Title 26 — Internal Revenue CodeRelease 119-73

§581 Definition of Bank

Title 26 › Subtitle Subtitle A— Income Taxes › Chapter 1— NORMAL TAXES AND SURTAXES › Subchapter H— Banking Institutions › Part I— RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS › § 581

Last updated Apr 6, 2026|Official source

Summary

For certain tax rules, a "bank" means a bank or trust company incorporated and doing business under U.S. or state law, where a substantial part of the business is taking deposits and making loans, or exercising fiduciary powers like those allowed to national banks. It must also be subject by law to supervision and examination by a state or federal banking authority. Domestic building and loan associations count as banks too.

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