The U.S. Supreme Court case Federal Land Bank of Wichita v. Board of County Commissioners of Kiowa County, Kansas in 1961 revolved around the issue of whether a federal land bank was exempt from paying state and local taxes on real estate it owned within the state. The Federal Land Bank argued that as a federally chartered institution, it was immune from such taxation under the Supremacy Clause of the Constitution. However, both lower courts ruled against this argument stating that there were no specific provisions in its charter or federal law to grant tax exemption for real property held by Federal Land Banks outside their primary operations. The Supreme Court affirmed these rulings holding that unless Congress explicitly provides an immunity clause for federal entities regarding state taxation laws, they are not automatically exempted based on their status as federally created bodies alone.

The dissenting opinion in the case of Federal Land Bank of Wichita v. Board of County Commissioners of Kiowa County, Kansas argued that the majority's decision to exempt federal land banks from state taxation was incorrect and inconsistent with previous rulings. The dissenters believed that Congress did not intend for such a broad exemption when it established these banks, which are essentially private corporations despite their government affiliation. They also pointed out that this ruling could have far-reaching implications, potentially leading to other federally-affiliated entities seeking similar exemptions from state taxes. This would undermine states' rights and fiscal autonomy by depriving them of significant revenue sources. Therefore, they disagreed with the majority's interpretation and application of both statutory law and precedent.