§ 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 stock For 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.
(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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U.S. Code
statutes-at-large
- Public Law 87–834
- Public Law 91–169to promote the safety of employees and travelers upon railroads by limiting the hours of service of employees thereon,” approved March 4, 1907
- Public Law 88–272
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
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U.S. Code
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- Aug. 16, 1954, ch. 736
- 68A Stat. 204
- Pub. L. 87–834, § 6(f)
- 76 Stat. 984
- Pub. L. 97–34, title II, § 245(a)
- 95 Stat. 255
- Pub. L. 97–34
- Pub. L. 87–834
- Pub. L. 97–34, title II, § 246(d)
- 95 Stat. 256
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§ 591
Deduction for dividends paid on deposits
Stat.×6
U.S.C.×1
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 204
Pub. L.Pub. L. 87–834, § 6(f)
Stat.76 Stat. 984
Pub. L.Pub. L. 97–34, title II, § 245(a)
Cites 11 · showing 6Cited by 7 across 2 sources