A federal statute exempts stocks and obligations of the United States government from state taxation. (31 U.S.C. § 3124(a) [hereafter section 3124(a)].) The federal statute prohibits "each form of taxation that would require the [federal] obligation, the interest on the obligation, or both, to be considered in computing a tax...." We granted review in this case to determine whether section 3124(a) prohibits...
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