qualified financial institution
Defined in 2 places of the United States Code.
For purposes of this paragraph, the term “qualified financial institution” means any controlled foreign corporation predominantly engaged in the active conduct of a banking, financing, or similar business in the taxable year and in the prior taxable year in which the deficit arose.
Source
- 1994–present26 U.S.C. § 952Internal Revenue Code · Subpart F income defined · under this section
For purposes of this subsection, the term “qualified financial institution” means—
(A) any bank (as defined in section 581),
(B) any institution described in section 591,
(C) any credit union the deposits or accounts in which are insured under Federal or State law or are protected or guaranteed under State law, or
(D) any similar institution chartered and supervised under Federal or State law.
Source
- 1994–present26 U.S.C. § 165Internal Revenue Code · Losses · in this section