Internal Revenue Code · 26 U.S.C.
§ 581. Definition of bank
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 581
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- September 28, 1962 by Pub. L. 87–722
- Last amended
- October 4, 1976 by Pub. L. 94–455
- Amendments
- 1 dated changes in the source credit
- Length
- 137 words · about 1 min to read
- Defines
- 1 term
- Cross-references
- cites 2; cited by 30 Code sections and 31 other regulations
- Regulations
- 3 issued under this section
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 or Federal authority having supervision over banking institutions. Such term also means a domestic building and loan association.
(Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 87–722, § 5, Sept. 28, 1962, 76 Stat. 670; Pub. L. 94–455, title XIX, § 1901(c)(5), Oct. 4, 1976, 90 Stat. 1803.)
Terms defined here
Where the text says “the term … means”. Select a term to jump to its definition.
Regulations under this section
Treasury regulations (26 CFR) issued under § 581
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 2 other sections
- § 582 Bad debts, losses, and gains with respect to securities held by financial institutions
- § 584 Common trust funds
Cited by 30 Code sections
- § 59A(b)(2)(B)(i) Tax on base erosion payments of taxpayers with substantial gross receipts
- § 165(l)(3)(A) Losses
- § 246A(c)(3)(B)(i) Dividends received deduction reduced where portfolio stock is debt financed
- § 271(a) Debts owed by political parties, etc.
- § 279(c)(5) Interest on indebtedness incurred by corporation to acquire stock or assets of another corporation
- § 355(g)(2)(B)(ii)(II) Distribution of stock and securities of a controlled corporation
- § 368(a)(3)(D) Definitions relating to corporate reorganizations
- § 408(n)(1) Individual retirement accounts
- § 409(h)(3) Qualifications for tax credit employee stock ownership plans
- § 465(c)(7)(D)(iv) Deductions limited to amount at risk
- § 501(c)(21)(D)(ii)(III) Exemption from tax on corporations, certain trusts, etc.
- § 512(b)(16)(A)(i)(I) Unrelated business taxable income
- § 514(c)(9)(H)(iv)(I) Unrelated debt-financed income
- § 542(c)(2) Definition of personal holding company
- § 585(a)(2)(A) Reserves for losses on loans of banks
- § 593(d)(1)(B)(ii) Reserves for losses on loans
- § 864(e)(5)(C)(i) Definitions and special rules
- § 992(d)(3) Requirements of a domestic international sales corporation
- § 1042(c)(4)(B)(ii)(I) Sales of stock to employee stock ownership plans or certain cooperatives
- § 1281(b)(1)(C) Current inclusion in income of discount on certain short-term obligations
- § 1361(c)(2)(A)(vi) S corporation defined
- § 1362(d)(3)(C)(v) Election; revocation; termination
- § 1473(3)(F) Definitions
- § 4975(d)(16)(A) Tax on prohibited transactions
Show 6 more
- § 6032 Returns of banks with respect to common trust funds
- § 6050P(c)(2)(A) Returns relating to the cancellation of indebtedness by certain entities
- § 6323(b)(10) Validity and priority against certain persons
- § 6695(f) Other assessable penalties with respect to the preparation of tax returns for other persons
- § 7512(b) Separate accounting for certain collected taxes, etc.
- § 7603(b)(2)(A) Service of summons
Cited in 31 regulations not issued under it
- § 1.59A-9 Anti-abuse and recharacterization rules.
- § 1.133-1T Questions and answers relating to interest on certain loans used to acquire employer securities (temporary).
- § 1.166-2 Evidence of worthlessness.
- § 1.271-1 Debts owed by political parties.
- § 1.279-5 Rules for application of section 279(b).
- § 1.382-2T Definition of ownership change under section 382, as amended by the Tax Reform Act of 1986 (temporary).
- § 1.382-3 Definitions and rules relating to a 5-percent shareholder.
- § 1.582-1 Bad debts, losses, and gains with respect to securities held by financial institutions.
- § 1.584-1 Common trust funds.
- § 1.585-1 Reserve for losses on loans of banks.
- § 1.585-2 Addition to reserve.
- § 1.861-11T Special rules for allocating and apportioning interest expense of an affiliated group of corporations (temporary).
- § 1.992-1 Requirements of a DISC.
- § 1.1031(k)-1 Treatment of deferred exchanges.
- § 1.1361-1 S corporation defined.
- § 1.1361-4 Effect of QSub election.
- § 1.1471-5 Definitions applicable to section 1471.
- § 1.1473-1 Section 1473 definitions.
- § 1.1502-13 Intercompany transactions.
- § 1.6032-1 Returns of banks with respect to common trust funds.
- § 1.6038-1 Information returns required of domestic corporations with respect to annual accounting periods of certain foreign corporations beginning before January 1, 1963.
- § 1.6038-2 Information returns required of United States persons with respect to annual accounting periods of certain foreign corporations.
- § 1.6302-3 Deposit rules for estimated taxes of certain trusts.
- § 1.7872-5T Exempted loans (temporary).
Show 7 more
- § 20.2056A-2 Requirements for qualified domestic trust.
- § 25.2704-2 Transfers subject to applicable restrictions.
- § 54.4975-6 Statutory exemptions for office space or services and certain transactions involving financial institutions.
- § 301.6311-1 Payment by check or money order.
- § 301.7512-1 Separate accounting for certain collected taxes.
- § 301.7701-2 Business entities; definitions.
- § 301.7701-7 Trusts—domestic and foreign.
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 94–455
- Enacted by Pub. L. 87–722
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter H Banking Institutions
- Part I RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS
Nearby sections
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
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))”.