Title 26 — Internal Revenue CodeRelease 119-73
§581 Definition of bank
Title 26 › Subtitle Subtitle A— - Income Taxes › Chapter CHAPTER 1— - NORMAL TAXES AND SURTAXES › Subchapter Subchapter H— - Banking Institutions › Part PART I— - RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS › § 581
Summary
Defines "bank" for sections 582 and 584 to mean U.S. or State (including D.C.) chartered banks or trust companies that mainly take deposits, lend money, or act as trustees and are supervised by State or Federal authorities; domestic building and loan associations are included.
Full Legal Text
Title 26, §581
Internal Revenue Code — Source: USLM XML via OLRC
For purposes of section 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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
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))”.
Reference
Citations & Metadata
Citation
26 U.S.C. § 581
Title 26 — Internal Revenue Code
Last Updated
Apr 6, 2026
Release point: 119-73