26 USC 582 - Bad debts, losses, and gains with respect to securities held by financial institutions

U.S Code last checked for updates: Nov 26, 2024

§ 582.

Bad debts, losses, and gains with respect to securities held by financial institutions

(a)

Securities

(b)

Worthless stock in affiliated bank

(c)

Bond, etc., losses and gains of financial institutions

(1)

General rule

(2)

Financial institutions to which paragraph (1) applies

(A)

In general

For purposes of paragraph (1), the financial institutions referred to in this paragraph are—

(i)

any bank (and any corporation which would be a bank except for the fact it is a foreign corporation),

(ii)

any financial institution referred to in section 591,

(iii)

any small business investment company operating under the Small Business Investment Act of 1958, and

(iv)

any business development corporation.

(B)

Business development corporation

(C)

Limitations on foreign banks

(Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 85–866, title I, § 34, Sept. 2, 1958, 72 Stat. 1632; Pub. L. 91–172, title IV, § 433(a), (c), Dec. 30, 1969, 83 Stat. 623, 624; Pub. L. 94–455, title X, § 1044(a), title XIV, § 1402(b)(1)(G), (2), Oct. 4, 1976, 90 Stat. 1642, 1732; Pub. L. 98–369, div. A, title X, § 1001(b)(6), (e), July 18, 1984, 98 Stat. 1011, 1012; Pub. L. 99–514, title VI, § 671(b)(4), title IX, § 901(d)(3), Oct. 22, 1986, 100 Stat. 2318, 2379; Pub. L. 100–647, title I, § 1008(d)(3), Nov. 10, 1988, 102 Stat. 3439; Pub. L. 101–508, title XI, § 11801(a)(25), (c)(11), Nov. 5, 1990, 104 Stat. 1388–521, 1388–527; Pub. L. 104–188, title I, § 1621(b)(4), Aug. 20, 1996, 110 Stat. 1867; Pub. L. 108–357, title VIII, § 835(b)(3), Oct. 22, 2004, 118 Stat. 1593.)

cite as: 26 USC 582