Download or read book Attorney General Opinion No. 1986-016 written by Robert T. Stephan and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A federal land bank is exempt from federal, state and municipal taxation, except for taxes on real property held by such a bank. Accordingly, a land bank is not liable for either income or severance tax on oil and gas which is produced on land which it owns, or on royalty interests, leaseholds, or wells which it owns. However, mineral interests which have not been severed are considered as real property, and so may be taxed. Cited herein: K.S.A. 79-329; 79-420; 79-501; 79-1411a; 79-1439; 79-32,110; 79-4217; 12 U.S.C. sections 2011, 2055; U.S. Const., Art. VI, para. 2, cl. 3.