Covers all the tax rules for financial institutions and is the only book of its kind that is completely updated each year to reflect the latest changes through press time. This is the authoritative must-have guide for professionals charged with tax compliance for financial institutions. It features special planning sections in each chapter, detailed discussions that are meticulously referenced to authority for additional research, potential IRS audit activities, and numerous practical examples that illustrate the rules and principles. The volume provides informative discussions on points of law where the courts and the IRS may not see eye-to-eye.
• Entities subject to bank tax rules • Accounting for Interest, fee and Other income • Discount, points and Premium • Securities dealers and investors • Nonperforming Loans • Modified Debt • Foreclosures • Business expenses • Interest expense • Bad-Debt deductions • Acquisitions • Business tax credits
Valuable appendices provide: • IRS industry Specialization Program Coordinated Issue Papers • The 13 Federal Judicial Circuits • The 12 Districts of the Federal Reserve System • Audit Technique Guide for Commercial Banking