Taxation of Financial Services Industry: Hearing Before the Committee on Finance. United States Senate, Ninety-eighth Congress, First Session, March 11, 1983U.S. Government Printing Office, 1983 - 352 pages |
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Common terms and phrases
allowed AMERICAN BANKERS American Bankers Association amount assets bad debt reserve borrowing BROCKWAY carryback CHAIRMAN commercial banks Committee common bond companies CONGRESS THE LIBRARY cost depository institutions deposits earnings effective rate effective tax rates exempt Federal Credit Union federal income tax financial institutions foreign source foreign tax credit funds GARRY incentives increase industry interest and dividend interest rates Internal Revenue Code investment tax credit investors issue leasing lending LIBRARY OF CONGRESS loan associations loan loss MCKEE million municipal bonds mutual savings banks operations organizations percent percentage profits purposes reduce reported savings and loan securities Senator BRADLEY Senator LONG Senator PRYOR statement subsidy tax benefits tax burden tax law tax liability Tax Notes tax preferences tax system tax treatment tax-exempt bonds tax-exempt obligations taxable income taxation taxpayers thrift institutions tion Treasury U.S. income U.S. tax withholding
Popular passages
Page 199 - Every credit union is, by statute and practice, a cooperative association organized "for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
Page 215 - ... operating under the lodge system, and providing for the payment of life, sick, accident, and other benefits to the members of such societies, orders, or associations and dependents of such members, nor to domestic building and loan...
Page 60 - ... ordinary and necessary expenses paid or incurred in carrying on a trade or business.
Page 29 - Qualifying real property loans. The term "qualifying real property loan" means any loan secured by an interest in improved real property or secured by an interest in real property which is to be improved out of the proceeds of the loan, but such term does not include — (A) Any loan evidenced by a security (as defined in section...
Page 215 - ... organized and operated exclusively for the mutual benefit of their members, nor to any corporation or association organized and operated exclusively for religious, charitable, scientific, or educational purposes, no part of the net income of which inures to the benefit of any private stockholder or individual...
Page 215 - Act to establish a Federal Credit Union System, to establish a further market for securities of the United States and to make more available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.
Page 28 - The amount determined under this paragraph shall not exceed 0.6 percent of eligible loans outstanding at the close of the taxable year or an amount sufficient to increase the reserve for losses on loans to 0.6 percent of eligible loans outstanding at the close of the taxable year, whichever is greater. For purposes of this paragraph, the term 'base year...
Page 36 - ... be considered as interest incurred or continued to purchase or carry tax-exempt obligations, to the extent that the average amount of tax-exempt obligations held by such institution during the taxable year does not exceed 15 percent of its average total assets.
Page 220 - Act indicates that such taxation, therefore, places a disproportionate and excessive burden on them. Furthermore, these credit unions are mutual or cooperative organizations operated entirely by and for their members and in view of this fact it is appropriate, we feel, that local taxation should be levied on the members rather than on the organization itself.
Page 246 - Were you the grantor of, or transferor to, a foreign trust which existed during the current tax year, whether or not you have any beneficial interest in it? lf "Yes," you may have to file Forms 3520, 3520-A, or 926 . . . | PART Ii.