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Abstract: 

Community banks, generally described as those institutions with less than $10 billion in assets and primarily U.S. domestic operations, face many of the same tax issues as larger institutions. They also must address a number of other issues, such as those affecting S corporations, that are more specific to their operations. The IRS has issued final regulations providing guidance on the reduction of an S corporation’s tax attributes when the corporation excludes cancellation of debt (COD) income under Section 108.

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Affiliations:  1: Perry-Smith LLP.