U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter H— Banking Institutions › Part PART I— RULES OF GENERAL APPLICATION TO BANKING INSTITUTIONS

26 U.S.C. § 581

Definition of bank

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For purposes of sections 582 and 584, the term “bank” means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any State, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by State or Federal authority having supervision over banking institutions. Such term also means a domestic building and loan association.

Notes of Decisions
Cited in 7 cases (1 in the last 5 years), 1983–2024 · leading case: MoneyGram Int'l, Inc. v. Comm'r, 664 F. App'x 386 (5th Cir. 2016).
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MoneyGram Int'l, Inc. v. Comm'r, 664 F. App'x 386 (5th Cir. 2016). · cites it 8× “MoneyGram petitioned the United States Tax Court for a redetermination of its tax liabilities, and at summary judgment, the Tax Court held that MoneyGram was not a “bank” as defined by 26 U.S.C. § 581 and thus could not offset its capital losses against ordinary income under 26…”
In re Reed, 492 B.R. 261 (Bankr. E.D. Tenn. 2013). “The term “applicable financial entity” means— (A) any financial institution described in section 581 or 591(a) [26 USCS § 581 or 591(a)] and any credit union, (B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union…”
In Re Richardson, 216 B.R. 206 (Bankr. S.D. Ohio 1997). “26 U.S.C. § 581 defines a "bank” as "a bank or trust company incorporated and doing business under the laws of the United States .”
Wheeler v. United States, 459 F. Supp. 2d 399 (W.D. Pa. 2006). “rporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any State, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers…”
Commonwealth v. Hill, 55 Va. Cir. 155 (Fairfax Cir. Ct. 2001). · cites it 3× “” 26 U.S.C. § 581 (d) (1964). The unanimous Court summarily rejected a transferee’s claim feat fee registration requirement 17 could subject fee transferees to future prosecution for offenses relating to fee *171 registered firearms.”
Synovus Bank v. SCDOR (S.C. Ct. App. 2024). “These excluded sections of federal law include the "Definition of [a] bank," 26 U.S.C.A. § 581 (West 1954); the "Bad debts, losses, and gains with respect to securities held by financial institutions," 26 U.”
Fink v. United States, 578 F. Supp. 617 (E.D. Mo. 1983). “In a previous order this Court narrowed the issue to whether CHSI was a “bank” within the meaning of 26 U.S.C. § 581 (1976) so as to make it a “third-party recordkeeper” under § 7609(a)(3)(A).”
26 U.S.C. § 581(2): 1 case
Commonwealth v. Hill, 55 Va. Cir. 155 (Fairfax Cir. Ct. 2001). “” 26 U.S.C. § 581 (d) (1964). The unanimous Court summarily rejected a transferee’s claim feat fee registration requirement 17 could subject fee transferees to future prosecution for offenses relating to fee *171 registered firearms.”
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