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 ~&..wt
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 laaoolatlon 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 Interprs-
tatlon, hmso w6 tiould a06 lQte-qi$ to put an lnt6rpretatIoa
upon this Nnanalal 6~atreisn* rxaspt as to pertinent itrfaa
no t 8h o un
o n the lta 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 tee1o r k b a the
ia lr so o istio ahaa so nu o tilo e
tur d-
tar*. The (IO MY bs ssib Of rsal brtste ownrSby ths aesoale-
tI3a, 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), 1b), and (01, but that
ss to (e) oertaln 6eduotlons~srr rrqulrwl to be’rsado, beslg-
aatad 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; arxlof% Zka%i8 br
shards outsba&l& wbiah am twWd t8 tbr Indirldual owner
and not to the lsaoaietloa. 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 Qeaes-
ssry to elinfoata froou the arsbts stool in the Fbdoral. 3ome
Loan Bank In t.Ersura 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.*
L. rl. Vsmm,
:icLl. ‘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%