r . 

OFFICE OF THE ATTORNEY GENERAL OF TEXAS 

AUSTIN 

iicn. L. 2. V*nae ‘.I 

County At tornep 

Tttlrr County 

1%. Plaasant S Texae 

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 of ty or town Sn whloh f t 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 rruoh l 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 by 
Son. L. 3. Vana6, psga 2 

8uuh essoaia~icn (2) the book value of fhb eharss 

outntanding and t 3) the amwaeed value of ths furniture 

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 l Qte-qi$ to put an lnt6rpretatIoa 

upon this Nnanalal 6~atreisn* rxaspt as to pertinent itrfaa 

no t 8h o uon n the l ta tenma 8. 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 uo tee1 orkb a the ia l r so o istio a haa so nu o tilo e tur dtar*. The (IO MY bs ssib Of rsal brtste ownrSby ths aesoaletI3a, 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 formula prworlbsb by tba 6t6tUt6 to the rissaalsl 

statement suuttad, It Is obarmrd that thrrr is no proparty 

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, owe think it Qeaesssry to elinfoata froou the arsbts stool in the Fbdoral. 3ome 

Loan Bank In t.Er sura or $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 & a inst 

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 am graatioeblr the inforzmtion 

4fsolosed by the ilnanolsl statement subaltOs bg 30%