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312 BANKS AND SAVINGS INSTITUTIONS
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A residential loan is generally de ned as a loan secured by residential real property, but only to the extent the loan is made to the property owner to acquire, construct, or improve the property Thus, mortgage re nancings and home equity loans are not considered to be residential loans, except to the extent the proceeds of the loan are used to acquire, construct, or improve quali ed real property Other rules govern the calculation of the base amount for purposes of the requirement The residential loan requirement is applicable only for taxable years beginning after December 31, 1995, and before January 1, 1998, and must be applied separately with respect to each such year Thus, all institutions are required to recapture their applicable excess reserves within the rst six, seven, or eight taxable years beginning after December 31, 1995 (ii) Mark-to-Market Contrary to normal realization-based tax accounting principles, IRC Section 475 requires dealers in securities to recognize gain or loss through marking-to-market their securities holdings, unless such securities are validly identi ed by the taxpayer as excepted from the provisions As used in this context, the terms dealer and securities have very broad application Virtually all nancial institutions are considered dealers in securities for mark-to-market purposes though regulations provide exceptions for certain institutions not engaging in more than de minimus dealer activities Securities required to be marked (unless validly identi ed as excepted) include notes, bonds, and other evidences of indebtedness; stock; notional principal contracts; or any evidence of an interest in or a derivative of such security (other than Section 1256(a) contracts); and any clearly identi ed hedge of such security Securities that may be identi ed as excepted from the mark-to-market provisions are:
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Securities held for investment, and property identi ed as such for tax purposes Notes and other evidences of indebtedness (and obligations to acquire such) that are acquired
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or originated by the taxpayer in the ordinary course of a trade or business that are not held for sale Hedges of positions or liabilities that are not securities in the hands of the taxpayer, and hedges of positions or liabilities that are exempt from mark-to-market under the two foregoing provisions This does not apply for hedges held as a dealer To be excepted from mark-to-market, the security must be identi ed by the taxpayer on a contemporaneous basis (generally, day of acquisition) as meeting one of the exceptions Whether or not a security is required to be marked-to-market for nancial accounting purposes is not dispositive for purposes of determining whether such security is treated as held for investment or not held for sale Some nancial institutions identify all or a signi cant portion of their loans to customers as excepted from the mark-to-market provisions because they intend to hold those loans to maturity A possible exception are mortgages that are originated for sale (pipeline or warehoused loans), which do not meet the exception criteria and must be marked-to-market (iii) Tax-Exempt Securities For tax purposes, gross income does not include interest on any obligation of a state or political subdivision thereof (eg, county, city) Interest on certain nonquali ed private activity bonds, unregistered bonds, and arbitrage bonds does not qualify for this exemption A deduction is not allowed for interest expense on indebtedness incurred to purchase or carry tax-exempt obligations Deposit-taking nancial institutions (banks and thrifts) are subject to a special two-part formula to determine how much of the total interest expense of an institution is disallowed interest expense Interest expense related to tax-exempt obligations acquired after August 1986 is disallowed and is calculated by multiplying total interest expense by the ratio of the tax basis of such obligations to the tax basis of all assets
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