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Subchapter S Bank Association

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November 14, 2011

IRS Withdraws Proposed TEFRA Rule

In March 2010, the Seventh Circuit awarded the Subchapter S bank community a monumental victory in the TEFRA disallowance appeal styled Vainisi v. Commissioner of Internal Revenue. In 2010 alone, shareholders of Sub S banks realized an estimated $21 million in savings from this decision.

The Subchapter S Bank Association is proud to have organized and funded this critical appeal, which ultimately led to IRS’s withdrawal of the proposed rule. The victory represents a perfect example of the great things that can be accomplished when Sub S bankers from across the country unite to fight for a common cause.

The presence of a unified voice to speak out for the Sub S bank community is as important as ever. When the U.S. Treasury Department failed to create a plan under the TARP Capital Purchase Program for Sub S banks, the Subchapter S Bank Association stepped in and led the way. Again, when Treasury neglected to create a Small Business Lending Fund program for Sub S banks, the Subchapter S Bank Association was there.

For more information about these and other developing issues affecting the S corporation taxation of financial institutions, please feel free to contact Bruce Toppin at 210-228-4414.

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Subchapter S Bank Association

112 East Pecan St., Suite 2810
San Antonio, TX 78205
Phone: 210-228-9500
Fax: 210-228-0781

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