Case Information
*1 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 dusrsr oi the fat. Plcrav ~&..w t aesoaiation in your lettsr of kuguet
opinion of this Departz3ant upon
r0U.F i6tt4T Tea68 i8 rOliOWS1
opinion as to u any, Ir tara
tha swab prop
f the iAt* Plearant to adrim you as any, le taxable.
ble for 38 to atteqt sxabilltg exaaption zw ratlsctea la ttk a-53 Title 24, V. i?. C. S., ur ezwwament and oolleatlon or taxea loan aaaoaiatlom do?n~a bueinass in this the atetute reads ~3 r0nmtt: uildidlj and loan aaeoalatlon dolng business shall., la the of ty or town Sn whloh f t ia lta prop3rty looated, sander thbrsln looetad to the tax asabssor et the fixed by law end in folio-wing rwnlture ft-?d fixtures a.mner: (a) 331s value of its oifioe therein; (b) the velub of nil real estate in suoh olty to whlan rruoh aaoolatlon holds tltls; (0) the value of fta 40 exoes8 an amount reprsaaatlng assete therein total ot (1) aeaounts paylabls and notes pajrabls oulng by *2 Son. L. 3. Vana6, psga 2
8uuh essoaia~icn (2) the book value of fhb eharss and 3) the amwaeed value of ths furniture t outntanding ead fl,xt~uss an1 real emtats he13 by awh ssemIstlau
and rbnarrba by It for taxati3n.c a0 not r6oeIrr unlfow 316anoIol Interprs- iltateia*ntr hmso w6 tiould a06 l Qte-qi$ to put an lnt6rpretatIoa tatlon, rxaspt as to pertinent itrfaa upon this Nnanalal 6~atreisn* not 8houn on the l tatenma8. 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 tee1 o r k baia the l rso oistioa haa sonu otiloe turd- 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 ror to asneaau*at ad talmam 88 (a), 1 b), and (01, but tame, aosfgnatod that to be’rsado, beslg- ss to (e) oertaln 6eduotlons~srr rrqulrwl aatad as (11, (21, azd (3).
IP tva aooop% the sta$awat as lltrrally true and apply formula prworlbsb rissaalsl by tba 6t6tUt6 statement suuttad, It Is obarmrd that thrrr is no proparty 0rri8a under auWirl6lon (4). nafdy, fumitura ad ffXtI.WSi naltbar is Wars any under sub4lririon (b), nmmly, ths ralue In suoh olty to whloh such aosasistion holds rbal estate title. ‘no, thurelore, hstr only to oonsidrr 6ubdirlaIoa (a), ~nm~ly, the valus or it8 assets bhsrsla la ~~0068 0r sn amount bho total of (1) aeocuats roprosenbing br awki~ 6u6h asao6iatioa; arxl of% wyablb Zka%i8 wbiah am twWd t8 tbr Indirldual owner shards outsba&l& In other worb, we arb rcqulrea and not to saoaietloa. essat6 Ma dodu66 r-f4 suoh asssts ths total to taka payablq and uot66 pepabls, and book ralur or ths 8harss sooounts otitetandlng*, Before arrtring at a tigwa, owe think Qeaes- elinfoata froou the arsbts ssry stool in the Fbdoral. 3ome Loan Bank In t.Er sura or $2100.. tmd Unltad States 3ovammant 3onds la thr 6tm of :lO,OOO. Thooo itecw oanziot be tarad in may went by raasun .&De 743, V.3.C.A., Titls 31, slr;or to be t8x0a by the Conkgtso has not mmwrtzsa the34 item 3tatbi raid Artlele maa8 66 r01107f8: provided by km, all stooL.8,
“Zxaept an otherwise 80~&, Trsasurp notes, and otksf obligations Unitrd Stater, shall be oxrapt froze taxation by or uuder Jtats awlolpal or loaal authority.*
:icLl. L. rl. Vsmm, ‘RjC 3 thma two ltera
3lknlmtlng fro@ $hs arrsets clad 6ha acco*unto pyabl~ ad notes payable AGiuotiag thrrefroa oxin?l, by the assoaiatlon and the booit mlue uf aharea oi~~sl;sn~Slng, a Pig&m ehoul4 be eooertain.sd Pepresentlx% what ior soseesmmt l &ainst wo oowelre bs the taxable I?mir the sasoolrtian, fis grovlbed fh .i,“t. Mlr, :subalr. 53. Thl8, ne thltlk, arr0m a statutory b&&a for amuemwabnt ot o.d ralorm t&r Et. ?leseaot .JullUt%g h Loaa. taxerr w@not i~eaooLition, usln3; SE rar am graatioeblr inforzmtion 4fsolosed ilnanolsl statement subaltOs bg 30%