their franchises, capital, reserves and surplus, and their loans and income, shall be exempt from all taxation now or hereafter imposed by the United States, and all shares of such associations shall be exempt both as to their value and the income therefrom from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States ;

(June 13, 1933, c. 64, § 5 (h), 48 Stat. 133.) (U. S. C., Title 12, 8 1464 (h).)

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FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION

All notes, bonds, debentures, or other obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States,

The Corporation, including its franchise, capital, reserves, surplus, and income, shall be exempt from all taxation now or here after imposed by the United States, *

(June 27, 1934, c. 847, 8 402 (e), 48 Stat. 1257.) (U. S. O., Title 12, § 1725 (e).)

HOME OWNERS LOAN CORPORATION

The bonds issued by the Corporation under section 4 (c) of the Home Owners Loan Act of 1933, amended, are exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States

The Corporation, including its franchise, its capital, reserves and surplus, shall likewise be exempt from such taxation;

(June 13, 1933, § 4 (c), 48 Stat. 129 as amended by April 27, 1934, c. 168, § 1, 48 Stat. 644.) (U. S. C., Title 12, § 1463 (c).)

JOINT STOOK LAND BANKS

See Federal Land Banks.

MUTUAL MORTGAGE INSURANCE FUND

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Such debentures as are issued in exchange for property covered by mortgages insured under section 203 or section 207 prior to the date of enactment of the National Housing Act Amendments of 1938 shall be subject only to such Federal,

taxes as the mortgages in exchange for which they are issued would be subject to in the hands of the holder of the debentures Such debentures as are issued in exchange for property covered by mortgages insured after the date of enactment of the National Housing Act Amendments of 1938 shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States

(National Housing Act 8 204 (d), as amended by Feb. 3, 1938, c. 13, § 3, 52 Stat. 14.)

NATIONAL FARM LOAN ASSOCIATIONS

See Federal Land Banks.

NATIONAL MORTGAGE ASSOCIATIONS

All notes, bonds, debentures, or other obligations issued by any national mortgage association shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, *. Every national mortgage association, including its franchise, capital, reserves, surplus, mortgage loans, income, and stock, shall be exempt from taxation now or hereafter imposed by the United States,

(June 27, 1934, c. 847, 8 307, as amended by Feb. 3, 1938, c. 13, § 8, 52 Stat. 24).

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PRODUCTION CREDIT ASSOCIATIONS

See Production Credit Corporations.

PRODUCTION CREDIT CORPORATIONS The Central Bank for Cooperatives, the Production Credit Corporations, Production Credit Associations, and Banks for Cooperatives, organized under the act, and their obligations, shall be deemed to be instrumentalities of the United States, and as such, any and all notes, debentures, bonds, and other such obligations issued by such banks, associations, or corporations, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States

Such banks, associations, and corporations, their property, their franchises, capital, reserves, surplus, and other funds, and their income, shall be exempt from all taxation now or hereafter imposed by the United States *; except that any real property and any tangible personal property of such banks, associations and corporations shall be subject to Federal

taxation to the same extent as other similar property is taxed. The exemption provided herein shall not apply with respect to any Production Credit Association or its property or income after the stock held in it by the Production Credit Corporation has been retired, or with respect to the Central Bank for Cooperatives, or any Production Credit Corporation or Bank for Cooperatives, or its property or income after the stock held in it by the United States has been retired. (June 16, 1933, c. 98, § 63, 48 Stat. 267.) (U. S. C., Title 12, 8 1138c.)

REOONSTRUCTION FINANCE CORPORATION

Any and all notes, debentures, bonds, or other such obligations issued by the corporation shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States

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

*. (Jan. 22, 1932, c. 8, § 10, 47 Stat. 9.) (U. S. C., Title 15, 8 610.)

Notwithstanding any other provision of law or any privilege or consent to tax expressly or impliedly granted thereby, the shares of preferred stock of national banking associations, and the shares of preferred stock, capital notes, and debentures of State banks and trust companies, heretofore or hereafter acquired by Reconstruction Finance Corporation, and the dividends or interest derived therefrom by the Reconstruction Finance Corporation, shall not, so long as the Reconstruction Finance Corporation shall continue to own the same, be subject to any taxation by the United States,

(Mar. 20, 1936, c. 160, 8 1, 49 Stat. 1185.) (U. S. C., Title 12, § 51d.)

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TENNESSEE VALLEY AUTHORITY

All of such bonds so issued and sold shall have all the rights and privileges accorded by law to Panama Canal bonds authorized by section 8 of the Act of June 28, 1902, chapter 1302, as amended by the Act of Dec. 21, 1905 (ch. 3, sec. 1, 34 Stat. 5), as now compiled in section 743 of title 31 of the United States Code. (May 18, 1933, c. 32, § 15, 48 Stat. 67.) (U. S. C., Title 16, 88 831 and 831n.)

