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B Interest on Debt Used to Carry TaxExempt
Special Rules for Reorganizations of Financially
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1984 Treasury report 20 percent accrual Administration proposal amount apply argued bad debt deduction bad debt reserves bank’s borrowing carry tax-exempt obligations charged commercial banks computed credit unions December 31 depositors deposits determined disallowance provision eligible loans method excess exempt obligations experience method Federal income tax ﬁnancial accounting ﬁnancial institutions ﬁrst FSLIC GAAP incentive income tax purposes incurred or continued indebtedness Interest income interest paid Internal Revenue Service investment in tax-exempt loan associations loan losses loans outstanding mutual savings banks partially worthless percentage of eligible percentage of taxable portion Proc proposal would repeal purchase or carry qualiﬁed assets recapture reduced repurchase agreements reserve balance reserve for bad reserve method revenue procedure rule savings and loan speciﬁc charge-off method tax beneﬁt tax liability tax preference tax reform proposal tax years beginning tax-exempt bonds tax-exempt obligations acquired taxable income method taxable years beginning taxpayers thrift institutions tions windfall gain