Data Dictionary
Item Number A530
DOES THE REPORTING BANK HAVE A SUBCHAPTER S ELECTION IN EFFECT FOR FEDERAL INCOME TAX PURPOSES FOR THE CURRENT TAX YEAR?Call confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| BHCKA530 | 1998-03-31 | 9999-12-31 | No | FR Y-9C |
| BHSPA530 | 1998-06-30 | 9999-12-31 | No | FR Y-9SP |
| RIADA530 | 1997-03-31 | 9999-12-31 | No | Multiple Forms |
| SVGLA530 | 1998-03-31 | 2011-12-31 | Yes | OTS 1313 |
Data Description:
A one-digit code indicating whether the bank is, for federal income tax purposes, is either an "S corporation" or a "qualifying subchapter S subsidiary," as defined in Internal Revenue Code Section 1361, as of the report date. In order to be an S corporation, the bank must have filed a valid election with the Internal Revenue Service and obtained the consent of all of its shareholders. An election for a bank to be a qualifying subchapter S subsidiary must have been made by a bank's parent holding company, which must also have made a valid election to be an S corporation. In addition, the bank (and its parent holding company, if applicable) must meet specific criteria for federal income tax purposes at all times during which the election remains in effect. These specific criteria includes, for example, having no more than 75 qualifying shareholders and having only one class of stock outstanding. 1 = Yes 0 = No NOTE: Beginning 6/30/1998, reported on the Income Statement for the FR Y-9SP report. Beginning 3/31/1998, reported on Schedule HI for the FR Y-9C report. Beginning, 3/31/1998, reported on the SVGL Report of Condition, Schedule SQ, Consolidated Supplemental Questions. Reported on Schedule RI - Income Statement for the FFIEC 031, 032, 033 and 034 reports.