### 296

OFFICEOFTHEATTORNEY GENERALOFTEXAS AUSTIN

Xoaorable Deoego 8. Sheppard Coslj7troll~r OfF-liblio Ao00unta Austin, Texas 

### Dearsir; OplJaLonBo

LO the Tedsral Qorernmoat,

*This dapartnmnt has dirsated Joeke -08. Co. that they are llabla 0az the tar." Joske Eros'. letter 

### sontalas, in part, t-hofollowing faotatBonmabla Gaorgs 9. Sheppard, png8 2

*Weare oontinulng to sxpexlenoe a ipeat deal of difficulty In ooansatioa ulth the oolleatlon or tares due under Artiols Xof Houaa Bill 8 on aeles wemskr to the Uhited Statsa GorernReut

. *The Gorarnment ordara 

### are aubmittsd to ua, me Pill them, end bill them for the amount of the male lnoludiq ths tax. In erexy 

### lnatanoe they Zomnrd us a oheok In payment for the bill leas the amount of thn tax and snoloae **with** 

### their aheck a tax exsnqtlon oertifloata. iEerepaatadlp adrlsed them that we hare eeoured Sromyou l rulIlya.to the affeot that the atato 

### oannot aoeept these tax exemption 

### oertiiioatsth
“Wo hav4 a vary 

### axtsaclive file of oorreapond

### oaoa on Wia aubjrot. 

### The paeition takea 

### br the Oorornmsnt in all of thare lattara la the eama. llany of there matter8 

### are aOil unaottled. Waare &ill malntafning ths poaitlon that the anountor the tax mat be 

### paid, ainaa 

### WIcannot aubdb 

### the t8~ 0Ortiri0at08 $0 YOW 0rrie8. "At the mu&g*stion or ca taia IL Q. Brom, Flaaaaa 

### Offlcrar far Randolph Irold 9 a lotter 

### waa wxlttan by him to 

### theComptrollsr 8anrral of 

### thr UnitedStates on this aub eat. copy of ths lqtter nhlah d I aa anoloalng a aptBl.8 Brom #ant to

. mo aa I&aroh 18th advising that the nattsr had baa

refcmod to the Ooeaptrollar GUXar81, and, ala@, hia 1aOter of April llrt addreaasd to maadVia3 maof thb daaisian 

### reaahed after hs had rsOa%V hia reply fromtha Cantptroller tinera Ofthe United Statas." Captain Brown*sletter of April 1, 1943, Le 88 sollow8r *'WI,threfsrenoe to our trl~phoflo eOntOrMtlon today, wewill proaeed with paymat of YQUr lnvoiat under date of 1Pebruary 16, 1943, for the .aJnouJlt

of fnvoloe leas tax. 

### 297

### 298 -

Honorable George T?.Sheppard, page 3

‘Tour attention 18 invited to deoieion A-51249,~ Octobe 4, 1?3.3 ot Vbl. 13, pees 91 of Oeaisions of Comptroller General, whI& provides thst any atate ‘

. . , la wft,hout authority to tax the United Stetoa on auah purohaseo as may be nsoaaarrg fo? tha oonduot of the buainosa of the Fedwal Oavermaat.*~ SeatIOn 1 Chapter 184, Artlola X Aota 1 4l, 47th Legislature (Oodkd byVernon aa Artlola 70471?prolPidd#t

w ’RadIoa, oomnetloa, oardm; luxury sxolra tax; penalty ror nmking if3180 rspert 0r railura to report. ~SeotIon 1. Baoh assoaIetlon, or feraon, partnerahlp,

oorjeat on rellisf at rrtall newradio8 OFnowoommtloa, &ml1 makaquarterly on the flrst &ape of January, Aprll, Jull and Ootobar of saoh fear, a report to the tiptroller, under oath of 

### the owner,,manager, or 

### lihaorparatlou,a~ofiieer Ohsrroi, #horIng the aggregate igrcw raoaipts f ’rarpthe anla ob MY o? the aborwmmd Iteas fOr thawquarter next preceding; and shall at the sane tine pay to tha Comptroller a luxury asoise tsx equal to two (2) per aant of aaId gryoaareoeipte as shorn by said report. *Every pmson, partnership, 

## l 880oiatIon, or oarporatIon, selling at retail, playing **oaram** ahall make quarterly report ae provided abovo showlug the total number of pas&! or daaks o? auah aarda sold during the preaedlng quarter, and ahall at ths gsnrrtIne ,m to the Comptrollar a luxury EXIST tax or rlvs f5) aenta per raak or de& of euah ylaying cards 80 sold. *Hothing her&n ahall bs oonetrued a0 aa 

### to require p,aymsnt of the tax onI;ross r*aeipta hmaIn levIad 4ozce than o$los cmthe jzoaesde of the sals of the sam artlole of ,mrohar;dls@. Aretall aale a8 used herein, mmns a SS~Sto 0~1sW.hQ bwsfw une or oonsu?optlon, and not for rarele.

