Taxation of Financial Institutions

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Taxation of Financial Institutions

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Clarifies the rapidly changing area of financial institution taxation with a wealth of information on tax laws, regulations, Service rules, and insight from the top professionals in the field.

Filled with time-saving examples and tax planning ideas, this set includes discussion of:

l   Expanded net operating loss ("NOL") carryback benefits providing an election for taxpayers (other than TARP recipients) to carry back NOLs incurred in tax years beginning or ending in 2008 and 2009 for three, four or five years.

l   The recently-enacted cost basis and holding period tax reporting rules under IRC Section 6045(g).

l   Rules limiting executive compensation for troubled assets relief program ("TARP") recipients and corporate governance standards applicable to TARP recipients.

l   Guidance issued by the IRS related to the treatment of mortgage modifications by real estate mortgage investment conduits ("REMICs") following the subprime mortgage crisis.

l   The different categories of tax credit bonds as well as Notice 2010-28, which provides interim guidance concerning tax credit stripping transactions of qualified tax credit bonds under IRC Section 54A.

l   The Hiring Incentives to Restore Employment Act, P.L. 111-147, 124 Stat. 71, which extends the $250,000 expense limit and phase-out reduction of $800,000 pursuant to IRC Section 179 through 2010.

l   Vainisi v. Commissioner, 132 T.C. No. 1 (2009), rev'd, U.S. App. LEXIS 5505 (7th Cir. 2010), in which the Seventh Circuit held that a deduction for interest on certain tax-exempt obligations is not automatically reduced for qualified subchapter S subsidiary ("QSub") banks, reversing a Tax Court decision.

First published in 1983.
2 Volumes; Loose-leaf, updated semiannually.
Chapter 1: History, Overview, and Definitions--Banks and Thrifts
Chapter 2: Accounting Methods
Chapter 3: Accounting Periods
Chapter 4: Time Value of Money, Interest Accrual, and OID
Chapter 5: Securities Investment Transactions
Chapter 6: Municipal Obligations
Chapter 7: Bad Debts
Chapter 8: Foreclosures
Chapter 9: Depreciation of Assets
Chapter 10: Casualty, Theft, and Other Losses
Chapter 11: Charitable Contributions
Chapter 12: Net Operating Losses
Chapter 13: [Reserved]
Chapter 14: Financial Institutions as S Corporations
Chapter 15: [Reserved]
Chapter 16: Financial Institutions as Securities Dealers
Chapter 17: Loan Sales and Structured Financings
Chapter 18: Leases
Chapter 19: Common Trust Funds
Chapter 20: Business Combinations and Holding Companies
Chapter 21: Consolidated Returns
Chapter 22: Joint Ventures
Chapter 23: Taxation of Foreign Banks--U.S. Branches, Agencies, and Subsidiaries
Chapter 24: International Taxation of U.S. Banks
Chapter 25: Alternative Minimum Tax
Chapter 26: Information Reporting and Backup Withholding
KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 140,000 professionals, including more than 7,900 partners, in 146 countries.