International Bank Tax Newsletter Volume 4, January 2014

International Bank Tax Newsletter Volume 4

This newsletter provides updates on topics such as year-end planning ideas for the banking industry, updates on the New York Corporate Franchise Tax Reform Effort, final 1001 regulations for banks, and much more.

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Final 1001 regulations for banks

On November 5, 2013, the Treasury Department and IRS issued final regulations1 that address when a transfer or assignment of derivative contracts does not result in a taxable event to the nonassigning counterparty for purposes of section 1001 and Treasury regulations section 1.1001-1(a). The final regulations adopt the safe harbor approach provided in the temporary regulations that were released in 2011,2 and clarify that payments made to or from an assigning party will not create a deemed loan under the rules in Treasury regulations section 1.446-3(g)(4) (relating to certain significant nonperiodic payments).

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