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Internal Revenue Code, § 581. Definition Of Bank

For purposes of sections 582 and 584, the term “bank” means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any State, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by State or Federal authority having supervision over banking institutions. Such term also means a domestic building and loan association.
(Aug. 16, 1954, ch. 736, 68A Stat. 202; Sept. 28, 1962, Pub. L. 87-722, 5, 76 Stat. 670; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1901(c)(5), 90 Stat. 1803.)
BACKGROUND NOTES
Amendments to Subchapter
1976--Pub. L. 94-455, title XIX, 1901(b)(20)(C), Oct. 4, 1976, 90 Stat. 1797, struck out part III from subchapter analysis.
Amendments to Part
1986--Pub. L. 99-514, title IX, 901(d)(4)(H), Oct. 22, 1986, 100 Stat. 2380, struck out item 586 “Reserves for losses on loans of small business investment companies, etc.”
1976--Pub. L. 94-455, title XIX, 1901(b)(18), Oct. 4, 1976, 90 Stat. 1796, struck out item 583 “Deductions of dividends paid on certain preferred stock”.
1969--Pub. L. 91-172, title IV, 431(c)(2), Dec. 30, 1969, 83 Stat. 620, substituted “Bad debts, losses, and gains with respect to securities held by financial institutions”, for “Bad debt and loss deduction with respect to securities held by banks" in item 582, and added items 585 and 586.
AMENDMENTS
1976--Pub. L. 94-455 substituted “or of any State” for “of any State, or of any Territory” after “District of Columbia)” and struck out “Territorial” after “examination by State”.
1962--Pub. L. 87-722 substituted “authority of the Comptroller of the Currency” for “section 11(k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248(k))”.