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BTLG Table of Contents > Sales and Use Tax Annotations > S > 505.0000 Sales to the United States and Its Instrumentalities > Annotation 505.0535

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505.0000 Sales to the United States and Its Instrumentalities—Regulation 1614

Annotation 505.0535

(b) Agencies Not Qualifying for Exemption

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505.0535 Merged Association. Federal land bank associations are specifically granted immunity from taxation as provided by the Farm Credit Act. Production credit associations are subject to state taxation. (Director of Revenue of Missouri v. CoBank ACB (2001) 531 U.S. 316). The merger of a federal land bank association and a production credit association(s) results in a "merged association" as authorized by 12 U.S.C. section 2279c-1. Since the statute does not declare the merged association to be a federal instrumentality nor provide the merged association with a specific grant of immunity or exemption from state taxation, sales of tangible personal property to a merged association are subject to tax. 8/16/02. (2003–2).