Croae readpts of nnelai mea8 tha rumwhloh 

### the pumhaser pay8 or agram to pey 

### for an ertfols or o-mdfiy bought et rats11 .aala.” The o~inlor. of ths Caarptrollu Oennrel, rr~tomod to **in Captain**  Brown ’a letter, wa8 datsd Ootobar 4, 1933, and altad ee autharltg Panhandle 011 GoixpaafT. State oi MiaoiroI.#, 277 0. 5. 218, 72 L. M. 857, 48 3. Ct. 451, 56 A. L. R. ThsoQrrucJtnssaOfthe Pen&and14 oeau “14 nomopan to aeriaua **qucstlon.m** The 

### taximolted tn Coeyltrolles tknsrrl*a &eolalon wes e retell sales tax on the eonawar or purohaaa **-not** e vendolp'8 ker (es WIhate bsrcl), neeeure4 by &roe8 r@oaipt& Thlr, r)e&mrkowrt hold in o&tion O-4403A that $h. ter in qusetion wan a ro8s rs99ipta tax, not a sales tsr, endwas riotlrriod a&a nrt f the retail pwahamr. Tuhen4l.r Oil away 0. Nlaaiani~pl 9upra, lavolvs4 l



### elu dfreatly to 

### theVnltad $lataa 

### f9rt&anraofits Coast me:-4 PIret 

### iaaerrfcs in 

### tha(lulf of Yaxleo an4 ita Veterans* Xou ltel at (irrrlipmt. ft awae under a law at the mete ot N&uerasppi whi9h proli6ad the8 'any p6raon gasoline, a!mU pay r0r~the pr T loge or aJlga&lag in lloah in cha buauinear of diatrlbutly feaolior, or rotall 4%% buaineee u1 nxoiao tax ot ld (on4 oeat) er gnllaa u 1 r oh* aale of gaaolino.

. .* We **oil cmapauy**  **id** not **gay a%oa** **on** ru4h 44144 to tia t&alto4 Ststrr, an4 tha State brought 8ulb Tha aorrgarrr4@mUo4 011ti~ae.rwn4 that Phi8 statute, an4 it8 

### eaendaents,it aoastrurd to 

### lxoaa 

### taxesm ruoh aal~a, wao ?4pU@lSUt to thu **F.U.ral** conllt tut%oa. E That 4Qat4nblon w44 **sustain64** in the trial 4emt, 4n4 tb,4 @tat6 4p oa,le4. %a &pram9 CttUrt of thr fraiOed 8Eat68 bald that t b f3Wta We8l!Ot R math4 to wlleot the kx from tha **mnhanar4** Oil Wwm **UP=** the garrolias arrld by It to tha Federal Covnrnasat~

f,@. Jurrtioc, Butler, whowrota the me3OT%tFoptaim of the Court, aaidr

***me rieht**  **of ths**  **~bited Stat68**  **to nak0**  **suoh pup&asses** **is** 4eriVud **frQlr** tih4**&WI8titUtio:~.**Ronorabla Deor(;e Xi. Sheppard, pa{;9 5

The petitioner’s ri&t to itake sales to the United Litatas was not &Pen by the atnts and doea ilat depend on stats laws; it reaulta iron t,h6aut!lorfty of the national government under the Oonetitution to ohooae its ownmeans end 8ouraetb of supply. While Zdlesiaa~ppi may impose obar~ss upon patitloasr for the privilege of oarrying ontra4e that is aubjsot to the newer of the ntmts, it nay not lay eny tax upoa trfmaactions by whioh 

### ths Wit&4 States SSSUTSIII the things desired for its governmantel purpoclea. The validity oi the taras alalum la to be determinati by the praotiral eftoat of Unforaemsnt in respeot of sales to the &svarnment

