CODIFICATION OF INTERNAL REVENUE LAWS WAR FINANCE CORPORATION Any and all bonds issued by the corporation shall be exempt, both as to principal and interest, from all taxation imposed by the United States * * , except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States upon the income or profits of individuals, partnerships, corporations, or associations. The interest on an amount of such bonds the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, corporation, or association, shall be exempt from the taxes referred to in clause (b). The corporation, includ- ing its franchise and the capital and reserve or surplus thereof and the income derived therefrom, shall be exempt from all taxation imposed by the United States
- * *. (Apr. 5, 1918, c. 45, § 16, 40 Stat. 511.) (U. S. C., Title 15,
344.) (C) INSULAR AND PANAMA CANAL BONDS; ANNUITIES PANAMA CANAL BONDS OF 1961
- * * and the bonds herein authorized shall be exempt from all taxes or
duties of the United States
- **. (Aug. 5, 1909, c. 6, § 39, 36 Stat. 117.)
PHILIPPINE BONDS Bonds issued prior to March 24, 1934, exempt All bonds issued by the government of the Philippine Islands, or by its authority, shall be exempt from taxation by the Government of the United States * * *. (Feb. 6, 1905, c. 453, § 1, 33 Stat. 689.) (U. S. C., Title 48, § 1193) Bonds issued after March 24, 1934, not exempt There shall be no obligation on the part of the United States to meet the interest or principal of bonds or other obligations of the government of the Philippine Islands or of the provincial and municipal governments thereof hereafter issued during the continuance of United States sovereignty in the Philippine Islands: Provided, That such bonds and obligations hereafter issued shall not be exempt from taxation in the United States or by authority of the United States. (Mar. 24, 1934, c. 84, § 9, 48 Stat. 463 .) (U. S . C., Title 48, § 1239.) PUERTO RICO BONDS
- , all bonds issued by the government of Puerto Rico, or by its authority,
shall be exempt from taxation by the Government of the United States * * * (Mar. 2, 1917, c. 145, § 3, as amended by Aug. 26, 1937, c. 831, § 1, 50 Stat. 844 .) (U. S. C., Title 48, § 745.) ANNUITIES OF RAILROAD EMPLOYEES No annuity or pension payment shall be assignable or be subject to any tax or to garnishment, attachment, or other legal process under any circumstances whatsoever * * *. (Aug. 29, 1935, c. 812, § 12, as amended June 24, 1937, c. 382, Part I, § 1, 50Stat. 316.) (U. S. C., Title 45, § 2281.) NoTb.-The same provision appeared in the 1935 Act (declared unconstitutional). By Sec. 204 of the 1937 Act the old act was continued in force and effect with respect to the rights of individuals granted annuities prior to the date of the enactment of the latter act. (U. S . C ., Title 45, i 224.) ANNUITIES OF BrETIED EDE)RAL EMPLOYEES SEC. 18. None of the moneys mentioned in this Act shall be assignable, either in law or in equity, or be subject to execution, levy, or attachment, garnishment, or other legal process. (May 29, 1930, c. 349, sec. 18, 46 Stat. 479.) (U. S. C ., Title 5, § 729.) CXCIV
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