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Seventh Circuit Overturns Tax Court Ruling on Exempt Interest Expenses of Qualified Subchapter S Subsidiary Bank

March 18, 2010 in Daily Tax Report · Leave a Comment 

The U.S. Court of Appeals for the Seventh Circuit March 17 found that shareholders in an S corporation—which is the sole shareholder of a tax code Section 1361(b)(3)(B) qualified subchapter S subsidiary (QSub) bank—may deduct the full amount of interest expenses relating to…

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