Internal Revenue Code:Sec. 581. Definition of bank

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter H - Banking Institutions
         PART I - RULES OF GENERAL APPLICA-
       

Statute

    Sec. 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, Territorial, or Federal authority having
    supervision over banking institutions.  Such term also means a
    domestic building and loan association.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 87-722, Sec. 5,
    Sept. 28, 1962, 76 Stat. 670; Pub. L. 94-455, title XIX, Sec.
    1901(c)(5), Oct. 4, 1976, 90 Stat. 1803.)
 

Miscellaneous

                                 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))''.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 165, 246A, 271, 279, 368,
    408, 409, 465, 501, 512, 514, 542, 585, 593, 864, 992, 1042, 1281,
    1397E, 6032, 6050P, 6323, 6695, 7512, 7603 of this title.