. w3gi.m v. Covington, 251 c. s. 9,5, 192, 64 L. 24. 157, 167, 40 Sup. DC.Rap. 93. I. ohares st the prescribed rat6 is tie&a,QDa@OwDt at wary gnllon aoqulred by,tha Vnitsd Statas. It la lmmtsrlal that the sellas an4 r.ot the puroheaa+ is required t3 report an4 m-&apayment to tha state. Sale 6nd ;urahase oouatituta a trenaaotlan bywhiah the tax is suaaaureOaad on whlah the burdau~smite. Thr ualount of Awlmy l lairaad b the stete rises at4 falls praalaaly as doer tii

aquantity of gaaollna so scoured by tha Covommut. It depsnda ioaebiately upon tha nuaber 05 gallons. The nuoeaaery opsretlon of there enaatmuta when so omrbrua4 is dirsotly to retard, iapede emdburden the erertiou bg tha &itm4 Statm of Its aonstltutlonal powers to oparata the fleet and haa;ital. N*Cullooln 12 

### -%arylsnd,

supra, 436 ( L. 3%. 608); Glllaepf~~*~ Oklahom aupra, 505 ( 6 L. M. 3&O, 42 Sup..Ct. if Rep. 17lj; Jaybird Min. Co. v. i;‘eir, 271,Ui 8. tW&, 613, 70L. ~4,. lU2, lU4r 46 SUP. Ct. Rap. To use the number of ~;alloaa @Old th* Unlkd States CLB

tnaearmre of the pTiVilS6S tax 1s In substencs and legal effaot to tax the @al*. :Ie8tarn U. ‘felrg. Co. V. Texas, 105 IL 8. 260, 26 L. Ea. 1067; Frlok v
. Pennsylvania, 268 v. 80 473, ~94, 69 L. ~a. 1058, 1064, 42 A. L. R. 316.

### 301

&fiSup. Ct. Rep. 603. And that is to tax the tilted StnCes--‘bo6xaot tribute on Its tramactlone and rpply the aame 

### tothe support Ofthe- **Ptfit@.** 

### Vhs exsatlonlrdoarnded 

### fromgwtltloaer lnfrlr&w it8 right to have th8 ooa8titutloaal lndapandenoe 09 thr United State8 in rsapsot **Of SU&I**  ~xuoha668 re&8ia untramwlcd. Oeborn v. Bank of UnlteQ Statea, 9 ‘wheat.736, 

### 867, 6L. Ed. 204, 2345 Western U. Pole&. Go. t. Texas, rupra. Cf. 

### Twraoo v. Thompson, 263 U. S. 197 216, 6 L. lw. 255, 274, u sup. Utr Rap. is. ketitiOU@W im not **liabls far**  the taxes olnlnmd.*

**out** ltceaotlrltlcs in the Rats 02 :?orth Dakota.

ThQlhnk contended tlmt Ihs tax **0wa** not be sonstltuthxmllg fitqmeod **upan**thn daalsr 

### far any o&or vehlolr rue1 whlob it pnrehaaod frost bin for tha **ppTpo8*** **or** oarrglng PIIIt3 a~thorlzed'aotlritlo~ *rlthln the Stats, and that ~onwqusntly the dealer @@it oat ChrZEg9 the amunt ai rushtar aa a part of the prlae. Ths uefentbuha Auditor on the other hmd; **oox-hssde d** ihRoehfor&‘cnb 6ho State **%it the**  **zotor rshialo**  fuel soid by DqRaohfmd to the PbdadL Land pknlf au6tbe lnaJ,uded in co+&&& the tax a&d OOSl8iBqUUltl#’ DeEoohford a&&t **i,nO1ti8** the

l mo ont of suah tnx in. the p?IOiL The Court mfdt iHonorable George H. Sheppard, pa&e 7

of North Dekota hae the right to legoee upm e licensed dselsr in motor vehlole fuel **8** lloaaee tax **or** thrae oante per fgarlan upon motor vehlole fuel eold by such dealer to a Paderal land Bank foi UN In autolnoblles owned by eeld Bank and opsrattwl by it inold8ntel to its eetlrltise in the State." II

. . . . Tfhe dealelona of the Unit& States Supraae Court are bFndine upon thie Ooctrt a114definitely eetablleh, (1) that 8Federal Land Bank is an inetrumantality oi 

### the national 

### eovernncnt, areated by Oongrtaes, aoti8g within its oonetltutlanal powers to pertom 8uthorlmd governmen funotlone, aa4 (21 that 8u8h bank 18oonetltutlonall~ endowed with **the** eaae inaunity frora etatA **kx~tion,** that the national gorarnmnt itself weuht hate 

