Banking Taxation: Implications of Proposed Revisions Governing S-Corporations on Community Banks

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DIANE Publishing, Sep 1, 2000 - 66 pages
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Studies certain rules that affect decisions by banks to elect S-corp. status for Fed. tax purposes. Banks were permitted to elect S-corp. status for the first time beginning in 1997. Banking industry rep's. have cited a number of obstacles that banks face when converting to S-Corp. status. Possible revisions to the tax rules were proposed to address these obstacles and would generally expand the banking &, in some cases, other industries' eligibility to elect S-corp. status. The objectives of this report were to (1) analyze possible revisions to the rules governing S-corp.; and (2) determine the potential impact such revisions might have, primarily on community banks. Tables.
 

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Contents

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Page 3 - of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision provided comments on a draft of this report,
Page 24 - V. Roth, Jr. Chairman The Honorable Daniel Patrick Moynihan Ranking Minority Member Committee on Finance United States Senate The Honorable James A. Leach Chairman The Honorable John J. LaFalce Ranking Minority Member Committee on Banking and Financial Services House of Representatives
Page 50 - income derived from royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities (but only to the extent of gains).
Page 1 - passive investment income as gross receipts derived from royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities.
Page 12 - a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district.
Page 38 - of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS).
Page 33 - were derived from royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities;
Page 65 - 2000 Mr. Thomas J. McCool, Director Financial Institutions and Markets Issues US General Accounting Office Washington, DC 20548 Dear Mr. McCool: Thank you for the opportunity to comment
Page 32 - incorporation and operation of certain small businesses without the incidence of income taxation at both the corporate and the shareholder levels.
Page 22 - requesting congressional committees. We are also sending copies of this report to the Honorable Alexis Herman, Secretary of Labor; the Honorable

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