PACIFIC FIRST FEDERAL SAVINGS BANK v. DEPARTMENT OF REVENUE TC 2719In the Oregon Tax Court. August 13, 1988. Taxation — Exemptions — Statutory provisions 1. 31 U.S.C. § 3124(a)(1) prohibits taxation of federal obligations except for “[a] nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax imposed on a corporation.” Taxation — […]