Federal home loan banks, not being national banks, dividends received therefrom are taxable. Att. Gen. Op. 65-8.

Depreciation not actually sustained during year, not deductible. 18 H. 15.

No federal or territorial inhibition against imposition of tax upon income accruing prior to enactment. 33 H. 766.

Insurance premiums on life of president not an actual business expense. 36 H. 11.

Cited: 18 H. 530; 18 H. 596; 34 H. 515, 583.