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**OFFICE OF**  **THE ATTORNEY**  **GENERAL OF**  **TEXAS AUSTIN** 

**iicn. L.**  **2.** **V*nae** **‘ .I**  

### County Attornep Tttlrr County 1%. Plaasant STexae

**Dear ‘** **blr. Vano6:**  **opinion NO.**  

### o-7331 **R.:** 

### Whether the 

### dusrsr oi the fat. Plcrav aesoaiation ~&..w

t in your lettsr of kuguet opinion of this Departz3ant upon r0U.F i6tt4T Tea68 i8 rOliOWS1 opinion as to u 

### it **any,** Ir **tara** tha swab **prop** f the **iAt*** Plearant to adrim 

### you as **any, le**  **taxable.** ble for 38 to atteqt to sxabilltg or **exaaption** zw ratlsctea la ttk 

### a-53 of **Title** 24, V. i?. C. S., ur **the** ezwwament and oolleatlon or taxea loan 

### aaaoaiatlom **do?n~a** bueinass in this 

### of the atetute reads ~3 

### r0nmtt: uildidlj and loan 

### aaeoalatlon dolng business shall., la the ofty or town Sn whloh ft ia looated, sander lta 

### prop3rty thbrsln looetad to the tax asabssor et the the fixed by law end in **the** folio-wing **a.mner: (a)**  **331s value**  **of its**  **oifioe** rwnlture ft-?d**fixtures** therein; (b) the velub of nil real estate in suoh olty to whlan rruohl

aaoolatlon holds tltls; (0) the value of **fta** assete **therein** 40 exoes8 

### or an amount reprsaaatlng the total ot (1) aeaounts paylabls and notes pajrabls oulng 

### bySon. L. 3. Vana6, psga 2



### 8uuh **essoaia~icn** 

### (2) the book value of fhb eharss **outntanding** and 3) 

### the amwaeed value of ths furniture

t ead fl,xt~uss **an1** real 

### emtats he13 by awh ssemIstlau **and** 

### rbnarrba **by** It **for taxati3n.c**  316anoIol iltateia*ntr 

### a0 not r6oeIrr 

### unlfow Interprstatlon, hmso w6 tiould a06 lQte-qi$ 

### to put **an** lnt6rpretatIoa **upon this**  **Nnanalal 6~atreisn** * rxaspt as to 

### pertinent itrfaa not8houn

onthe l

tatenma8.



### Bar examgls, thr 6tatrwnt does not show sny ofilor nu*ltturs, whlon is a deduotlbls itaa In 

### arriving a6 t&s 

### tsxablo value f& tha ssaebs 

### subjeot to 

### taxation, **although** uotee1 orkbaia

the l rso oistioa



### haa sonuotiloe turd

### tar*. The (IO MY bs ssib Of rsal **brtste ownrSby**  ths aesoale

### tI3a, albhougb **it** is 

### lam oarlain i~t faey own real bsbbtb 

### than orrio **furaitwo.**

**You** 

### rIl1 obsrrre 

### that by **the trrmr**  **or** the **statutr** 

### thora sre t&r80 lams or **proprrty** 

### sub sot **to** **asneaau*at** 

### ror ad **talmam tame,**  **aosfgnatod 88**  **(a), 1**  

### b), **and (01,**  **but** that ss 

### to (e) oertaln 

### 6eduotlons~srr **rrqulrwl** 

### to be’rsado, 

### beslgaatad as (11, (21, azd (3).

IP tva **aooop%** 

### the sta$awat as 

### lltrrally true and apply the 

### formulaprworlbsb **by tba**  **6t6tUt6 to**  the 

### rissaalsl statement suuttad, It Is **obarmrd** 

### that thrrr is noproparty under **auWirl6lon (4).**  **nafdy,** 

### 0rri8a **fumitura ad**  **ffXtI.WSi** 

### naltbar is Wars any 

### under sub4lririon 

### (b), nmmly, ths ralue of **rbal** estate In 

### suoh olty **to** whloh such aosasistion 

### holds title. ‘no, thurelore, hstr only to **oonsidrr** 6ubdirlaIoa **(a),** 

### ~nm~ly, the valus or it8 assets bhsrsla la ~~0068 0r sn amount **roprosenbing** 

### bho **total** of (1) 

### aeocuats wyablb **awki~** by 6u6h **asao6iatioa;** 

### arxl **of% Zka%i8**  

### br shards outsba&l& wbiah am twWd t8 tbr Indirldual 

### owner and not **to** the l

saoaietloa. **In** 

### other worb, we**arb** rcqulrea **to taka**  ths total **essat6** 

### Ma **dodu66** 

### r-f4 suoh asssts the sooounts payablq 

### and uot66 pepabls, 

### and book 

### ralur or ths 8harss otitetandlng*, Before 

### arrtring at a tigwa, owethink it Qeaes**ssry to**  

### elinfoata **froou the**  **arsbts stool**  **in the**  **Fbdoral. 3ome**  

### Loan Bank In t.Er

suraor $2100..tmd Unltad States 3ovammant 3onds la thr 6tm of 

### :lO,OOO. Thooo itecw oanziot be tarad 

### in **may went**  **by** 

### raasun or **.&De** 

### 743, V.3.C.A., Titls 31, slr;or 

### Conkgtso has not mmwrtzsa the34 **item to**  **be** 

### t8x0a by the 3tatbi raid Artlele maa8 66 r01107f8:

**“ Zxaept**  

### an otherwise provided **by km,**  

### all **stooL.8,** 80~&, Trsasurp notes, and otksf obligations of 

### the Unitrd **Stater,** 

### shall be oxrapt froze taxation by or uuder Jtats **or** awlolpal or loaal authority.*

### :icLl.

L. rl. Vsmm, ‘RjC 3

3lknlmtlng thma 

### two ltera fro@ $hs arrsets clad AGiuotiag thrrefroa 6ha 

### acco*unto pyabl~ ad 

### notes payable 

### oxin?l, by the assoaiatlon and the booit mlue uf the 

### aharea oi~~sl;sn~Slng, a Pig&m ehoul4 be eooertain.sd Pepresentlx% what 

### wo oowelre to bs the taxable I?mir ior soseesmmt 

### l &ainst the sasoolrtian, fis grovlbed fh .i,“t. Mlr, :subalr. 53. Thl8, ne thltlk, 

### arr0m a statutory b&&a for amuemwabnt ot **o.d**ralorm taxerr **w@not** t&r Et. ?leseaot .JullUt%g h Loaa. i~eaooLition, usln3; SE rar amgraatioeblr the inforzmtion 4fsolosed by the ilnanolsl statement subaltOs bg 30%