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What Scott is talking about the banks being exempt, is they get SPECIAL RULES: 🤣

🔹 1. Bad Debt Deductions IRC § 166 & § 585

Banks get specific rules for deducting worthless debts or setting up loan loss reserves.

Historically, banks could use a reserve method to estimate bad debt deductions (very generous treatment).

Today, only small banks (under $500M average assets) can still use this special reserve method. Large banks must use the standard rules.

🔹 2. Interest on Tax-Exempt Bonds IRC § 265 & § 291

Banks can deduct interest they pay on deposits/borrowings, but if they use those funds to buy tax-exempt municipal bonds, part of the deduction is limited.

This prevents a "double benefit" (tax-free income plus full deductions).

🔹 3. Dealer in Securities Rules IRC § 582(c)

Banks are treated as “dealers” in securities for tax purposes.

They can take ordinary loss deductions (not just capital losses) on sales of securities held for investment.

This is more favorable than regular corporations.

🔹 4. Loan Origination & Servicing Costs IRC § 263A(f) and related regulations.

Banks must capitalize certain costs tied to creating or servicing loans. The rules are tailored to financial institutions.

🔹 5. Dividends Received Deduction (DRD) Limitations
IRC § 246 & § 291

Banks normally get a deduction for dividends they receive from stock investments, but the deduction is reduced for certain types of preferred stock. This is less favorable than for other corporations.

🔹 6. Mark-to-Market Rule IRC § 475

Dealers in securities (including banks) may be required to use mark-to-market accounting, recognizing gains/losses each year, instead of only when assets are sold.

🔹 7. FDIC Premiums IRC § 162(r)

Large banks cannot fully deduct FDIC insurance premiums. Smaller banks can deduct more.

This was introduced in the Tax Cuts and Jobs Act (2017).

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