### baen l adowed~rith, if it had enmged in euah satirity dlreatly.*

I

. . . . “Jh theAot proHdfag for the eetabltehaent oi 1Cedrral Lead Beak8 (?e&oral FarmLoan Act) **t&me Ia**  **a** alwx intiootfon that **ma1 eetetr**  ***a**
**P** u&ad by a Federe:l Land Bank ln the oouree o? te operation8 

### wd+r th8 Aat eh8ll be eubJeot to taxationi and thsro Is a epeolfla doolarrtlon that *otery Federal land bask

. . . ln8ludlng the capltel end reeerve or 8urpJ.w therein and t& lnotxae d6rlrad therclrxom,
. . . flmt **kwrtgagee** ersuutetl to Federal. land benka,

. . . an&fum loan bonds

. . . end th6 laoom derlvwl thsre?rom ohall be exempt troa

. . . State, mwfOlpa1 aud lwal taxation.' *It 18 reaeonstle to amew th8t rhsn GOngrew eald that **a**etats iol.ght not tax a Poderal Lend Bank, **its** oapital, **rewrve** o? ewplw, or the lncocue derived therefmsi, or tiret .~QY%W”ee sxecutsd to ths Benk, or ?am loen bond8 or &- 00x0 derived therefro-r, it had in rnlnd &act andHonorable Gsorga IL Sheppard, pa&a 8

dlsoemibls tazcea, end that It did not have in mind taxes imy:osed upon arid oolleoted **rrom** other persons with whomthe Bmk might tram+ eet buslnsue, whtah night lndireatly result In mme sllghht inoreaea in the operating erpenees of the Bank. 

### The tox in question here is not a fat upon a Fedora1 Iand Bank, or upan its Oadtal, 

### reserve or l urplua or the lno~sls derived therefrom. fIelther 14 it a tax upon mortgagee exaouted to such Rank, or upon farm loan bonda, a~ upon 

### th6inoom derlted theratl-OS. The tax i% ore **upon a**  dealer la motor vehicle fuel, who hne applied for, and who haa barn granted, a lbmsr under the laws of this State, **to engage** **In bnske#a**  **as II** dealer la aotor vehlole fuel. The tax involvrsd hrre Is a tax irnpocred on dealers for t-56privilege of engaging In tha burlnem of selling motor vahiole fuel, andthe amount ai the tax lo measured by the nuaher ot gallons *used and sold’ by the dealer. It 1s not a tax upon a Pederal Land &mk or upon any function *hioh l

aoh Bati ie authorlaad to periOtm. It irr not a tax **upm any**  **ot the**  powera with which the Bank is vented. The i&u& nay exsreias every ftanatlon and that it wau orsated to feriorm every rot 8xaarcae en4 perform without cne cent of lte fuade belag expended or one sent of its prorita be1n.g taken away hauau~s of this tax. The tax oamot be laid directly

upon asp aetlvity 0r the Bank unlesr it ansagem in business aa a lieeared dealer of lootor vrhlola fuel in this State, aad the Bank was not Or8atad for the purpose of en(ga@9gln rash buainrso.

‘f7haonly WayIn whleh the funds of the Bank iitrrp ba ~expended, even indtreotly, ln the paymsnt of the tax will be if the Bank puroba8~ motor v@hiola rue1 **from** a dealar wha lnoludee the anowt of the tar in the salea **prlae.** But ii the operating exonsea of the **Bank**are inorsaeaa beoauae of the Lnpositi05 of the tax up05 a dealer Wan oboe the ~hnlrpurchases sotor vehlcl4d fwl, that effect la 0~1~ inoldentel nn&

### remote end cannot be aaid to““Y

Honorable Georgeii.Bhsppard,pge 9

be a tax upon the **Barik,** Its oapital, remwva or 6lurplus, the Benk. or upon any of tho opsrationm of

%sry tax laid upon l dealer will, of oourse, to some extent be reilected in the nhloIi rice whloh he ohargas for the co.moditp he aella.

=. . . . "



### . . .the 

### BuprwnrCourt of the Unite6 State6 hen held that en ooonpatlcan tax m~asursa by &roam inown@, 

### rheroInpo8ed by 8 &ate upon a aontraotor with the Uhitad 

### EJtates, I# mot intall aml tax apen the Taaerrl Goveracat aad its **oporatlonr,** eta UrorrQathe lqw~sItioa of the tax MT lntwoasr the 0-t to the3r V-aMate Jamar t. EZOTO Uontrqatlng Co., 2I?. 8. ix, 160, 56 s. ut. 2~8, 62 L.~Ed. 155, 172, u A* t. R. 318 51 8. Uc. 27 , 75 L. Rd. 496, 75 A. L. R. 9.

