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April 9, 1941 Chairman Eccles Baile Bespres Tour suggestion that the iaooaae from tax-execrpt Government securities bo included in incorie subject to a special defense tax on corporations baa not been Included in this memorandum,. Although the legality of the proposal la generally acknowledged, it would arouse m o b controversy and raise very little revenue* The only important group of corporations affected would be the banks. Life insurance companies are allowed special deductions which would continue to give them imunity, and holdings of partially tax-exempt securities by non-financial corporations are negligible. 6P