Title 26, Internal Revenue CodeRelease 119-102
§581 Definition of Bank
Title 26 › Subtitle A — Income Taxes › CHAPTER 1 — NORMAL TAXES AND SURTAXES › Subchapter H — Banking Institutions › PART I — RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS › § 581
Summary
Defines "bank" to mean a bank or trust company chartered under United States or state law (including the District of Columbia) that mainly takes deposits and makes loans or acts in a trustee role, and that is supervised and examined by state or federal banking authorities. It also includes domestic building and loan associations.
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
Aug 21, 2026
Release point: 119-102