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12 USC

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  • Al Cintra-Leite
    Found this in a book called IRS HUMBUG by Frank Kowalik , complains that they exempted themselves , but I see it as exempting all income derived
    Message 1 of 12 , Jun 4, 2009
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      Found this in a book called "IRS HUMBUG" by Frank Kowalik , complains
      that "they" exempted themselves , but I see it as exempting all income
      derived therefrom,just like it says, that is , the greenbacks in your
      wallet....
      12 U.S.C. Sec.531 Exemption from taxation.
      Federal Reserve Banks, including the capital stock and surplus
      therein, and the income derived therefrom shall be exempt from Federal,
      State, and local taxation , except taxes on real estate.
      Dec. 23,1913, C.6,sec. 7, 38 stat.258
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