I atma ** Johnurn, 282 a. 8. 509,

*

. . . . The **tax** is geeoral qndnon4ircrrldaatory. Thr law lcapomr the samallmnnre tax upon all
motor vehiole fuel mid 

### byl 

### UOU.W~ deeloa without 

### regardto whomthe 

### puraheaor may bo.

Tn this oem the doelet (DoRoahfcsrd) ?Ixad the prioe whioh he charged for the gaaollar that he mold to the Luxl I&nk wf# ths tax in ralnd, that **is, Ln** Siting **the priae**  **hs added** **the abuut** 

# Ilio,norable George 11.

### Shepporti, paw 

### 13

absolut% immunity) the proposition that, although the federal tar map inoreese ooot of state gov%xnm%nt%, it may be lmpossd Lt It does not curt.aIl fun&Ions s%o%ntIal to their sxI%t%no%. Expre%ol9 or l ub oIl%ntIo, it orsrrulsa a a%ntury o? preaedento.( 304 0. 8. at page 429, 430, 58EL Ct. at pago 980, 82 L. Fd. at peg% l&42. *aTha sw%%pJngohang* of ooaotruotIon of th% oonstltution

’ , and’th% applioatlon o? the ooatrollIng prlnolpler, rnnounoed la Oh%

### desloIone that deorasd suoh %h%ngo, 049~1 to 08 to leave. no subetantlal baaia for th% iul% annouuoed In Panhandle Oil Companyv, Mleolooip ex ml, Knox. It o%%m% to u%rather that tha41 deoIoIon, In effaat, hse been overruled. 1

. . . q "ZZmIsposition or the taz,Is not an ereroise or ari attempt to exismiee **by** ths o.tktcC. es any **power***by taxation or btP

### erwlae,tocr%- tara, impsde, bwdbn, or In cuiy.,~pepnbloontrol the operation8 ot’ (4 Wheat. $t pages &2+437, 4 L. Isa. at pages 607-609) The Foboral Farm LoanAaa. If regard *b%ha8 to rabatanas and dlreat effeoiys

’, and ‘m%rel9 th%orsti%al eon0egtlons of iatt3rffmmab rfbh tha tuno0fono of i30~4m~iaent' be lafd %%I&,% ‘theq% Lono wSilb:mt ground for holding that the d$$ct upua the gorsrnm4nt is other than ixidfreot aniLrsm6tr2 at pages 386, 387, 5S.S. ct. at L. .Fid. at page 914. Ths Imp001tp”gee 62,,3w*si on of the **tut*upon** a dealer for @aaollns mold by 

### hfato a Fedora1 Land Ban&c*nsither.preoludm nor thrsatans unr%dsonrbly to obatruot any funotloa e%e%ntl~al to th6 eontimed slfatenas

’ a? the Bank. ETsIth%rdoe% It operste to oontrol, hlndlbr, or Impedo the Bank In lit;9psrZormfmo6 of an9 ~e%r*la%that It *8% %at&blIIshed to psrform ror th* govwm3ntc If any of tha burdem oi the tax that I8 l.mpfkti upon the d%al%r indirectly reaehee the Land Bank thatHonorable George Ji. Sheppard, pags 

### 15

and consequently reduce that government’s revenues to a proportionate extent. ThlS view is in harmony with the oases hereinabovs ofted which reaognlze and define the inherent ltitations or the ,dootrine of iamuIl~ty, 

### and r0ii0ws the pronouno4m4nts OFthe Supreme aourt of the Unltad States la its more reoent decisions formulating It4 oon- .oluslons on the epplloebllity of the prlnolplo anU Its limitations In relation to other taxing %.Ut:;i 

### 58S Ct 206 211 82 L Ed 

### i55

James P. Dravo Contraotlng Go. 302


### 14 A. L,‘R. ,G, 

### r~ir0Ga ingsilae’Mas& co: ‘ 3no*, v, Tax Commlselon..of Washington, 

### 3020. 9. 186, 58S. Ct. 233, 82 L. Ed. ‘187, and Atkinson vr Stat4 Tax Commlssfon 

### orOregon, 

### 393U. S. 20, jta. Ct. 

### Q9, 82LaEd.321,Jan. 

### 31,1938. “Weare awar that statements *oh night be said to support a oontrary 4oaolaelon have b44n +ade in the oases of Panhandle Oil Co. v. Misalsalppl ex rrl. Wnox, 277 0. 8. 218, 48 S; Ot. 151, 72 L. Ed. 

