- 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
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