NOTE.—Panama Canal bonds issued as above were exempt from all taxes and duties of the United States. Under interpretative authority such exemption does not extend to estate, inheritance or gift taxes.

UNITED STATES HOUSING AUTHORITY

*

The Authority, including but not limited to its franchise, capital, reserves, surplus, loans, income, assets, and property of any kind, shall be exempt from all taxation now or hereafter imposed by the United States

Obligations, including interest thereon issued by public housing agencies in connection with low-rent-housing or slum-clearance projects, and the income de rived by such agencies from such projects, shall be exempt from all taxation now or hereafter imposed by the United States. (Sept. 1, 1937, c. 896, § 5 (e), 50 Stat. 890.) (U. 8. C., Title 42, § 1405 (e).)

Such obligations issued shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance and gift taxes) now or hereafter imposed by the United States *. (Sept. 1, 1937, c. 896, § 20 (b), 50 Stat. 898.) (U. S. C., Title 42, § 1420 (b).)

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UNITED STATES MARITIME COMMISSION

They shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States,

(Merchant Marine Act, 1936, sec. 1105 (c), 52 Stat. 972, as added by June 23, 1938, c. 600, sec. 46.)

NOTE.The instruments referred to are mortgage debentures issued under section 1105 (a) of the Act of June 23, 1938. 98907° -39-PT. 1—45

WAB FINANCE CORPORATION

Any and all bonds issued by the corporation shall be exempt, both as to principal and interest, from all taxation imposed by the United States * except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States upon the income or profits of individuals, partnerships, corporations, or associations. The interest on an amount of such bonds the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, corporation, or association, shall be exempt from the taxes referred to in clause (b). The corporation, including its franchise and the capital and reserve or surplus thereof and the income derived therefrom, shall be exempt from all taxation imposed by the United States

(Apr. 5, 1918, c. 45, $ 16, 40 Stat. 511.) (U. S. C., Title 15, $ 344.)

(C) INSULAR AND PANAMA CANAL BONDS; ANNUITIES

PANAMA CANAL BONDS OF 1961

and the bonds herein authorized shall be exempt from all taxes or duties of the United States *. (Aug. 5, 1909, c. 6, § 39, 36 Stat. 117.)

PHILIPPINE BONDS

Bonds issued prior to March 24, 1934, exempt

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All bonds issued by the government of the Philippine Islands, or by its authority, shall be exempt from taxation by the Government of the United States

(Feb. 6, 1905, c. 453, § 1, 33 Stat. 689.) (U. S. C., Title 48, § 1193.)

Bonds issued after March 24, 1934, not exempt

There shall be no obligation on the part of the United States to meet the interest or principal of bonds or other obligations of the government of the Philippine Islands or of the provincial and municipal governments thereof hereafter issued during the continuance of United States sovereignty in the Philippine Islands: Provided, That such bonds and obligations hereafter issued shall not be exempt from taxation in the United States or by authority of the United States. (Mar, 24, 1934, c. 84, § 9, 48 Stat. 463.) (U. S. C., Title 48, § 1239.)

PUERTO RICO BONDS

*, all bonds issued by the government of Puerto Rico, or by its authority, shall be exempt from taxation by the Government of the United States • • (Mar. 2, 1917, c. 145, § 3, as amended by Aug. 26, 1937, c. 831, 8 1, 50 Stat. 844.) (U. S. C., Title 48, 8 745.)

ANNUITIES OF BAILBOAD EMPLOYEES

*

No annuity or pension payment shall be assignable or be subject to any tax or to garnishment, attachment, or other legal process under any circumstances whatsoever

*. (Aug. 29, 1935, c. 812, § 12, as amended June 24, 1937, c. 382, Part I, § 1, 50 Stat. 316.) (U. S. C., Title 45, 8 2281.)

NOTE.- -The same provision appeared in the 1935 Act (declared unconstitutional). By Sec. 204 of the 1937 Act the old act was continued in force and effect with respect to the rights of individuals granted annuities prior to the date of the enactment of the latter act. (U. 8. C., Title 45, $ 224.)

ANNUITIES OF RETIRED FEDERAL EMPLOYEES

SEC. 18. None of the moneys mentioned in this Act shall be assignable, either in law or in equity, or be subject to execution, levy, or attachment, garnishment, or other legal process. (May 29, 1930, c. 349, sec. 18, 46 Stat. 479.) (U. S. C. Title 5, § 729.)

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