Commodity Credit Corporation, 1 percent, notes of series E, due Nov. 15, 1941, dated and bearing interest from Nov. 2, 1939, fully and unconditionally guaranteed both as to interest and principal by United States, which guaranty is expressed on face of each note, exempt both as to principal and interest from all Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes).

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