FRIEDMAN, J.
Plaintiff Woodland Production Credit Association is an agricultural loan cooperative incorporated under section 20 of the federal Farm Credit Act of 1933. (12 U.S.C. § 1131d.) At issue is its liability for California corporation franchise taxes for the years 1952 and 1953. These taxes were levied against the corporation according to the measure of its income, which consisted of interest on certain United States bonds owned by it. After administrative...
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