ALL issues of bonds and certificates made prior to the present war are "exempt from the payment of all taxes or duties of the United States as well as from taxation in any form by or under State, municipal or local authority."
The Treasury Department has ruled that such securities are not exempt from Federal estate taxes.
All issues are exempt from any form of taxation as to principal, by or under United States, State, municipal or local authority; except estate or inheritance taxes.
Exempt from all taxation, except Federal estate or inheritance taxes.
First Liberty Loan Converted 4s and 4½s or Second-Converted 4¼s, Second Liberty Loan 4s and Converted 4¼s, Third Liberty Loan 4¼s, Fourth Liberty Loan 4¼s, Certificates of Indebtedness, War Savings Certificates.
All these issues are exempt from taxation as to interest except
(a) As to estate or inheritance taxes, and (b) as to surtaxes, excess-profits and war profits-taxes, i.e., they are exempt from the normal tax and during 1919 from the corporation income tax of 10%.