In 1996 Congress passed legislation granting banks and thrifts the opportunity to elect subchapter S taxation, which quickly resulted in subchapter S conversions by many financial institutions across the country. This trend continues today, as more than two thousand banks and bank holding companies have made subchapter S elections. Not surprisingly, a myriad of issues, questions and concerns have developed surrounding subchapter S taxation for financial institutions. The Subchapter S Bank Association was established to address these very issues.

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