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09-24-2008, 09:52 PM
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#1 |
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Industry Role:
Join Date: Oct 2003
Posts: 13,076
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Let's do a little experiment about the Federal Reserve...
If you have a few minutes, please read the following court case:
http://caselaw.lp.findlaw.com/data2/...th/042357p.pdf I am curious to see what kind of conclusions you come to after reading this. Thanks.
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09-24-2008, 09:58 PM
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#2 | |
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Confirmed User
Industry Role:
Join Date: May 2002
Location: Toronto
Posts: 8,475
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Quote:
Most of the cases in which a Federal Reserve Bank has been found to be an agency of the United States concern the tax-exempt status of the Federal Reserve Banks. Scott asserts that this status, as a tax-exempt federal instrumentality, makes the Bank a federal agency. This argument is diminished by the fact that Congress codified this tax-exempt status without any statement that the Federal Reserve Banks are federal agencies. 12 U.S.C. § 531 (exempting Federal Reserve Banks from federal, state, and local taxes except real estate taxes without referring to banks as federal agents) |
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09-24-2008, 10:06 PM
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#3 | |
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Industry Role:
Join Date: Oct 2003
Posts: 13,076
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Quote:
It gets better...
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