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U.S. Code as of:
01/19/04
Section 1433. Exemption from taxation; obligations acceptable as credit on debt of home owner
Any and all notes, debentures, bonds, and other such obligations
issued by any bank, and consolidated Federal Home Loan Bank bonds
and debentures, 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, by any
Territory, dependency, or possession thereof, or by any State,
county, municipality, or local taxing authority. 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, by any Territory,
dependency, or possession thereof, or by any State, county,
municipality, or local taxing authority; except that in (!1) any
real property of the bank shall be subject to State, Territorial,
county, municipal, or local taxation to the same extent according
to its value as other real property is taxed. The notes,
debentures, and bonds issued by any bank, with unearned coupons
attached, shall be accepted at par by such bank in payment of or as
a credit against the obligation of any home-owner debtor of such
bank.
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