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  5. 743 P.2d 640 (1987)
 

MATTER OF PROTEST OF FIRST FED. SAV. AND LOAN ASS'N

Nos. 64673, 64674.

743 P.2d 640 (1987)

In the Matter of the PROTEST OF FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CLAREMORE, Oklahoma To the Proposed Assessment of Additional Income Tax Issued December 7, 1982, Appellant. In the Matter of the PROTEST OF GREAT PLAINS FEDERAL SAVINGS AND LOAN ASSOCIATION, (formerly Custer County Federal Savings and Loan Association) of Weatherford, Oklahoma, to the Proposed Assessment of Additional Income Tax Issued January 14, 1983, Appellant, v. OKLAHOMA TAX COMMISSION, Appellee.

Supreme Court of Oklahoma.

As Modified October 6, 1987.

Rehearing Denied October 7, 1987.

Attorney(s) appearing for the Case

Dee A. Replogle, Jr., Robert H. Gilliland, Jr., Richard D. Craig, McAfee & Taft, Oklahoma City, for appellants.

J. Lawrence Blankenship, Donna E. Cox, Christy J. Caesar, Oklahoma City, Marjorie L. Welch, Norman, Oklahoma Tax Com'n, for appellee.

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 deposits1 placed in the Federal Home Loan Bank, 2) prepaid insurance premiums2 credited to the secondary reserve Federal...

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