Legal Opinion
Protest of Great Plains Federal Savings & Loan Ass'n v. Oklahoma Tax Commission
Supreme Court of Oklahoma
Decided October 6, 1987No. 64673, 64674PublishedCited by 6 opinions
1Opinion of the Court
KAUGER, Justice.
The issue presented is whether certain corporate income earned by Oklahoma savings and loan associations is exempt from taxation by the state of Oklahoma. The income in question includes the interest earned on 1) overnight/demand deposits 1 placed in the Federal Home Loan Bank, 2) prepaid insurance premiums 2 credited to the secondary reserve Federal Savings and Loan Insurance Corporation (FSLIC), 3) and bonds 3 issued by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). We find that the FHLMC bonds are exempt from…
2Cases cited18 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- Metropolitan Life Insurance v. WardSupreme Court of the United States · 1985
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- Juilliard v. GreenmanSupreme Court of the United States · 1884
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3Cited by6 opinions
- Duncan Medical Services v. State ex rel. Oklahoma Tax CommissionSupreme Court of Oklahoma · 1994
- Bell Federal Savings & Loan Ass'n v. WagnerAppellate Court of Illinois · 1996
- Roxborough Manayunk Federal Savings & Loan Ass'n v. CommonwealthCommonwealth Court of Pennsylvania · 1997
- Bell Federal Savings & Loan v. WagnerAppellate Court of Illinois · 1996
- Opinion No. (1989), Oklahoma Attorney General Reports1989
1 more not listed; retrieve them via the Exa API.