2017 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter H - Banking Institutions
Part II - Mutual Savings Banks, Etc.
Sec. 591 - Deduction for dividends paid on deposits
| 26 U.S.C. § 591 (2017) |
| §591. Deduction for dividends paid on deposits |
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(a) In general
In the case of mutual savings banks, cooperative banks, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, there shall be allowed as deductions in computing taxable income amounts paid to, or credited to the accounts of, depositors or holders of accounts as dividends or interest on their deposits or withdrawable accounts, if such amounts paid or credited are withdrawable on demand subject only to customary notice of intention to withdraw. (b) Mutual savings bank to include certain banks with capital stockFor purposes of this part, the term "mutual savings bank" includes any bank— (1) which has capital stock represented by shares, and (2) which is subject to, and operates under, Federal or State laws relating to mutual savings bank. |
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(Aug. 16, 1954, ch. 736, 68A Stat. 204; Pub. L. 87–834, §6(f), Oct. 16, 1962, 76 Stat. 984; Pub. L. 97–34, title II, §245(a), Aug. 13, 1981, 95 Stat. 255.) |
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AMENDMENTS
1981—Pub. L. 97–34 designated existing provisions as subsec. (a), inserted heading "In general", and added subsec. (b). 1962—Pub. L. 87–834 included other savings institutions chartered and supervised as savings and loan or similar associations under Federal or State law, and authorized amounts paid as interest as a deduction. EFFECTIVE DATE OF 1981 AMENDMENTPub. L. 97–34, title II, §246(d), Aug. 13, 1981, 95 Stat. 256, provided that: "The amendments made by section 245 [amending this section and section 593 of this title] shall apply with respect to taxable years ending after the date of the enactment of this Act [Aug. 13, 1981]." |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter H - Banking Institutions PART II - MUTUAL SAVINGS BANKS, ETC. Sec. 591 - Deduction for dividends paid on deposits |
| section 591 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 76 Stat. 984 95 Stat. 255, 256 |
| Public Law 87-834, Public Law 97-34 |