### 857,56A. Lv R. 583, **fadian** Motooyol4 Co. v. Unltail SOates, 283 0. 8. 570, ‘51,0. Ot. 601, 75 L, Etli 

### 1277,and Graves v. Texas Uo., L. IL 1236. 298 U. 9. 393, 56S.-t%. 818, ‘80

Those oas*a involved, respeotlvely, alar or **)d[issisaippi** imposing an exoia4 tax 0r one o4nt par gallon upon the sale of gaaollne, a statutr of Maasaohueetts Z4vging an exoisa tax on sales and a gasoline tax aot of Alabama. *In the ease of Je~31es v. Dravo (Iontraating oompsny, supra, the oourt had beroro it ror oonsldaration the Gross Sales and Inoome Tax Law of ’ WeatVirginia, Code W.va. 1931, ‘11-13-l 8t sap., as amended dots 

### 1933,let Ex. Seas., o. 

### 33,whfoh provided ror annual privilege taxes on ao~oount or ~bueFnae4 and other activities.’ ~Thatlaw imposed upon the oontraotlng oompanr a tax equal tom2per cent. or the grost inoome from Its bueinees. The

### 312

Honorable George H. Sheppard, page 

### 17

and further that theretofore thoee oame had been distlngulehsd andmust be deeaed limited to their partloular islots. Notwithstanding the holdlnge or exprearsious in the oases distinguishad, it must here be eonolud~ tbnt a 

### proper OOllStrQctiOn of the Ratail Sales Pax Aot of Callrornla 18 that tha tax IS not ill the rale, but rather that it 1s a tax in the sama aategory aa property and oxoise taxes payable by an lndapsndent oontraator engaged in the buslneaa of retail sales whlah, although they am reileotad in the higher aost ofthe produot or oommditg offarad, must be aonsidered msralp as a neoessary expense of aonduotlng the business. St is a tax oouiputsd on the gross rscelpt,s frwn thp~:oonduct of the. bnsinesa at the retail merahiquti,:, Eaaantially, as intimated fn Metaa1.i k E$‘dpv, Mitchell, supZa there does not appear to be ruiy sound basis for a di&otlon beoaans the reosiptr affording the nieasure of the fax are derlred from thr rstafl business oonduoted by an indspendent ocrlltraator or

### aerohemt, rather than fromtbo nrle of 8ervlo68, where otherwiee the larpblrltioa %rnonriienrkmlnat~y. Clearly the icnpo8ltion Ofa prirllage tax an the retailer of ooaooditlslr 

### doe8 not Intartar with the pewer ofthe 

### garernamt to borrow money; nor doas it aiteot in any eubstautlal siannorths eftiolanoy aI itrr agenog in the psrtomumae of Its dutielr,nor the ability of the persona taxed to dlsoharge their oontraotual obligations to the gooarnmant, nor the ability of

’ t+hegovernment to proomre the sqloes of private individuals to aid theat la their undertalringa* Tollowlng the path pointed by tha **oourt** in thr Dravo Case, uu conolude that the tax on the retailer unds~ the Rata11 Sales T!axAot Ofthis stata lmposad on the basis of areturn whiah inalludes receipts dsrlred from salea of tangible personal property to ths bank, a fe4dsralinstrumantallty, doas nat unduly burden the Saileral government nor intsrfere with the axarOi60 Ol’th6 governmental tunotiona Alelagated to 

### ita instrumantality, andwas therefore Yalidly ilapoSa.”

### 314

Haaornbl~

Gborgop..

Shwpatd,pa@*19



### not

### intactthe*purahars?’ within 

### &hameaal~ ofthrtex 

### stntute.wSoo l&C A. 

### L.R. 

### 621itw a! uxod.lecltMnotatioa.

In rlar or 

### theabove 

### l a8ho rity,

rro lr* o? #a. 

### opinion

that 

### youcarisot1y

8dVti6d;loalcr

3x08.CO.that it 

### ra6liableimpthetax. ‘84 am furtherotthao&ion tk8t the Comptrol~etc?ensrel~a4edlalon is nrrtarpllanblo to thd 

### tads involvedtnyouro~lnioa nqaert.

Ruimag thst 

### theabovefully