To amend the Internal Revenue Code of 1986 to provide that the discount rules relating to short-term obligations shall not apply to certain obligations of small banks.

Summary

Amends the Internal Revenue Code to provide that certain short-term loans made in the ordinary course of business of a taxpayer bank or other financial institution that meets the $5,000,000 gross receipts test and does not use an accrual method of accounting shall not be subject to requirements governing: (1) the current inclusion in gross income of the discount on such obligations; and (2) the deferral of the deduction for net direct interest expenses allocable to the accrued discount on such obligations. Applies these amendments to loans acquired after July 18, 1984.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 13 June 1989

  Open at official source

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